Agile Group's expansion plans after six figure investment

Stockon-based IT and communications service provider Agile Group is to embark on major expansion after receiving a six figure investment

Agile Group
Agile Group

A Stockon-based IT and communications service provider is to embark on major expansion after receiving a six figure investment.

Agile Group secured the money through a combination of Northstar Ventures’ Finance for Business North East Accelerator Fund, an Enterprise Finance Guarantee loan from Lloyds TSB and a grant from Let’s Grow, the £30m Regional Growth Fund programme.

Tees Valley Unlimited helped the firm prepare its application for the latter, and was instrumental in supporting it with its growth plan.

The funding will enable the company to develop and move to new premises, expand its workforce, create a data centre and provide a new managed Voice over Internet Protocol (VoIP) service to businesses.

Chief executive Simon Scotchbrook said: “The funding that Agile has been able to secure is a real credit to Agile and our team’s performance since we set up.

“All of the Agile team are really excited to have secured the growth funds as these resources will allow Agile to develop and deliver the next generation of IT and communications solutions to our customers, which will assist Agile with our ambitious growth plans which include increasing turnover to £10m by 2016.”

Agile Group, which was set up in 2009, works with numerous large partners, including BT Openreach, O2, Cisco and Microsoft.

The company’s core business is the provision of ICT services to North East SMEs. However, it is now expanding its offering through moves like providing broadband and telecoms to mobile platforms, such as ships.

The firm says there is an increasing need for high speed broadband in this market, and believes it is well placed to take advantage of this.

Richard Charnley, investment manager at Northstar, said: “Simon Scotchbrook is an impressive individual with a good team behind him.

“When he and the team at Agile presented their plans to us we were struck by their commitment, focus and drive to making Agile a success.

“The growth the company has seen in the last three years – almost doubling turnover and profitability each year – provided us with significant confidence that they would be able to deliver against their plans, and we are looking forward to working with the team to do this.”

The Accelerator Fund is backed by the European Regional Development Fund and the European Investment Bank.

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