An IT support business is looking to boost its workforce after securing a funding deal that has enabled its management team to acquire a majority stake in the firm.
Motherwell-based VectorCloud, which specialises in services including information security, disaster recovery, and business continuity, has agreed the five-figure loan from UKSE, a subsidiary of Tata Steel. Under the deal, UKSE has also invested to take a 10 per cent stake in the business, which is looking to increase its workforce by around 20 per cent.
VectorCloud was established in 1997 and works with small and medium-sized firms across the Central Belt.
Kevin Mitchell, joint owner at VectorCloud, said: “UKSE’s help has allowed us to plan growth for the organisation. Redevelopment of our current business model also allows for the removal of any uncertainty. It’s fantastic that we can add to our team of experts immediately which will, in turn, make us a stronger company.”
Scott Webb, regional executive at UKSE, added: “The team at VectorCloud are experts in their field and we are proud to show our support. We’re looking forward to seeing how they progress over the years to come.”
UKSE supports businesses in areas affected by changes in the steel industry.