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Saturday, March 24, 2018

Case Studies

Development Bank of Wales provides £500,000 to IT repairs business

Jordan Williams | 2:36 Friday 23rd February 2018

Comtek Network Systems UK Limited has secured £500,000 of investment from the Development Bank of Wales

The Deeside-based company currently employs 70 people and will use the funding to invest in the manufacturing of cutting-edge fibre optic transmission products.

It is expected that up to nine new jobs will be created as a result of the investment.

Comtek had previously acquired the intellectual property and trademarks of Sorrento Networks Inc – which had gone into administration – for £6m in 2015.

Comtek now provides Sorrento’s cutting-edge technology to telecom carriers and data centre providers across North America and Europe.

The funding for the new investment came from the Wales Business Fund, which is part-funded by the European Regional Development Fund through the Welsh government.

Rhodri Evans, regional manager at the Development Bank of Wales, said: “Comtek has grown into one of the most widely recognised companies across the region with sites in the UK, Holland, Germany, Turkey and the US.

“The core business continues to perform very well and is trading successfully in the UK and Europe as one of [the] fastest-growing, multi-vendor IT and telecoms repair service providers.

“By locating in an enterprise zone, [it has] benefited from bespoke support and a reduced interest rate on our loans by up to 2%.

“This makes a big difference and will help Comtek to further develop products which can be sold to both the existing customer base and new users.

“We wish them every success.”

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