Upwardly mobile: Telecoms firm’s £7m funding boost

CEO of Mono Consultants Brian Dougherty (left) with Duncan Macrae from Business Growth Fund. Picture: Peter Sandground

A GLASGOW-based mobile telecoms consultant that counts O2 and Vodafone among its clients is set to expand after securing a £7 million cash injection.

Mono Consultants, which carries out planning, maintenance and project management for mobile network operators, employs more than 200 people in eight offices and is on track to generate £40m in turnover this year. It was formed in 2002 but traces its roots back to the deregulation of the telecoms market in the 1980s.

Chief executive Brian Dougherty said: “Technology change is one of the key drivers for our business and we see this growth continuing through 4G and, in due course, with the introduction of 5G.”

The funding boost came from the Business Growth Fund (BGF), which is backed by five of the UK’s big banks and has taken a minority stake in Mono. The deal marks BGF’s third north of the Border this year and has seen BGF investment director Duncan Macrae join the firm’s board.