Fidelity Group targets £50m in turnover by the end of 2021

Managing director reveals ambitious target and confirms three acquisitions are under negotiation

Fidelity Group is targeting £50 million in turnover by the end of 2021 thanks to acquisitions and organic growth through hosted telephony.

Speaking to Mobile News, Fidelity Group managing director Alan Shraga revealed the ambitious target and confirmed three more acquisitions are under negotiation, with the next buy to be completed in six weeks.

“We have two or three more buys this year and will continue to grow through acquisitions that are of high quality,” he said.

According to Companies House, in 2016 the London-based firm’s total revenue stood at £3.43 million, up from £3.28 million year-on-year.

RDC was the firm’s third acquisition and will contribute half a million pounds to Fidelity’s next fiscal year ending December.

The company is forecasting £10 million in revenue by the end of the year. All five staff from RDC will continue in their roles and the Leicestershire office will serve as a base for Fidelity Group as it looks to take advantage of a “booming period” in manufacturing in The Midlands.

The RDC brand will remain in operation. Fidelity Group partners Talk Talk Business, O2, Vodafone, Virtual 1 and is a Gamma platinum partner.

Sharga told Mobile News: “We want to continue to be a leader in the hosted arena and the whole cloud transformation. We want our clients to be moved into the cloud to experience the mobility and data needed to be competitive.

“Enabling customers to have the right overhead will allow them to expand and that’s what we want while bolstering out long-term goal to grow to £50 million revenue.”

He stated the UK’s state post- Brexit on March 29 will be a massive factor in the company’s forecasted growth.

“I think by 2021 we will achieve £50 million, depending on the economy.

“We can afford to buy stable, established businesses. There’s two or three partners out there we would consider buying.

“Brexit is unknowing and because of that people stop investing.

“I think if you look at the market today there’s doubt and when there’s doubt there’s a delay in people investing. No one knows what Brexit might bring.”

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