Hill Dickinson advises as Origin Broadband secures £3m investment
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Hill Dickinson’s corporate team has advised award-winning provider of internet and phone services, Origin Broadband, as it secured £3m investment from private equity fund manager and Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) specialist Calculus Capital.
Hill Dickinson partner Craig Scott and legal director Richard McKay led on the deal.
Oliver Bryssau, CEO of Origin, said: “Our company was born in part out of my own frustration with the poor broadband and service I received at home and we never lose sight of the importance of providing a first-class service.
“Our customers have an account manager as a single point of contact, we can tailor packages to their individual or business needs and we offer UK-based technical support 24/7, 365 days of the year.
“This focus on quality customer service and the highly competitive pricing made possible by having our own infrastructure, represents a very attractive proposition.
“We look forward to benefitting from the scale up expertise and experience of the Calculus team as we move into an exciting new phase in our continuing growth.”
Commenting on the deal, Craig Scott said: “This is a significant investment and will allow Origin to hire new staff and will be primarily used to expand its sales team to develop new business across the UK.”
John Glencross, chief executive of Calculus Capital, commented: “The continuing migration of UK households to superfast broadband is driving revenue growth for internet service providers, with Ofcom figures showing company revenues from domestic customers up 18.5% year-on-year to £4.9 billion in 2014. Equally, more and more businesses are moving to cloud computing services. We believe Origin is extremely well-positioned to benefit from this growth.”
Richard Moore, investment director of Calculus Capital, added: “Origin places a very high value on customer service, has its own network and is an agile alternative to the unwieldy corporate giants.”