TELECOMS entrepreneur Ricky Nicol has won backing from investors as he prepares to lead the Commsworld business on an ambitious expansion drive.

Lloyds Banking Group’s LDC private equity arm has invested in Commsworld in a deal that will result in payouts to shareholders in the firm, which aims to roll out its ultra-fast communications networks across the UK.

It was reported last week that LDC was buying Commsworld for £45 million, putting the SNP’s Westminster leader Ian Blackford in line for a seven-figure windfall.

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Mr Blackford was chairman of Commsworld and a shareholder in the business before the deal with LDC completed.

A spokesperson for the company declined yesterday to provide any financial details of the transaction.

However, the company said it provided an exit for private shareholders in the firm.

LDC sees potential for Commsworld to achieve rapid growth as organisations look for access to networks that can cope with the requirement to process ever-increasing amounts of information and transactions securely at fast speeds.

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It praised the team led by Mr Nicol for growing Commsworld into a stand-out national network operator

Commsworld’s client base includes Taylor Wimpey, Skyscanner and Edinburgh Airport.

Mr Nicol said Commsworld would be targeting another year of double-digit growth after winning LDC’s backing. It grew revenues by 41 per cent in 2018, to £20m.

Mr Nicol co-founded Commsworld in 1994 after working as a telecoms engineer.

Commsworld said telecoms veteran John Trower was joining the company as chairman. Non-executive director Steve Langmead remains on Commsworld’s board with Mr Nicol and chief financial officer Graeme St John.

The company said the deal with LDC provided an exit for the remaining non-executive directors and private shareholders.

Mr Blackford joined Commsworld’s board in 2005. A Companies House filing dated November 11 listed him as a shareholder in the firm.