Independent funder Bibby Financial Services (BFS) has supported major telecommunications comparison company Comparison Technologies with a multi-million-pound funding line to facilitate a management buyout (MBO).
Headquartered in Maidstone, Kent, Comparison Technologies is a leading independent comparison, switching and customer acquisition platform in the UK. It delivers 300,000 customers and over £250 million 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 cashflow to allow subsequent growth. It 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. BFS 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.
Peter Callander, CFO of Comparison Technologies said: “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.”
Michael Reid added: “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.”
BFS was supported from a legal perspective by David Gledhill and Rachael Killworth from Bermans.