ThinCats answers call for £7m funding package
Mobile Account Solutions (MAS), one of the UK’s leading business telephony companies, has agreed a £7.1m funding facility with ThinCats, the leading alternative lender to mid-sized UK businesses.
Based in Hertford, MAS was established in 2006 with the aim of helping businesses reduce their telecommunication costs. The company currently provides competitively priced mobile packages and unified communications solutions to more than 700 businesses across the UK.
The innovative funding deal provided by ThinCats is set to part-fund a management buyout by Ben Page and the new chairman, Mark Bramley of one of the original founders of the business. With the new management structure in place, the company will be looking to implement an ambitious growth plan.
ThinCats were introduced to MAS by Phil Waters of Grant Thornton who also provided financial information.
Ben Page, director of sales, mobile account solutions “We are delighted that Grant Thornton introduced us to ThinCats, who were able to create a funding package that’s ideal for what we need at this stage in our development. The funding will help us to more than double our sales team and also look at potential acquisitions of smaller players in what remains a very fragmented sector.”
Phil Waters, manager, Grant Thornton “ Having spoken to Ben and understood what MAS needed from a lender, I had no hesitation in recommending ThinCats who we have used for similar transactions in the past. ThinCats really understand the complexities of the MBO and MBI space where traditional lenders often struggle to offer the flexibility needed.”
Kash Mogul, director of business development, ThinCats “It was a pleasure to work with Phil and Ben on this transaction. MAS is a great business, with high barriers to entry, recurring and contracted income streams, a well diversified client base of high quality businesses and an excellent leadership team. These are key factors for us when shaping a cash flow loan such as this. We are delighted to be supporting MAS and wish every success to Ben and Mark as they lead the business through the next exciting stage in its development.”