Chess looks to attack after £50m funding boost

'Chess are buying in 2016', telecoms VAR claims as it snags further finance from Barclays

Telecoms VAR Chess has declared it is buying in 2016 after securing £50m in funding to bolster its M&A strategy.

The finance, from Barclays Bank, will be used for future M&A activity, refinancing its existing facilities and to fund a management incentive scheme through a new shared-ownership plan, Chess said.

The Alderley Edge-based firm has made more than 90 acquisitions to date, with recent conquests including IRW Systems, Parachute IT, ebillz, Integra ICT, Avenir's mobile airtime division and The CRM Business.

Chess director Richard Btesh (pictured) said: "The bank funding received from Barclays demonstrates the success of our strategy of acquiring small- to mid-sized telecom, ICT and digital businesses and sends a message to anyone in the industry looking to sell all or part of their business: Chess are buying in 2016!"

Richard Faulkner, relationship director for technology, media and telecoms at Barclays Corporate Banking, said: "Our industry focus and thorough understanding of the telecoms sector has enabled us to structure a finance solution that fits well with Chess's acquisition strategy. I am confident the funding from Barclays will allow Chess continued growth and profitability and maximise their potential."