Chess announces £21 million Acquisition Fund

Chess Telecom has secured a £21 million banking facility from Barclays Corporate to boost its acquisition strategy.

David Pollock, founder and Chief Executive at Chess, commented: “2011 has already been a great year for Chess having been listed as one of the 100 Best Companies to Work For in the Sunday Times; we’re also one of the best companies to be a customer of, having just won the Institute of Customer Service Quality Service Provider of the Year. Now we’re one of the best companies to sell your business to, so if you know a telecoms business owner who’s ready to hit the beach, make sure they give us a call.”

Chess is one of the most successful consolidators of the telecoms market having made over 50 acquisitions to date. Established in 1993, Chess offers a comprehensive communications product portfolio including mobile, fixed line and calls, broadband, VoIP and Data.

Richard Btesh, Chess Director added: “The funding received from Barclays demonstrates the success of our strategy of acquiring small to mid-sized telecoms businesses. Barclays demonstrated clear understanding of our sector. Spending £21M in 2011 should keep me busy!”

The deal was arranged by Barclays Corporate in Manchester led by Richard Faulkner, Relationship Director for Technology, Media and Telecoms Glenn Clarke, Debt Finance and Oliver Reece, Debt Finance. Ernst & Young director Mark Taylor provided the debt advisory service with Richard Harding providing due diligence. The finance team at DLA Piper, led by Matt Christmas, acted for Chess on the refinancing.

Richard Faulkner, Relationship Director, Technology, Media and Telecoms at Barclays Corporate said: “Our industry focus and thorough understanding of the telecoms sector has enabled us to structure a finance solution that fits well with Chess’s acquisition strategy. We’re delighted to support a fast growing, profitable company and the funding from Barclays will allow them to maximise their potential in 2011.”

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