BELFAST-based IT services firm CMI has doubled its staff numbers to 50 and grown turnover to £5 million in the strength of receiving funding from the £55m Growth Loan Fund.
Formed in 2009, CMI designs and implements IT structures to SMEs and mid-market companies across England and Ireland and also provides IT support to users across the world.
Its managing director Ken Roulston said: “The business was at a stage where we wanted to grow but didn’t have the right financial backing. The Growth Loan Fund was a key accelerator for our business and the Whiterock team really bought into our vision from day one.
“We received funding of £125,000 in 2014 with a further £200,000 in 2016. The loans provided the working capital the business needed following two acquisitions in England and the doubling of our staff numbers to 50. We were turning over £2m in 2014, but thanks to the funding, we've increased that to £5m with the goal of reaching £10m in the next 12-18 months.”
He added: “We’re in a position now were we want to consolidate the business and prepare for future growth. Our recent growth has been organic, but we’ll be looking to complete further acquisitions over the next 12 months.”
Andrew Gowdy, head of property and commercial finance at Whiterock Finance said: “CMI is a prime example of the type of scalable company the Growth Loan Fund was set up to support. Through strategic acquisitions, it has been able to increase its market share across England while providing support to users around the world.
“We’re delighted to have played a part in CMI’s growth story and wish the business all the best for the future.”
Finance for the Growth Loan Fund, which provides loans to established local SMEs seeking to access growth finance, was provided by Invest NI and private investors from the Northern Ireland Local Government Officers’ Superannuation Committee.
WhiteRock Capital Partners, founded in 2012 to manage the fund, is owned by WhiteRock Finance Limited and Clarendon Fund Managers. For more information about the fund’s criteria visit www.whiterockfinance.co.uk.
