Business fund’s cash boost for IT consultancy PTS

A London business that helps clients move into buildings such as the Cheesegrater and the Gherkin has received a multi-million cash injection from the Business Growth Fund.

The owners of IT consultancy PTS have agreed to sell a minority stake in the business to the BGF, the £2.5 billion vehicle backed by five of the UK’s largest banks and chaired by City stalwart Sir Nigel Rudd.

The fund was launched in 2011, with the aim of investing money from Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered into fast-growing businesses.

PTS chief executive Kevin Perrett said the BGF’s £8.7 million investment would help it boost its presence across the world and added:“We are not after a quick win or an imminent exit so their long-term view and partnership approach made sense to us.”

PTS expects £40 million revenues this year.