Glasgow-headquartered Mono Consultants has bagged £7 million through an investment round led by the Business Growth Fund (BGF).
The Scottish business provides network support services to the UK mobile telecoms sector such as acquisition and planning as well as integration and commissioning of radio equipment.
It now has 200 staff across eight bases in the UK and Ireland and is targeting a turnover of £40 million during 2014.
The deal is the 11th investment the BGF has made in Scotland since it began investing its £2.5 billion of bank capital in 2011. Hirewear company ACS Clothing, luxury toiletries business Arran Aromatics and optical chain Duncan & Todd are all Scotland-based businesses which have secured backing.
Mono CEO Brian Dougherty says that the business is operating in a time when the mobile telecoms market is going through a period of ‘unprecedented activity’ driven by factors such as 4G services and the consolidation of operators’ radio networks.
‘Mono continues to have an excellent and supportive relationship with its bank, HSBC, but the longer-term predictability that is provided by BGF’s growth capital enables us to accommodate the mobilisation and working capital requirements of the growth and development opportunities that are available to us,’ Dougherty adds.
‘The BGF team have, since the outset, shown an enthusiasm for our business and we look forward to working with them.’
Dougherty has been CEO of the business since 2007, having joined when the company formed in its present state back in 2002. Prior to that Mono Consultants dated back to the deregulation of the telecoms market in the mid-1980s.
As part of the deal, BGF investment director Duncan Macrae is joining the board of Mono to help with its growth.
Macrae says, ‘Mono is a market leader that has maintained long-standing relationships with its customers thanks to its reliable service and its ability to react quickly and adapt to change in the telecoms market.’
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