Friday, May 22, 2009

News: Cash boost for Rotherham IT company


Rotherham-based Connect-IP has secured a six-figure contract with a well-known national children's hospital.

Based at the Vector 31 Networkcentre in Wales Bar, Connect-IP provides data cabling and IT infrastructure for organisations across a variety of sectors, including health and finance, and has recently gained a number of national contracts.

To support the increase in working capital required to manage the contracts, Connect-IP received a £30,000 loan from South Yorkshire Investment Fund (SYIF).

Mark Richardson, Director at Connect-IP, explained: "The money from SYIF enabled us to secure and deliver phase one of the upgrade for the hospital. We are now embarking on phase two, which will run throughout the next 12 months.

"It's a significant contract for the company and will rapidly increase our turnover for 2009.

"We had seen a number of national contracts come in and the company enjoyed a rapid expansion during a short period of time. The working capital was vital to keep the progress going."

Connect-IP has demonstrated year-on-year growth since being established in 2005.

Grahame Lunt, investment manager at SYIF, said: "We are pleased to support Connect-IP with additional funding to enable them to undertake a substantial contract and for Connect-IP to continue to grow."

Connect-IP website
SYIF website

Images: Connect-IP


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