- Leeds-based IT transformation business Iridium Consulting is growing rapidly
- Santander UK provides £1.5m invoice finance funding to enhance the business’ cash flow
- Improved working capital enables Iridium Consulting to execute growth strategy and target a 30% turnover increase in 2022
Leeds-based IT and business transformation specialist, Iridium Consulting, is growing rapidly and has paved the way for further growth after securing funding from Santander UK.
Santander UK has provided the IT and business transformation consultancy with a £1.5m invoice finance package. The funding provides improved working capital to the business, supporting it through a period of rapid growth and enabling it to expand its portfolio of clients.
Iridium Consulting provides a consultancy service, placing IT and business transformation experts primarily into financial services companies, particularly credit card issuers, supporting them to deliver IT programmes and solutions.
Established in 2018, the business is growing rapidly, with annual turnover increasing year on year, reaching £5.2m in 2020, and increasing to £18.5m across 2021. It is targeting a 30% increase in turnover this year to reach £24m by the end of 2022. The business’ expansion is being propelled by the technological demands within the financial services sector required to maintain a competitive offering to consumers.
Iridium Consulting has a full-time staff of 15 as well as a network of 187 contractors. It plans to hire eight new staff this year. Its consultants’ expertise spans IT and business transformation, cyber security, credit card migration, operational resilience, Cloud migration, portfolio optimisation and resource solutions.
Matt Pickin, Head of Operations at Iridium Consulting, said: “We have banked with Santander UK since we were first established, and it has been a supportive partner right from the outset. The working capital facility it has provided us with gives huge comfort and enables us to focus on planning for our future growth.”
Nick Sharpe, Relationship Director at Santander UK, said: “We’re delighted to see Iridium Consulting grow so rapidly and have such an exciting future ahead. Santander UK is delighted to provide the consultancy with this invoice finance package to support the next exciting chapter of its growth journey.”
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For information about Iridium Consulting, please visit: www.ir77.co.uk/