IFG raises £19.5m
It has been a busy 12 months for Internet Fusion Ltd with the acquisition of www.the-priory.com, surfdome.com, countryattire.com and dirtbikebitz.com to add to the existing portfolio of websites. The expanded group is now forecasting gross revenue in excess of £100m for the current financial year.
To fuel the continued growth of the group Internet Fusion has teamed up with HSBC whom have provided a £9.5m loan. An additional acquisition funding line has also been agreed with the bank to assist with potential future acquisitions.
We have combined some fantastic websites, assets and talent and the company continues to increase its revenue. The new partnership with HSBC is the perfect way to further accelerate our growth; the bank has an unrivalled knowledge of the sector and an enthusiasm for Internet Fusion’s direction of travel.
Roger Pratt, HSBC’s Area Director in East Midlands commented “The planned expansion at Internet Fusion is something we are extremely pleased to be involved with. HSBC is committed to supporting ambitious businesses like Internet Fusion with funding and advice and we look forward to seeing the company continue to grow in the future.”
In addition to the HSBC funding a £10m convertible loan has been agreed with Lombard Odier Investment Managers Group. The investment from Lombard Odier shows the confidence in the overall strategy and key management and provides the right level of funding for the group to execute its vision. They are positioned as a long term supportive shareholder and we look forward to working closely with Jamie Brooke and Michael Brown from Lombard Odier to drive the business forwards.
With the groups powerful proprietary and bespoke global technology platform powering all aspects of the business it is now well placed to become one of Europe’s leading e-commerce retailers.