Backup Technology has completed a management buy-out (MBO) through a transaction led by one of its founding directors.

Backup Technology has completed a management buy-out (MBO) through a transaction led by one of its founding directors.

The Leeds-based company provides online backup and data recovery services to its customers. Away from its Yorkshire headquarters, the business also has datacentres in Manchester, London and Dallas in the US.

Simon Chappell was part of a team including Chris Powell and Ritchie that set up Backup Technology in 2005. The MBO has been supported by Yorkshire Bank’s Corporate and Structured Finance team and is for an undisclosed amount.

Chappell, now CEO of Backup Technology, says the company’s ‘impressive client list’, which includes British Red Cross, advertising agency WPP and Premier League football club Liverpool, will enable it to vie for business against larger global competitors.

He adds, ‘We were instantly impressed by Yorkshire Bank’s approach to understanding our business and working with us to put in place the funding package we need to realise our growth ambitions.’

Adam Keasey, acquisition finance manager at Yorkshire Bank’s Corporate and Structured Finance team, says that Backup Technology is highly regarded for its technical expertise, solution reliability and high quality support offering, where it has a real competitive advantage.