Net Essence Group confirms acquisition of Workshop IT Ltd following multi-million pound funding round
The acquisition funding will be provided by growth finance specialist Growth Lending as part of a broader funding package to boost Net Essence’s capabilities in the AEC sector and deliver on its ambitions of a £10m+ turnover group.
Net Essence, a leading provider of managed IT services, has announced a significant milestone in its growth journey with the acquisition of Workshop IT (WIT). This strategic move marks a pivotal moment for the London-based company as it continues the expansion of its capabilities and market reach in the IT services sector.
The acquisition was made possible through an initial £1.5m disbursement of a term loan provided by Growth Lending. The funding package includes the refinancing of existing debt, financing the acquisition itself and crucial growth capital for future expansion plans.
Net Essence, known for its expertise in IT-managed services with a focus on hospitality, architects and engineering firms, saw a perfect synergy with Workshop IT (WIT). The latter’s specialisation in serving the architecture, engineering, and construction (AEC) sector complements Net Essence’s existing portfolio, creating a robust platform for diversification and growth. Workshop IT (WIT) joins previous service-based acquisitions of About Networks, Aprium and the reseller Mlode.
This acquisition is more than just a business transaction – it represents the beginning of an exciting growth story for Net Essence. The new combined workforce of 26 full-time employees brings together a wealth of expertise and experience in the managed-IT services sector, enabling the company to serve a wider range of clients with enhanced capabilities
Yvan Bamping, CEO, of Net Essence Group, commented on the acquisition: “This is a transformative step for our business. By combining our strengths with Workshop IT’s specialised knowledge, we’re poised to deliver even greater value to our clients and accelerate our growth trajectory.”
Chris Mears, Regional Head South at Growth Lending, added: “Supporting ambitious and agile SMEs is in our lifeblood, and so it is very satisfying to have provided a funding package to support the growth plans of Net Essence. The acquisition of Workshop IT brings together two businesses with clear complementary capabilities and offerings. They also share a passion for innovation and exceptional customer service. We have thoroughly enjoyed working with Yvan and the team and look forward to supporting their continued growth.”
The deal required a meticulous approach to the transaction and involved significant work to implement changes to working practices and governance regimes. Growth Lending was supported by PKF Francis Clark and gunnercooke LLP and the trio’s combined ability to understand the nuances of the deal and provide a tailored funding solution was critical to its success.
Nathan Holland, Corporate Finance Associate Director at PKF Francis Clark, said: “We were pleased to support Growth Lending on this transaction, which will help pave the way for Net Essence’s next phase of growth and demonstrates Growth Lending’s flexible support for growing SME businesses. Our approach to due diligence is to collaborate closely with all parties involved in the deal to make the process as smooth and efficient as possible.”
Jonathan Rogers, Partner at gunnercooke LLP, said: “It was a pleasure to support Growth Lending and Net Essence Limited in this transaction. The acquisition is a great fit for all involved and creates a platform for further growth to support the SME client base of Workshop IT Ltd, which is a perfect fit with Net Essence Limited’s client base”.
As Net Essence embarks on this new chapter, this strategic move not only strengthens Net Essence’s market position but also signals the company’s ambition and readiness to play a larger role in shaping the future of managed IT services.
