Shebang Technologies MD Iain Humphrey is on the hunt for investors to fund further growth of the business.
The news follows a major restructuring at the company, revealed by Mobile last week, which could see 35 jobs cut in its IT services division and retail support side.
Speaking to Mobile, Humphrey said: ‘I am looking to invite someone to invest in the business. I believe now is the time for that to happen in order to get the growth we want. We need to invest more and so we are thinking this is the right time to bring in new investors.’ Humphrey said he is already talking to potential investors but declined to give further details.
Speaking of the job cuts at Shebang, Humphrey said the company’s decision to cut 35 jobs last week was a ‘difficult decision’. He said many of Shebang Technologies’ 240 staff had been with the company for a number of years.
A consultation process has now begun. Around 22 of the redundancies are expected to be made in the software support services division as a result of the installation of automated software services.
The remaining redundancies are expected to come from Shebang’s in-house retail support team following the company’s decision earlier this year to close its own retail stores in favour of franchise stores.
Humphrey said: ‘The redundancies are part of a restructuring of the business. It is a very difficult decision to make, but we have to ensure we keep the business lean in order for it to grow in the future.
‘We’ve been consolidating the business for the past two years and this is part of that consolidation process. We know what our core business is and we are very strong in these areas: great systems and great services through our retail franchises; our web-based services; and our logistics software solutions for mass retail.’
Humphrey said that no sales areas will be affected by the redundancies. He added: ‘We are producing profit, but cash is king and we have a lot of work to do to make sure cash continues to grow.’