Funding came from the Northern Powerhouse Investment Fund II
From left: Sarah Newbould, senior investment manager at the British Business Bank; Dave O’Connell, managing director and founder of Advantex; Lucy Elliott, associate director at FRP Advisory; Celia Yeates, finance manager at Advantex; Jane Siddle, senior investment executive at NEL Fund Managers, and Chris Hughes, partner at Mincoffs Solicitors.(Image: NEL Fund Managers)
A seven figure investment has help the co-founder of IT specialist Advantex take control of the Gateshead firm. David O’Connell started the business in 2002 with his brother Steve – going on to grow it by providing IT, communications, and IP security solutions.
Now the Follingsby Park-based firm will be led solely by managing director David, who says the 70-strong business is well placed to generate further growth. Funding has come from Northern Powerhouse Investment Fund II (NPIF II) – NEL Debt Finance, which is managed by NEL Fund Managers.
David O’Connell said: “Throughout our journey, we’ve built Advantex on the foundations of technical excellence and an unwavering commitment to our customers’ success. The significant growth we’ve achieved, particularly over the last 18 months, demonstrates the strength of our business model and the exceptional capabilities of our team.
“As we move forward, we’re in a prime position to accelerate our growth plans, with a robust pipeline, strong financial performance, and most importantly, a talented team of 70 professionals who share our vision for innovation and service excellence. Our commitment to expanding our workforce and capabilities reflects our confidence in the opportunities ahead, and I’m excited to lead Advantex into this next chapter of growth.”
Advantex said it is recuiting for a number of additional engineering, business support, sales and operations jobs. It follows what it said has been an “impressive” 18 months.
Most recently the firm secured a contract to provide security and surveillance at SeAH Wind’s major wind turbine monopile factory on Teesside. That comes alongside work for AESC, Hitachi, Sirius Group, Advance Learning Partnership and Newcastle International Airport.
Jane Siddle, senior investment executive at NEL Fund Managers, said: “It has been a pleasure working collaboratively with Dave, the senior management team and FRP Advisory on this funding. The process demonstrated the real value of strong advisor partnerships and a management team with clear strategic plans, a compelling value proposition and a technology-enabled business model.
“Advantex operates in a sector where organisations increasingly rely on innovative, secure and connected technology solutions, and the business is well positioned to meet that demand. NEL looks forward to supporting Advantex beyond the investment, working closely with the team to help deliver its growth ambitions and capitalise on the opportunities ahead.”
Sarah Newbould, senior investment manager at the British Business Bank, said: “Advantex is a strong example of the innovative, technology-led businesses we are supporting through NPIF II. By unlocking growth in sectors aligned with the Government’s Industrial Strategy and strengthening the North East’s ability to compete nationally through technology innovation, investments like this help drive sustainable growth across the region.”
Advantex worked with FRP Advisory and Mincoffs Solicitors in securing the investment.
