RE: Wow...2 Dec 2019 21:00
ZEN INTERNET SECURES £20M IN FINANCING FROM NATWEST
The revolving credit facility will be used to power a five-year strategy to accelerate 14th Nov 2019
Paul Stobart, CEO
Telecommunications and tech service provider Zen Internet has announced it has secured a £20m financing deal from NatWest Bank.
The new revolving credit facility, which was led by Mike Malone, Kieran O’Malley and Martyn Lylyk will be used to accelerate growth as part of a five-year intensive strategy.
“We are delighted to be able to continue our support for such an exciting company,” said Mike Malone, Director, Structured Finance, NatWest.
“We are pleased that we have been able to provide the financial support needed in order to deliver on its next phase of growth and support another exciting, high growth locally based business.”
Paul Stobart, CEO, Zen Internet, said the organisation will continue to focus on sustainable growth, rather than short term profit.
“A portion of the funding will be used to refinance debt, whilst the balance will be reinvested into our network infrastructure, people and product offerings,” he said.
“We believe that through our exceptionally dedicated people, award-winning services and leadership, we are in a great place to do things differently and achieve our ambitious business targets over the next few years.”
Matt Kay, CFO at Zen Internet said NatWest had a track record of supporting the firm.
“NatWest has a proven track record of supporting Zen through previous growth periods and we look forward to continuing our great relationship during this exciting period.”