05 Dec 2024

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

PKF Francis Clark supports Growth Lending with due diligence

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.

Contact our corporate finance experts

GDPR permissions
This field is for validation purposes and should be left unchanged.

Latest news

Balfour and Macdonald: Clarifying the rules on loss relief

4 July 2025

Read
A woman works diligently in an office

Why deals fail: Due diligence deal killers

3 July 2025

Read

We're celebrating a record number of director promotions

1 July 2025

Read

Liquidators seek buyers for assets of Isansys Lifecare Ltd

23 June 2025

Read

Most common SRA Accounts Rules breaches in 2024

19 June 2025

Read

Will taxes rise again?

17 June 2025

Read

PKF Francis Clark advises DenGro shareholders on strategic sale to Agilio Software

17 June 2025

Read

Pillar 2: What you need to know before 30 June 2025

13 June 2025

Read
A coffee shop worker fills in paper work while sated at a high bar.

R&D claim notification: Deadline approaching for December year ends

4 June 2025

Read

HMRC’s consultation on transfer pricing: what you need to know

30 May 2025

Read

UK abolishes non-domicile tax status: What you need to know

27 May 2025

Read
An office worker sits in front of a computer whilst looking at a notepad with his mobile phone held to his ear.

Payrolling benefits in kind FAQs

21 May 2025

Read