Yorkshire-based tech consultancy Consult Red has secured funding to support its growth as an Employee Ownership Trust.
Consult Red works with brands including Liberty Global, Sky/Comcast and DirecTV to deliver connected home entertainment systems and other IoT (Internet of Things) products. The company is based in Shipley, West Yorkshire and employs 225 people at three sites in the UK, Poland and US.
In May last year, the directors of Consult Red transferred the shares of the £18m turnover business to its employees. The move enables Consult Red to continue retaining and attracting the best talent in the industry.
RSM’s debt advisory team supported Consult Red to secure the revolving credit facility from Santander UK after completing its transfer to employee ownership earlier this year.
RSM’s Greg Moreton, Umito Choji and Rich Winter advised on the funding deal, with Employee Ownership Trust advice provided by Fiona Bell. Sentio Insight provided financial due diligence; Shoosmiths provided legal advice to Santander UK; and HCR advised Consult Red.
Paul Stevenson, Chief Financial Officer at Consult Red, said: ‘I am thrilled that we have secured this funding from Santander UK, which will support the company through its next phase of growth, just months after our transition to employee ownership. Our core strength is our people and becoming employee owned means everyone will contribute to, and benefit from, the future growth of Consult Red. Ultimately, if our people are happy and feel fully engaged in the business, they will deliver the best for our customers.’
Greg Moreton, RSM’s national head of debt advisory, said: ‘The finalisation of this employee ownership transfer marks a significant step in Consult Red’s pathway to future growth. With the right funding and team in place this deal empowers employees to drive successful future growth and attract the best talent to the business.
Paul Hainsworth, Relationship Director at Santander UK said: ‘Consult Red has an exciting chapter ahead as an Employee Ownership Trust. We’re pleased support it with this funding, and in future with day- to-day banking services and our international expertise.