Scotland's first stock market flotation in two years secures multi-million funding facility

Calnex Solutions, the West Lothian technology business that recently became the first Scottish stock market flotation in two years, has secured a £3 million funding facility to help drive its growth.

Tommy Cook, chief executive, and Ashleigh Greenan, chief financial officer, of Calnex Solutions, the West Lothian technology business that recently became the first Scottish stock market flotation in two years. Picture: Peter Devlin

The revolving credit facility with Barclays will give the Linlithgow-based company access to capital to fund potential acquisition and organic growth opportunities as well supporting research and development work.

Calnex provides test instrumentation equipment to some of the world’s biggest telecoms companies, and is now quoted on London’s Alternative Investment Market (Aim). The share placing raised £22.5m, £6m of which has been earmarked to support growth plans, bolstered by the Barclays deal.

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In addition to the funding package, the firm has moved its full operational banking facilities to Barclays.

Calnex chief executive Tommy Cook said: “We are in an exciting period of growth and development for the business and we needed a banking partner supportive of our ambitions.

“Like many technology-based sectors, the telecommunications industry is seeing fast paced change and a wealth of innovation. Our deal with Barclays offers us flexible access to capital to take advantage of opportunities like acquisitions that will help us grow our market share.”

Jamie Grant, head of corporate banking for Barclays in Scotland, added: “The management team has grown a successful global operation headquartered in Scotland and has a clear plan to further expand market share and increase investment in developing new technology.

“We worked with Calnex to deliver a funding solution that would enable the company to be agile about growth opportunities.”

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