Bank backs expanding Capito

Published on Monday 13 October 2008 21:53

IT SERVICES firm Capito has agreed a multi-million-pound funding deal with Clydesdale Bank.

The Livingston-based firm said the deal, an extension of a previous funding agreement with Clydesdale and understood to be in the region of 5m, would allow the company to continue with its expansion plans.

Capito, which provides blue-chip and public sector clients with IT infrastructure, has opened three new UK bases over the past 12 months, including one in Aberdeen, while two further new offices are planned in the current year.

Ian Cameron, finance director at Capito, said: "Over the past two years, Capito has undertaken an assertive growth programme, and Clydesdale's support will help the company to continue along this positive path and allow us to increase the volume of business we are able to undertake from new contract wins."

The company, which has partnerships with technology giants Microsoft, BT Global services and HP, was founded 20 years ago as a hardware reseller, but in 2006 was the subject of a management buy-out led by managing director Charles Briggs, which was believed to be worth more than 10 million.

Since the MBO, Capito has moved away from traditional reselling to focus on information and communication technology services.

Steve Clark, director of specialist and acquisition finance at Clydesdale Bank, said: "This is the second time that Clydesdale has worked with Capito assisting it with its growth aspirations.

"In 2006 we assisted the company with its MBO, and this new deal, which is an extension of the company's working capital funding, provides a strong platform for Capito to embrace the next stage of its growth plans."