Central London technology consultancy, Nephos Technology, has received a seven-figure funding package from HSBC UK through the Coronavirus Business Interruption Loan Scheme (CBILS). The loan has enabled the company to protect 28 jobs as well as support cash flow during the coronavirus crisis.
The funding will also support the business’ plans to grow and double its revenue over the next three years.
Nephos Technologies helps leading UK companies, such as Conde Nast and the London Stock Exchange, to use data to drive innovation. The business has grown 450% over the last four years and hopes to double revenue within the next three years by opening more offices in the UK and expanding internationally.
Michael Queenan, Co-Founder & CEO of Nephos Technologies said, “We faced uncertainty following lockdown and were keen to adapt quickly to support our staff and clients. The loan from HSBC UK has allowed us to be flexible in these challenging times, allowing us to manage the day-to-day issues of running the business during the pandemic while still retaining our focus on our ambitious growth plans.”
Cameron Rathwell, Area Director and Head of Corporate Banking in Thames Valley, HSBC UK added, “Nephos Technologies has grown over the years to become a leading player in data consultancy. We’re pleased to be able to support the company and help the business maintain its ambition to expand over the coming years domestically and internationally.”