A Coventry-based printing services business, with the likes of working with Samsung, Duplo and Konica Minolta, has been snapped up its counterpart – one of UK's most prominent independent suppliers of printer and copier technologies.
Business by Technology (BBT), which also has offices in Greater Manchester and Norwich, has acquired Technocopy Solutions, a company headquartered in Wellingborough, after securing a £7.4 million investment package from Clydesdale and Yorkshire Banks. Technocopy Solutions is anticipated to provide BBT with numerous avenues of growth due to the increased customer base, revenue streams and solidification of its strong position in the market.
The money is expected to fund a five-year push by BBT to become a company with a £20 million turnover.
Phil Runciman, BBT's founder and owner, said: "Clydesdale and Yorkshire Banks came up with an innovative opportunity, which other banks just couldn't compete with.
"They invested a great deal of time in really understanding the business, were open and transparent throughout the process and delivered the deal at the pre-agreed terms."
BBT was established in 1995 and started off manufacturing and selling multifunction printers. In 2016, it successfully completed the acquisition of Eastern Business Systems in 2016 for a sum of £4.4 million.
Senior director of corporate and structured finance at Clydesdale and Yorkshire Banks, Ian Fairclough, commented: "It's an exciting time for the business and we're thrilled to be able to be involved in its growth and development.
"We pride ourselves in fully understanding our customers businesses and their objectives to ensure we offer a flexible solution that meets their financing needs."