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Independent funder, Bibby Financial Services (BFS), has supported telecommunications comparison company Comparison Technologies with a multi-million pound funding line, in order to facilitate a management buyout.
Headquartered in Maidstone, Kent, Comparison Technologies is an independent comparison, switching and customer acquisition platform in the UK.
It delivers 300,000 customers and over £250m lifetime value annually to its industry-leading partners operating in the Pay TV, broadband and mobile markets.
In July, the business required a new funding partner to enable a management buyout, and support its continued cash flow to allow subsequent growth.
The group was introduced to BFS’ Corporate team by Darren Miller and Bilal Hasan at FRP Corporate Finance.
Led by corporate sales manager Michael Reid, BFS provided a multi-million pound Invoice Discounting (ID) package.
According to BFS, it was chosen as Comparison Technologies’ funding partner due to “its understanding of the business’ requirements, and its ability to quickly offer a flexible facility structure”.
BFS was supported from a legal perspective by David Gledhill and Rachael Killworth from Bermans.
Reid, corporate sales manager at BFS, said: “We’re proud to be Comparison Technology’s chosen funding partner, and to assist the team at the helm of an impressive industry-leading business. We’re dedicated to supporting the company and its evolving needs in this next stage of its growth.”
Miller, partner, FRP Corporate Finance, added: “Comparison Technologies is a team of hardworking and dedicated professionals, evident in the management buyout that took place in order to take the business forward. We’re delighted to have advised the management team on its MBO, and to have facilitated this partnership with BFS, which proved it was the best fit due to its attitude, flexibility, and commitment to matching the business’s needs.“
Peter Callander, CFO, Comparison Technologies, concluded: “As we enter a new era of the business, it was crucial that we partnered with a funder that recognised our specific business needs and our vision for the future. The team at BFS have exceeded our expectations, and I am excited about what is ahead for Comparison Technologies with BFS at our side.”
