Swindon-based Excalibur Communications, a leading UK telecoms and IT solutions service provider, has undergone a Management Buy-Out (MBO) supported with significant funding from Santander Corporate & Commercial.
The management team led by CEO, Peter Boucher will take majority ownership of the firm, as part of Excalibur Communications’ five-year strategy for growth. Former owner and CEO, James Phipps, retains a minority shareholding. He remains involved with the company as Executive Chairman. The aim is for the management team to take full ownership of the business within five years and to increase investments and acquisitions in new technology.
Excalibur Communications provides managed IT and telecoms services to more than 4,000 SMEs in the South and South West. The firm benefits from a strong relationship with Vodafone and is one of its top five distribution channel partners in the UK.
The business recently marked its first year under CEO Peter Boucher, with a record volume of activity. The firm met its expansion plan objectives for the year by delivering organic growth, the integration and acquisition of Ntegra IT Support Services, and a strengthened management team with the appointment of Richard Evans as finance director in September 2017.
Chris Mears, Relationship Director at Santander worked on this transaction with Martyn Drake, Director of Growth Capital, Santander. Chris said; “Excalibur is an exceptional business with a relentless focus on customer care and a wonderful culture. We have been impressed by the quality of the management team and the plans in place to achieve their growth ambitions and have been delighted to support the management team in the execution of this MBO.”
Peter Boucher, CEO, Excalibur Communications, added: “We see this backing by Santander as an endorsement of our ambition to scale up the business. We have achieved our targets for the first year through sustainable growth and productivity gains. The funding from Santander, alongside a team of motivated employees and strong senior management, place us in a strong position to build and grow Excalibur in the long term.”
Thrings Solicitors, based in Swindon, and Moore Blatch, Chandlers Ford, Hampshire acted on behalf of James Phipps and the management team respectively.