Management buyout at Tyneside IT firm Advantex as jobs created
Summary
A seven-figure investment from Northern Powerhouse Investment Fund II (NEL Debt Finance managed by NEL Fund Managers) has enabled a management buyout at Gateshead IT specialist Advantex, making founder David O'Connell the sole leader. The 70-strong company provides IT, communications and IP/physical security solutions and plans to recruit additional engineering, business support, sales and operations staff to drive growth. Advantex points to a robust pipeline and recent contract wins, including security and surveillance work for SeAH Wind's Teesside factory and projects for AESC, Hitachi, Sirius Group and Newcastle International Airport. NEL, the British Business Bank and advisers FRP Advisory and Mincoffs Solicitors said they will support the firm's expansion ambitions following the investment.