Phoenix on Track for Expansion

Phoenix, the fast-growing Northampton computer services firm, has secured #3 million of venture capital to fund expansion into Europe.

The company said it was investigating opportunities in Europe, but declined to be specific. Chase Investments, advised by Alchemy Partners, supplied the equity finance. Alchemy boss Jon Moulton will also supervise Phoenix?s long-term drive to gain a stock market quotation.

Phoenix sales director Nick Robinson said: ?We always planned to get a stock market listing in 2000 or 2001, but we realised that we would need a partner. There are many examples of owner-managers that lose focus on their business when they get a listing. The best way to stay interested in the business was to get an expert partner.?

Robinson and managing director Tom Mackenzie, acquired Phoenix in 1993.

In the first year the company lost #300,000 on sales of #2.2 million. But this year the company is aiming to make a profit of #2 million on a turnover of #21 million.

Phoenix supplies third-party maintenance for vendors and distributors. The company?s customer base includes IBM, Sequent, Digital, Sun, Hewlett Packard and Azlan.

The services firm employs a total of 210 people, based at two sites in Northampton and at engineering centres located in Edinburgh, Manchester, Bristol and Croydon.