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e MBO has secured 22 jobs and plans to grow headcount by 30% have been announced.<\/p>\nThe management team at Sunderland communications and internet service provider NTE Ltd has completed the sale of the business.<\/p>\n
The deal, which was\u00a0for an undisclosed sum, sees current MD Pauline Herring, along with operations director John Patterson and sales director Phillip Herring take charge of the firm.<\/p>\n
The MBO has secured 22 jobs and plans to grow headcount by 30% have been announced.<\/p>\n
Founded in 1987, the company supplies a range of communications technologies together with network and cloud-based service hosting, which are delivered by an in-house technical team and on-site field engineers.<\/p>\n
The firm\u2019s current turnover is on course to exceed \u00a35m by the end of its current financial year in June with growth forecasted to reach \u00a36m in 2018.<\/p>\n
MD Pauline Herring said: \u201cWe are very proud of what we have achieved as a management team at NTE, which we aim to build upon as owners of the business.<\/p>\n
\u201cNTE has a loyal and talented workforce along with a dedicated network of resellers that have played a part in our growth over the years. We have exciting plans for the future, which will help expand our team and strengthen our UK presence.\u201d<\/p>\n
Funding for the deal was provided by HSBC Bank, with corporate advice for the management team delivered by Square One Law and Clive Owen Corporate Finance.<\/p>\n
Angus Allan, corporate finance partner at Clive Owen said \u201cWe are delighted to have assisted the management team in achieving their objective of buying the business. Whilst the negotiation process was complex, the business is well positioned to deliver growth in the years ahead\u201d.<\/p>\n
Ashraf Ali, associate at Square One Law, concluded: \u201cThis MBO has provided an important succession opportunity for the business, which is securing local jobs and creating the potential for new employment and expansion.<\/p>\n
\u201cThe significant experience of the owners in leading the management team over the past nine years will set the business in good stead for the future.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The management team at Sunderland communications and internet service provider NTE Ltd has completed the sale of the business. The deal, which was\u00a0for an undisclosed sum, sees current MD Pauline Herring, along with operations director John Patterson and sales director Phillip Herring take charge of the firm. The MBO has secured 22 jobs and plans […]<\/p>\n","protected":false},"author":1,"featured_media":3711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31,32],"tags":[107,178,184],"class_list":["post-1322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-sparx","category-telecom","tag-internet-service-provider","tag-sunderland","tag-telecom"],"yoast_head":"\n