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04 January 2017

Charles Russell Speechlys advises BGF on its investment in Virtual1

Charles Russell Speechlys has advised BGF (Business Growth Fund) on its investment in Virtual1, a London-based cloud and connectivity service provider.

Virtual1 delivers cloud and connectivity services exclusively to the wholesale market, aggregating its own cutting edge London-based network with networks from other carriers onto a single scalable platform. Founded in 2007 by CEO Tom O’Hagan, Virtual1 featured in the Sunday Times Tech Track 100 for three consecutive years and generated revenue close to £18m in 2015/16. BGF is the UK’s most active provider of growth capital in small and mid-sized businesses, having invested more than £1bn in over 140 companies since 2011.

Chris Hodges of BGF commented:

“We are really excited about our investment in Virtual1 and supporting the company’s ambitions. The team at CRS helped make this possible by providing BGF with robust legal support, as always backed-up by pragmatic, commercial thinking.”

The Charles Russell Speechlys core team comprised Partner Andrew Clarke, Private Equity Associate Olivia Mackie, Real Estate Associate Raza Anjum and Tax Associate Helen Coward, with support from members of the Commercial and Employment teams.

Andrew Clarke commented:

“We are delighted to have completed our fifth transaction for BGF and to have assisted in this investment to enable Virtual1 to invest in additional network infrastructure and support its long-term growth plans. Once again it was a pleasure working with the BGF team on the deal.”