ICP Networks wins £5m funding advantage

New and used Cisco hardware specialist earmarked for bank package

Cheshire-based Cisco reseller ICP Networks is expanding in Europe on the wings of a £4.8m banking package.

Jason Trigg, commercial director for the Manchester area at HSBC, said the bank has awarded the 12-year-old Poynton supplier of new and refurbished Cisco hardware a finance package worth £4.8m from its £200m SMB fund to target European growth as well as core UK activities.

"ICP Networks is a forward-thinking business as demonstrated by the investment it has made in its new HQ, which is a great example of how commercial buildings should operate," he said.

ICP should now be able to expand its stock holding as well as offer a broader range of services to customers, he added.

Matt Archer, managing director of ICP Networks, said the funding – which includes loans, invoice finance, trade finance and foreign exchange products, is critical for its continued success and will go to adding headcount over the next two years.

"Senior commercial manager Neil Ward and the Manchester commercial team of HSBC have displayed a wonderful intuition for our business and the growing needs of our company," he said in a statement.

ICP has customers in 43 countries, to which it supplies a range of components and systems including rare, discontinued and legacy parts. Its IT asset management business helps customers redeploy old IT equipment via resale, leasing and recycling options. Customers include Samsung, BT, the NHS, IBM and British Airways, according to its website.