Chess gets £50m in Barclays funding for more acquisition moves

Alderley Edge telecoms VAR Chess has secured £50 million in funding from Barclays Bank to bolster its mergers and acquisitions strategy in 2016.

The finance will enable Chess to strengthen its capability for future M&A activity, refinance its existing facilities and fund a management incentive scheme through a new share ownership plan, said the company.

“Chess boasts an ambitious merger and acquisitions record with IRW Systems, Parachute IT, ebillz, Integra ICT, Avenir’s mobile airtime division and The CRM Business joining the Chess Group in recent years,” Chess said.

Director Richard Btesh said: “The bank funding received from Barclays demonstrates the success of our strategy of acquiring small- to mid-sized telecom, ICT and digital businesses, and sends a message to anyone in the industry looking to sell all or part of their business – Chess are buying in 2016!”

Richard Faulkner, relationship director for technology, media and telecoms at Barclays Corporate Banking, 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.

“I am confident the funding from Barclays will allow Chess continued growth and profitability and to maximise their potential.”

@AntonySavvas