11/6/2012 11:21:56 AM
Excalibur bolstered by seven-figure war chest
Dealer Excalibur has secured a war chest worth a seven-figure sum to back future growth plans, after the business recently went through a management buy-out (MBO).
Mobile revealed in September that CEO James Phipps became majority shareholder in the business, with a 80% stake. He is planning to add 20 new sales and operations roles by the end of January and is on the lookout for organic and acquisition-driven growth.
HSBC has provided the funding package. Gary Mealing, senior international commercial manager at the bank, said: 'We have been impressed by James’s passion and tenacity in driving Excalibur’s growth and it is exactly the type of business that is helping the UK’s economy trade out of these difficult times. The company is recruiting,innovating and displaying confidence and we look forward to working with Excalibur as it continues on its growth path.'
James Phipps said: 'Revenues are up 50% on this time last year but we think there is scope for further growth in this market. I am keen to push the boundaries of this business and to ensure we continue to meet and exceed our customers’ needs and expectations. HSBC’s role was critical in this MBO and we see the bank as a valued and long-term partner.'
Editor: Graeme Neill