UKFast snubs £53 million bid for expansion plans
Article date: Fri, 28 May 2010 11:05 GMT
After another year of record growth, the owner of Manchester-based hosting provider UKFast has rejected a £53 million bid for the company.
Preferring to steer UKFast in to a series of new areas, managing director Lawrence Jones turned down the offer which valued the company at more than 25 times its profits.
Concerned with the potential buyer's long term plans for the business, Jones has decided to continue to expand UKFast targeting IT security, disaster recovery and recruitment as 2010's key growth areas. Ethical hacking and PCI accreditation will also be new services offered by the hosting provider.
Jones says, "In spite of the recession, growth is still our main focus. This year we have managed to grow the team to more than 100 and are looking to expand the team further with another 60 members joining the sales department.
"The business has great growth prospects and I am excited to see where it takes us. If I had accepted the offer I would be bored rigid by now."
Despite becoming larger, UKFast has still managed to maintain its entrepreneurial spirit. New projects which will see the company move into the IT security market, such as ethical hacking and disaster recovery, allow Lawrence and his team to diversify.
Over the years, Lawrence Jones has also helped to boost the profits of a number of North West businesses. With his guidance, Harrington Brooks increased its market worth to be sold for £18 million and Caunce O'Hara & Co pioneered the sale of professional insurance policies online creating a new channel that turned over millions in its first year.
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