Toople plc (LON:TOOP), a provider of telecommunications services to the UK SME market, has today announced that it has entered into agreements with Henry Howard Finance plc (“HHF”) to facilitate the launch of Toople’s mobile phone offering.
Pursuant to the Agreements, HHF will advance the Group a £100,000 cash facility to enable the Group to purchase mobile handsets to offer to its customers without the need to use existing cash resources (the “Facility”). Additionally, leasing arrangements provided by HHF will allow the Group to recover the cost of the handsets shortly after the Group has sold a mobile phone package contract.
As part of the Agreements the Group will also utilise HHF’s automated credit checking and e-sign facilities to allow automation of sales through the Toople.com website. This is in line with the Company’s stated strategy of having zero touch sales and provisioning which the Directors believe makes the Group’s activities very scalable.
In addition, the Company is also pleased to announce that it has added two further mobile network propositions to its mobile offering five months earlier than previously anticipated as set out in the Company’s prospectus. Both o2 and Vodafone services will be made available to the Group’s customers alongside services from EE. The Group now plans to launch its mobile proposition some months ahead of schedule, with the service expected to be live on the Company’s website by on or around the end of June.
Andy Hollingworth, CEO of Toople plc adds “We are very pleased to be able to accelerate our mobile offerings. The leasing arrangements and the cash facility allows us flexibility of funds without needing to worry about peaks in any orders we receive. This, in addition to obtaining two extra mobile networks, should allow Toople to offer a great combination of services to customers.”
Dan Proctor of HHF states, “We are very happy to have signed agreements with Toople and are thrilled to be supporting them with their exciting services and online approach. We love the automation that the business has and can see this is the way that all SME businesses will procure their services in the future.”
Further information on the Facility
The Facility is interest free as long as any payments advanced under the Facility are repaid within 3 months. Amounts receivable by Toople under the leasing arrangements with HHF will be offset against amounts payable by Toople under the Facility. Following repayment of the initial £100,000, it is expected that the same level of Facility will be available on the same terms going forward.
Toople Plc provides a range of telecoms services primarily targeted at the UK SME market. Its services offered include business broadband, fibre, EFM and Ethernet data services, business mobile phones, cloud PBX and SIP Trunking and traditional services (calls and lines) all of which are delivered and managed through Merlin, the Group’s proprietary software platform that delivers automation for the services provided.