A founding director of Leeds-based Backup Technology has completed a management buyout of the business with funding from Yorkshire Bank. Backup provides online backup and data recovery services to a host of global clients.
Simon Chappell, who set up Backup Technology with partners Chris Powell and Ritchie Fiddes in 2005, completed the buyout with support from Yorkshire Bank’s Corporate and Structured Finance team, also based in Leeds.
The funding will allow the company to actively pursue its global growth strategy.
Backup Technology employs 29 staff from its UK headquarters in Leeds and its US base in Houston, and also operates three international datacentres in Manchester, London and Dallas.
The company specialises in the provision of online backup, disaster recovery and business continuity solutions to a growing list of UK and global clients including the British Red Cross, Cheshire Police, multinational advertising agency WPP, and a host of Premier League clubs including Bolton Wanderers, Liverpool and Everton.
Simon Chappell, CEO of Backup Technology, believes the company’s impressive client list and professional approach enable it to vie for business against larger global competitors:
“Backup Technology operates on a simple operating model – to deliver robust technological solutions and to provide comfort and peace of mind for our outstanding clients.
“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 in Yorkshire Bank’s Corporate and Structured Finance team in Leeds, said:
“Backup Technology is highly regarded for its technical expertise, solution reliability and high quality support offering, where it has real competitive advantage.
“We were delighted to facilitate the transaction and look forward to working with Simon and his team as they continue to grow the business.”
Financial due diligence and commercial due diligence were provided by PKF and CiL respectively. Cobbetts acted for Yorkshire Bank with Pinsent Masons acting for Backup Technology.