Fife-based managed IT services provider Cloudstream Technology has secured a £3m boost through the Coronavirus Business Interruption Loan Scheme (CBILS) from lender BOOST&Co to consolidate debts after recent growth.
Cloudstream Technology has grown since inception in 2014 through an acquisition strategy that has brought together nine separate entities and grown the firm’s customer base to over 100.
Director Ian Maclellan said: “BOOST&Co understood the Cloudstream proposition from the outset and could see how a CIBLS facility would transform the future operating landscape of the business.
“By freeing up management time spent juggling multiple short-term credit lines, we are now able to focus on growth and building strategic value.”
Ryan Sorby, Principal at BOOST&Co and head of the lender’s North West office, said: “BOOST&Co is keen to promote the benefits of using the CBILS scheme to refinance existing debt and this deal is a great example of exactly that.”
Cloudstream Technology will also use the funding to appoint a new Financial Director.
The deal was advised by David Middleton at Knight Corporate Finance.
“We have a strong working relationship with BOOST&Co," said Middleton. “We look forward to seeing the team at Cloudstream prosper through 2021.”