Scottish mobile telecoms provider Mono Consultants receives £7m BGF cash injection
Network support specialist set for growth following Fund’s third investment this year north of the border
National telecoms provider Mono Consultants is the latest business to secure backing from the Business Growth Fund (BGF) after raising £7m growth capital in return for a minority equity stake.
Launched in 2002, Glasgow-based Mono Consultants offers end-to-end telecoms support services, including acquisition and integration, site maintenance and project management, to a range of leading British network operators.
With over 200 employees operating across the UK and Ireland, it plans to use the finance to drive expansion and increase its operations in order to achieve its £40m turnover forecast for year-end 2014.
The news marks BGF’s third investment in a Scottish company so far this year following its £3.4m funding of tax assistance firm Jumpstart earlier this month.
The deal will see the fund’s investment director, Duncan Macrae, join the telecoms business’ board.
Mono Consultants CEO, Brian Dougherty, commented: “The mobile telecoms market is currently experiencing a period of unprecedented activity driven by a combination of the introduction of 4G services and the consolidation of the operators’ radio networks […]
“Technology change is one of the key drivers for our business and we see this growth continuing through 4G and, in due course, with the introduction of 5G.”
BGF’s Macrae added:
“Mono Consultants is a market leader that has maintained long standing relationships with its customers thanks to its reliable service and its ability to react quickly and adapt to change in the telecoms market. We look forward to working with Brian Dougherty and his experienced management.”