Business Growth Fund (BGF) has made a of £7m growth capital investment in Mono Consultants, one of the UK’s largest providers of network support services to the UK mobile telecoms sector.
This is BGF’s third investment in Scotland so far this year. Most recently it invested in Edinburgh-based Jumpstart, which supports businesses make R&D tax relief claims.
Headquartered in Glasgow with more than 200 employees operating from eight locations across the UK and Ireland, Mono is forecast a £40m turnover in 2014.
BGF has taken a minority stake with BGF investment director Duncan Macrae joining the board.
Mono CEO Brian Dougherty said, “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 as they strive to improve customer experience through both coverage and quality of service whilst controlling and minimising their future operating expenditure.
“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 was established to provide growth capital to UK companies. It has £2.5bn in capital and is backed by five of the UK’s main banking groups – Barclays, HSBC, Lloyds, RBS, and Standard Chartered
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