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AdEPT agrees loan to help fund Atomwide acquisition

02 August 2017 08:12

AdEPT Telecom has signed a £7.3 million convertible loan instrument with Business Growth Fund.

AdEPT said the proceeds, plus £4.7 million of the existing bank facility, would be used by the company to fund the acquisition of Atomwide, a well-established UK based specialist provider of IT services to the education sector.

Chairman Roger Wilson said: "Following their initial equity investment in AdEPT during 2016 we are delighted to have obtained further support from the team at BGF to work alongside our existing debt providers, Barclays and The Royal Bank of Scotland, and provide funding for the acquisition of Atomwide.

"This gives us the market leading position in IT for education in London."

At 8:12am: (LON:ADT) AdEPT Telecom PLC share price was +12.5p at 347.5p

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