Net Essence Group acquires Workshop IT Ltd following multi-million pound funding round

Net Essence, a leading provider of managed IT services, has announced a significant milestone in its growth journey with the acquisition of Workshop IT. This strategic move marks a pivotal moment for the London-based company as it continues the expansion of its capabilities and market reach in the IT services sector.

The acquisition funding was provided by growth finance specialist Growth Lending as part of a broader funding package to boost Net Essence’s capabilities and deliver on its ambitions of becoming a £10m+ turnover group.

A team at PKF Francis Clark, comprising Andrew Killick, Nathan Holland and Sophie Swift, carried out due diligence for Growth Lending.

The acquisition was made possible through an initial £1.5m disbursement of a term loan provided by Growth Lending. The funding package includes the refinancing of existing debt, financing the acquisition itself and crucial growth capital for future expansion plans.

Nathan Holland, corporate finance associate director at PKF Francis Clark, said: “We were pleased to support Growth Lending on this transaction, which will help pave the way for Net Essence’s next phase of growth and demonstrates Growth Lending’s flexible support for growing SME businesses. Our approach to due diligence is to collaborate closely with all parties involved in the deal to make the process as smooth and efficient as possible.”

Net Essence, known for its expertise in IT-managed services with a focus on hospitality, architects and engineering firms, saw a perfect synergy with Workshop IT, which specialises in serving the architecture, engineering and construction sector. The acquisition represents the beginning of an exciting growth story for Net Essence, bringing together a combined workforce of 26 full-time employees.

Yvan Bamping, CEO of Net Essence Group, said: “This is a transformative step for our business. By combining our strengths with Workshop IT’s specialised knowledge, we’re poised to deliver even greater value to our clients and accelerate our growth trajectory.”

Chris Mears, regional head South at Growth Lending, added: “Supporting ambitious and agile SMEs is in our lifeblood, and so it is very satisfying to have provided a funding package to support the growth plans of Net Essence. The acquisition of Workshop IT brings together two businesses with clear complementary capabilities and offerings. They also share a passion for innovation and exceptional customer service. We have thoroughly enjoyed working with Yvan and the team and look forward to supporting their continued growth.”

The deal required a meticulous approach to the transaction and involved significant work to implement changes to working practices and governance regimes. Growth Lending was supported by PKF Francis Clark and gunnercooke LLP and the trio’s combined ability to understand the nuances of the deal and provide a tailored funding solution was critical to its success.