Fast-growing business-to-business internet service provider
Timico has switched its banking relationship to Santander Corporate
Banking following a competitive pitch process.
Santander Corporate Banking will provide a full banking service
for the Newark-based company including working capital finance,
various commercial bonds and a term loan to enable the group to
build a new data warehouse next to its existing site.
Timico, which is ranked as one of the fastest growing technology
companies in the UK in the highly-regard Sunday Times Tech Track
100 index with annual sales growth of 49% over the past three
years, moved to Santander after reviewing its existing bank
relationships.
The group, which is 76% owned by current directors, is run by
some of the management team behind Project Telecom Group which was
sold to Vodafone for £165 million in 2003 having successfully
launched on the stock market in 2000.
The same team went on to found Timico in 2004 after spotting a
gap in the market for an internet service provider offering a
converged service and a wide variety of commercial solutions and
have grown the business through acquisitions and strong organic
growth to a group employing 150 staff with clients including BP,
Foxtons, PayPoint, Vodafone, Mitsubishi, Honda, St Johns Ambulance,
Freeth Cartwright and Murco petrol stations.
Jonathan Radford, Group Finance Director of Timico, added: "The
support provided by Santander will enable the business to develop
further data services with the proposed building of a dedicated
data hosting facility of approximately 20,000 sq ft in Newark.
"We have been impressed by the commitment of Santander Corporate
Banking and particularly the relationship team in Nottingham, who
took the time to fully understand our needs and our business before
discussing the services they could provide."
Joe Duane, Relationship Director for the East Midlands at
Santander Corporate Banking said: "Timico is an established and
well-capitalised business with a very strong management team
operating in a sector which it knows well and we are delighted to
have them as a customer.
"We have developed a good understanding of Timico's business
model and aim to build a strong relationship with the group
supporting them in delivering their ambitious plans for continued
growth."