Manchester tech hub boosted by new investment: Lawrence Jones MBE invests £1m in Outsourcery
Entrepreneur and UKFast CEO Lawrence Jones MBE today announced a £1 million investment in fellow cloud provider Outsourcery Plc.
Jones’s investment represents a 10.52 per cent of existing issued share capital of the cloud provider, which floated on AIM in 2013 and operates in an adjacent market to Jones’s Manchester-based cloud infrastructure firm UKFast.
Jones said: “This has the hallmarks of a great investment. I’ve known Piers [Linney, Outsourcery Co-CEO] for more than 25 years and I am looking forward to what the future holds.”
Jones has an impressive track record in the hosting industry, growing UKFast organically from a bedroom business in 1999 to a 250-strong team, £36 million turnover, c.£15m EBITDA firm.
Of the Outsourcery deal, Outsourcery Plc Co-CEO, Piers Linney, said: "Lawrence's investment in Outsourcery is a positive step for both him and our business. Manchester is growing in significance as a hub for innovative and technologically driven companies like ours and this is a great vote of confidence in the progress that we have made."
A combination of this investment and added industry experience will take us one step further on our growth plans.
Piers Linney, Co-CEO at Outsourcery
Although the two cloud firms operate in similar markets, there is little crossover between the two. Jones added: “I have a great respect for where Piers and Simon [Newton, Outsourcery Co-CEO] have taken Outsourcery so far and I look forward to contributing to future success with my experience as a technology entrepreneur.”
The investment announcement comes as Outsourcery posted interim results showing a group revenue increase of 21 per cent to £4.1m.
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