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Iomart Group Plc Gets £20 Million Boost From Lloyds Bank

06:08:01 - 23 July 2012

Cloud computing company poised for more acquisitions

iomart Group plc (AIM:IOM), has secured a £20 million revolving credit facility with Lloyds Bank Wholesale Banking and Markets as it continues its strategy to grow through a combination of organic means and acquisitions.

The Lloyds Bank team in Glasgow previously supported iomart Group, one of the UK’s leading cloud computing and managed hosting companies, in 2010 by providing it with a £10 million acquisition facility. iomart Group has subsequently gone on to achieve strong year on year growth, acquiring Switch Media, EQSN and Global Gold in the last financial year.

 

Angus MacSween, CEO of iomart Group plc, said: “We’re on the acquisition trail again this year as we continue our strategy for growth and this increased credit facility from Lloyds Banking Group will allow us to act quickly when the right opportunities arise.

 

“Lloyds Bank continues to be a very supportive corporate banking partner to iomart Group as we consolidate our leadership in the cloud computing and managed hosting market in the UK. We have enjoyed a strong start to 2012 and the financial backing we receive from Lloyds Bank will help ensure we continue to perform well for the rest of the year, and beyond.”

 

Elaine Prentice, Relationship Director in Glasgow and the West for Lloyds Bank said: “This is the second such facility Lloyds Banking Group has provided iomart Group with in recent years and represents not only the latest development in the on-going relationship between Lloyds Bank and iomart Group, but also our commitment to backing the growth aspirations of Scottish businesses.

 

“iomart Group is a recognised industry leader and has great potential for further growth. The company has already demonstrated its ability to make successful and strategic acquisitions.”

 

Glasgow-headquartered iomart Group plc was named Scottish plc of the Year 2012 and recently won the award for Outstanding Performance in Business Growth at the Digital Technology Awards.

 

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For further information please contact Jane Robertson, PR Manager iomart Group plc, jane.robertson@iomart.com Tel +44 (0) 141 931 6400

 

Notes to editors

 

iomart Group plc

 

iomart Group plc (AIM:IOM) is one of the UK’s leading providers of cloud computing and managed hosting services. The Group physically owns and manages its own data centre network offering a unique 100% uptime guarantee. All the subsidiaries in the iomart Group specialise in the delivery and management of mission-critical hosting services, enabling businesses and organisations in the private and public sector to reduce the costs, complexity and risks associated with maintaining their own web and online applications.

                                                               

 

iomart Group operates in its chosen markets through a number of subsidiaries: iomart Hosting, RapidSwitch, Easyspace, and Westcoastcloud. The group has been listed on the London Stock Exchange's Alternative Investment Market (AIM) since April 2000. 

 

www.iomart.com

 

Lloyds Bank Wholesale Banking & Markets

Lloyds Bank Wholesale Banking & Markets, part of the Wholesale division at Lloyds Banking Group, provides comprehensive expert financial services to businesses, from those with over £15 million annual turnover to those with turnover in the billions. It has over 26,000 corporate clients, ranging from privately-owned firms to FTSE 100 PLCs, multinational corporations and financial institutions.

Maintaining a network of relationship teams across the UK, as well as internationally, Lloyds Bank Wholesale Banking & Markets delivers the mix of local understanding and global expertise necessary to provide long-term support and advice to its customers.

Lloyds Bank Wholesale Banking & Markets offers a broad range of finance, spanning import and export trade finance, structured and asset finance, securitisation facilities and capital market funding. Its product specialists provide bespoke financial services and solutions including tailored cash management, international trade, treasury and risk management services.

Its heritage means it has an unrivalled understanding of business needs and a proven track record of supporting customers across the sectors and regions. Taking a relationship approach, it provides support to its customers throughout the economic cycle. In 2010 we provided businesses with over £37bn of finance.

Lloyds Bank has been voted Bank of the Year for an unprecedented seven consecutive years at the FDs’ Excellence Awards in association with ICAEW and supported by the CBI & Real Business.

www.lloydsbankwholesale.com

 

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About iomart

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iomart is one of the UK’s leading providers of complex managed and cloud hosting services. From a single server through to a private cloud network, iomart specialises in the delivery and management of mission-critical hosting services, enabling customers to reduce the costs, complexity and risks associated with maintaining their own web and online applications.By physically owning and managing its own network infrastructure, including ten UK data centres, at eight locations, the company offers world-beating levels of service to its cust... read more

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