A TECHNOLOGY firm is expanding and creating jobs after support from a North-East fund.

Advantex Network Solutions, in Gateshead, has received a six-figure investment from the Finance for Business North East Angel Fund.

The fund is managed by Rivers Capital Partners, with the deal advised by law firm Ward Hadaway, which has offices in Newcastle.

Bosses say the move will help the firm grow, with plans to increase turnover by 20 per cent and take on sales workers, additional engineers and support staff to add to its 40-strong workforce.

Advantex provides managed IT services, such as computers, telecommunications equipment, cloud hosting and security system to schools and businesses, with clients including Caterpillar and BT.

Stephen O'Connell, Advantex’s sales and marketing director, said: “This investment has come at just the right time.

“We recently secured a £750,000 contract to provide new technology and managed services to ten academies and colleges across the North-East and we see the education sector as a key source of further growth for our business.

“This investment will help us to fund that expansion as we look to grow our turnover to £4m.”

Imogen Holland, Ward Hadaway’s corporate partner, provided legal advice to Rivers Capital Partners on the investment.

She added: “Advantex Network Solutions has a clear vision for its development and ambitious plans for further expansion in its key sectors.”

Ward Hadaway has advised Rivers Capital Partners on more than 30 investments from the Finance for Business North East Angel Fund.

The fund invests in start-ups and existing businesses with growth potential in the region and forms part of the £125m Finance for Business North East investment fund set up to provide debt and equity funding to small and medium-sized businesses in the region.

Clive Owen Corporate Finance supported Advantex to secure working capital for the plans.