22 June 2023: Soho Square Capital LLP (“Soho Square”), an investment firm focused on financing established and growing UK and European SMEs, is pleased to announce a minority growth investment in xDesign, a rapidly growing digital consultancy. Joe Tebbutt, Principal at Soho Square, joins the Board of Directors.
Founded in 2010 by its CEO Euan Andrews, xDesign employs over 450 experts across the UK in its Edinburgh and Leeds offices. Its quality of service has built its reputation in the market as the partner of choice for major international and UK brands, including MoneySavingExpert, Yorkshire Building Society and the Flutter Entertainment group, providing them with the skills and end-to-end digital capabilities they need to accelerate their digital transformation ambitions.
In the last two months, xDesign has launched a new cloud computing division and acquired innovation and design company CreateFuture, bolstering its market offering and further supporting clients on their journey to scale and grow.
With Soho Square’s investment and support, xDesign will accelerate its expansion plans with a number of new office openings planned around the UK and internationally, focus on organic growth across its business, as well as enhance its operational structure and award-winning company culture.
Euan remains the majority shareholder and will continue to lead the business as CEO, supported by a highly capable and broad management team with direct experience of building and quickly scaling digital consultancies.
Euan Andrews, Founder and CEO of xDesign, said:
“To date, we’ve been a fiercely independent organisation, a fact that has enabled us to provide a truly award-winning experience for our clients and our talented team of people. In Soho Square, we now have an investor - and more importantly - a partner, that will help us amplify our mission to create a truly human-centric digital consultancy on a much bigger scale whilst maintaining the independent mindset that’s made us successful. We believe that technology itself can only take you so far, it’s the people behind our business that really make the difference for the clients we collaborate with - setting us apart from our competitors. With Joe, James and the Soho Square team now in our corner too, I’m really excited to see where we can take xDesign in the coming months and years, particularly given the current market appetite for digital transformation projects.”
Joe Tebbutt, Principal at Soho Square, commented:
“Digital consultancy is an expanding market, and this growth has accelerated in recent years as companies increase their IT spend and transition operations to the cloud. xDesign is a business that understands the true power of people to create great digital solutions that generate real positive change for clients and end users. As a result, Soho Square’s minority backing is a real investment in its talented team of people, its award-winning culture and its unfaltering reputation for quality service and delivery - something which has already helped it build a high-profile roster of clients. We’re delighted to now be a part of the xDesign story, and can’t wait to support it in accelerating its ambitious expansion plans.”
James Smallridge, Director at Soho Square, added:
“We know the blood, sweat and tears it takes to build great businesses, and Euan and his team have done just that with xDesign. At Soho Square, we design investments to work perfectly for ambitious leaders of UK and European businesses. Our bespoke financing solution has helped Euan and many other business leaders to stay in control of the businesses they created, whilst securing capital and know-how to accelerate growth.”
Soho Square’s deal team was led by Joe Tebbutt (Principal) and James Smallridge (Director). Soho Square was advised by Alantra (buy side - corporate finance), K&L Gates (legal), Grant Thornton (financial due diligence and tax), CIL (commercial due diligence), Intechnica (cyber due diligence) and Baringa (ESG Due diligence). Alantra identified Soho Square as a strong investor partner for the Company, providing corporate finance advice post deal introduction.
xDesign were advised by Addleshaw Goddard (legal) and Deloitte (tax).
For further information
If you would like to discuss future investment opportunities, please contact:
James Smallridge
+44 (0)79714 75582
Media:
Kepler Communications
Charlotte Balbirnie Caroline Villiers
+44 (0)7989 528421 +44 (0)7808 585184
CBalbirnie@keplercomms.com CVilliers@keplercomms.com
About Soho Square Capital
Soho Square Capital is an investment firm focused on providing flexible capital solutions, typically in the form of senior or preferred capital with minority equity stakes, to established and growing UK and European SMEs. Headquartered in London, the firm is led by a highly experienced team that has been investing together for over 15 years, through many economic cycles and have the expertise and flexibility to invest up to £40 million in any given transaction, across the capital structure, from senior debt to equity. The team works closely with business owners and management teams to structure innovative, bespoke financing solutions and offer enhanced portfolio company support.
About xDesign
xDesign is an award-winning digital consultancy known for assembling a top-notch team of over 450 seasoned strategists, designers, architects, and engineers.
Headquartered in Edinburgh, it helps businesses to thrive by uncovering new opportunities, creating exceptional customer experiences, solving complex technical challenges, and exploring the potential of the cloud.
With an unwavering commitment to excellence and collective success, it prides itself on cultivating long-term partnerships with clients who share its goals, ambitions, and values. It has a proven track record of delivering transformational change when it matters the most for clients including Flutter Entertainment group, MoneySavingExpert, and Yorkshire Building Society.