Santander Corporate & Commercial has backed the management buy-out (MBO) of Excalibur Communications, a British IT and telecoms company, for an undisclosed sum.

Chief executive Peter Boucher and his team will take majority ownership of the company as part of a five-year growth plan. Former owner and chief executive James Phipps will stay as executive chairman, and retain a minority stake.

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The management team aims to acquire the entirety of the business within five years.

According to the company, Excalibur’s customers include 4,000 SMEs in the South and South West. The firm is also a distributor to Vodafone among others.

The business appointed Boucher as chief executive last year, and hired a finance director in September. It also acquired Ntegra IT Support Services last year.

The transaction at Santander was handled by relationship director Chris Mears and director of growth capital Martyn Drake.

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Mears said: “Excalibur is an exceptional business with a relentless focus on customer care and a wonderful culture.

“We have been impressed by the quality of the management team and the plans in place to achieve their growth ambitions and have been delighted to support the management team in the execution of this MBO.”