Esteem refinances and looks to growth

Lloyds bankrolls the next stage of expansion for MSP

Yorkshire-based managed services provider Esteem Systems has agreed a refinancing deal with Lloyds Bank's acquisition finance and mid-market team.

In an announcement released Friday, the Wetherby reseller confirmed it will receive senior debt and working capital facilities to support future growth.

Joe Connolly, chief executive of Esteem, said the £33.8m MSP has enjoyed "a string of successes" in the past few months, having been chosen as a delivery partner on a new NHS IT procurement framework and become a Citrix Solution Advisor with Platinum status.

"These credentials place us in a stronger position to expand our managed service client base, and Lloyds Bank's financial support provides us with the ideal platform," Connolly (pictured) said.

Neil Price, head of the North of England and Scotland in the acquisition finance division at Lloyds Bank Commercial Banking, said: "Esteem is a valued mid-markets customer with which we have enjoyed a decade-long relationship."

The bank was confident about the business proposition, management team and future strategy, Price added.

Esteem's 2004 management buyout and some extra funding for the acquisition of SiRViS in 2010 were also supported by Lloyds' acquisition finance and mid-markets group.