The FINANCIAL — Union Street Technologies, the UK’s leading supplier of telecoms billing solutions, has secured a £1million loan from Barclays to enable its expansion.
As Barclays said, the loan from Barclays will be used to purchase a premises in Richmond, which will house Union Street’s sales team and will be in addition to their current office in the same area.
Established in 1998, Union Street provides a comprehensive suite of back-office applications and software for telecoms providers and also has a dedicated training facility, enabling clients to leverage the maximum value from their products.
Union Street’s aBILLity application suite has won multiple industry awards including the 2009 Comms Business award for Most Innovative Channel Product and the 2011 and 2012 Comms National Award for Software Application Suite of the Year.
The business has circa 55 employees, servicing over 350 clients and in recent years has grown from a small company to a medium sized company with double the operating profit and continued upward trend.
Tony Cook, Managing Director, Union Street Technologies, said: “The building transaction was handled very smoothly and the team at Barclays were very accommodating in supporting our funding requirements.”
Brian Geraghty, Relationship Director, Barclays Technology, Media and Telecoms team, said: “We have worked with Union Street for over ten years and are fully supportive of the management’s expansion plans. There is an experienced team in place with a great reputation in the marketplace, and a range of products which are at the leading edge of technological innovation.”
Barclays Telecoms team has been serving the industry for over a decade, and has relationships with over 300 telecoms businesses nationwide.