GreatResponder.com on July 25, 2012 : IOmart is one of the fast growing web hosting companies in United Kingdom. It was announced by this company on Wednesday July 24, 2012 that it has secured a credit fund of $ 31 million that will be used in acquisition of prospective entities of web hosting business on the market place. This fund has been secured from Lloyds bank Wholesale banking markets; this fund will be based on revolving fund facility.
Like other web hosting and cloud hosting companies in the world, IOmart is also pursuing its strategy to establish partnerships with different market partners and acquire some prospective companies to maintain their phenomenal growth that is being achieved by this company since last few years. IOmart recorded a fantastic growth in last fiscal year; it was recorded a huge profit increase as much as 68% in year 2012. IOmart is focusing to maintain it’s this growth through organic mechanism of acquisition of healthy small units that complement their business and market position. Lloyds Bank has already supported IOmart several times financially to strengthen its business on the market place. A loan of $ 15.5 was also lent to IOmart from Glasgow team of this bank in year 2010.
Chief executive officer of IOmart web hosting Mr. Angus MacSween while speaking at the occasion said, “We’re on the acquisition trail again this year as we continue our strategy for growth and this increased credit facility from Lloyds Banking Group will allow us to act quickly when the right opportunities arise. Lloyds Bank continues to be a very supportive corporate banking partner to iomart Group as we consolidate our leadership in the cloud computing and managed hosting market in the UK. We have enjoyed a strong start to 2012 and the financial backing we receive from Lloyds Bank will help ensure we continue to perform well for the rest of the year, and beyond.”