Miss Group secures further support from HSBC UK to accelerate international expansion
Manchester-based web hosting business, Miss Group, has secured an increased £20m debt funding commitment from HSBC UK to support its ambitious international growth strategy.
Miss Group has completed four acquisitions this year and alongside strong organic revenue growth, has increased revenues by c. 200% in the first nine months of 2019.
With a strong pipeline of future acquisitions in both Europe and North America, and with the continued backing from HSBC, Miss Group expects to complete a number of further transactions in the remainder of 2019 and into 2020, accelerating growth in revenue, earnings and cash flow.
Mark Kerswell, CFO of Miss Group, said:
“We’re proud to be one the fastest growing tech companies in the UK and with support from HSBC UK we’re confident that we can continue to increase our presence globally. Reacting quickly to an international market is important, and with HSBC we have a commercial banking partner that gives us real advantage in delivering against our acquisition and organic growth targets.”
Mark Boyle, Corporate Relationship Director for Greater Manchester, HSBC UK, added:
“It’s exciting to be supporting such a rapidly expanding technology company based out of the North West. The importance of a thriving tech sector to the North of England is often discussed in the business community and it’s great to see more companies buying into the push to lead on innovation. We hope to help more businesses like Miss Group build on their futures across the region.”
Miss Group was established in 2014 to build a hosting offering and to create a global affiliate network for services including hosting, domain names, site building and email management. The Group has rapidly established a growing customer base in Scandinavia and is more recently building a presence in new markets, including North America and Spain. Miss Group was recently ranked 15th in the annual Sunday Times Hiscox Tech Track 100, making it one of Britain’s fastest-growing tech firms.
HSBC UK worked alongside its strategic partner the Business Growth Fund to provide funding for Miss Group. The funding was part of HSBC UK’s £1.05 billion lending fund for small and medium-sized enterprises (SMEs) in the North West.
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