GLASGOW, Scotland, July 23, 2012 /PRNewswire/ --
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.
For further information please contact Jane Robertson, PR
Manager iomart Group plc, jane.robertson@iomart.com Tel
+44(0)141-931-6400