Cloud infrastructure firm UKFast has agreed £40 million funding from the Royal Bank of Scotland to build on its rapid growth.

The Manchester-headquartered business supplies cloud and managed-hosting to more than 5,000 customers all over the world.

It has reported double digit organic growth every year since its inception in 1999 and added more than £10m in recurring revenue in the last two years.

CEO Lawrence Jones plans to use the fund to accelerate UKFast’s growth and bolt on new capabilities for existing customers.

He said: “If you are growing a business organically, you have to hang on to your customers.

“I never want to lose this focus on customer care and at the same time I am excited about the opportunity to make some acquisitions to help bolster growth and add capabilities and also grow our customer base.”

Three quarters of the fund will be drawn down immediately, with the option to take the further £10 million in future.

Jones added: “We have a couple of businesses that we are interested in and I welcome anyone who has a business that might benefit from joining forces with UKFast to get in contact with us.

“There are fast-growing US organisations in our market with very deep pockets.

“We aren’t going to sit back and watch them take over.”

Stephen Lewis, Regional Director of Corporate Banking at Royal Bank of Scotland said: “UKFast is an ambitious, fast-growing business with a proven track record and a first-class management team.”