Midlothian-based Network ROI needed the funding to finance the transition.

The company’s 32 employees now all have a stake in the business.

Network ROI was founded in 2003 by Sean Elliot, an IT professional and entrepreneur with more than 30 years of experience in the sector.

Sean said: “I was coming up to 50, and we began to look at an exit strategy and a business plan to support that.”

Sean said he considered the usual options – such as a trade sale – but was made aware of the concept of employee ownership.

However, the company decided against obtaining finance from a conventional high street bank.

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“While the bank’s business development people were keen to construct a loan that was viable for us, when it was referred to the credit committee we were presented with more draconian covenants – such as a shorter repayment term and taking all our business to the bank – which made the deal a lot less attractive,” Sean added.

“We never got to meet anyone from the bank’s credit committee – it was like dealing with a third party we never saw – but ThinCats business originator Maureen Armstrong (pictured above) made the process easy and straightforward, and it became our preferred option.

“The loan has allowed us to transition to full employee ownership, facilitating my succession.

“When we complete the second five-year phase, we may well look to ThinCats to refinance that.”