Elite given £30m war chest for M&A spree

Cloud and comms VAR looks to continue streak that has seen it complete 16 takeovers

Elite Group has raised £30m via a refinancing deal to kick-start an acquisition spree.

The comms and cloud VAR has completed 16 acquisitions, claiming that the addition of Nexus Telecommunications last year lifted the group's revenue to £50m.

The finance deal with Lloyds Bank will see the firm continue on the M&A trail.

CEO Matt Newing said: "We've worked closely with Lloyds Bank for over 10 years so I am pleased that that relationship will continue.

"With 16 successful acquisitions under our belt already, we now have a further £30m with which to continue growing through acquisition, and as always we will also continue to grow the business through organic means too."

Elite was traditionally a comms VAR, but has since expanded into cloud and IT services.

In its most recent filing on Companies House the group reported a revenue of £40.2m for the year ending 31 July 2017.

It counts Cisco, HP and Microsoft among its partners.