Moore Barlow has advised on a management buyout of Online Support, an award-winning IT managed service provider, as it embarks on the next stage of its growth journey and aims to double turnover in the next five years.
Online Support provides IT support and telephony services to small and medium-sized businesses across London and the surrounding areas. Its supports companies across a variety of industries, from finance and professional services to media and travel, and its clients range from start-ups to blue chip companies such as Qatar Airways and Sony BMG.
The company, which is headquartered in Brentford, was co-founded by Charlie Wetherall and Tim Page in 1998. Over the last two decades, Tim and Charlie have successfully driven year-on-year organic growth through innovative technical solutions and a strong focus on the quality of service their team provides, and today Online Support employs a team of 24 people and records annual revenues of £4.2m.
As part of the deal, Tim has led a management buyout alongside client services director Adam Clark and technical director Roque Way, enabling Charlie to take a step back and move into a part-time consultancy role. Together, Tim, Adam and Roque will now embark on a five-year growth plan with ambitions to double turnover to £10m within the next five years.
Commenting on the deal, Tim said: “During our partnership, Charlie and I have built a fantastic business that is focused on delivering an outstanding service to our customers and putting the technical expertise of our team at the heart of everything we do, and as a result we had started to attract the attention of private equity investors and other MSPs who were looking to acquire the business. I wasn’t quite ready to hang up my boots just yet, so leading a management buyout alongside our existing team has not only provided an opportunity for Charlie to take a step back, but it’s given us an opportunity to build on the solid foundations we have created and drive forward a very ambitious growth plan.”
The deal was led by partner Peter Jeffery in the corporate team at Moore Barlow and supported by solicitor Louise Hayward.
Peter Jeffery, partner at Moore Barlow, added: “Tim and Charlie have built a very successful business in Online Support and I’m not surprised of the level of interest they’ve had from private equity investors and trade buyers. This deal enables the team to build on some very solid foundations as it drives forward the next stage of its ambitious growth journey and I’m looking forward to seeing where they go next.”
The 22-strong corporate team at Moore Barlow is one of the largest in the South of England. With offices in London, Guildford, Southampton, Lymington, Working and Richmond, the team supports clients in London and along the M3 corridor, as well as around the South Coast.
ENDS
Contact:
Sophie Millward, Citypress
Sophie.Millward@citpyress.co.uk | moorebarlow@citypress.co.uk
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