Sponsor taken over

Powernet chief executive Tony Tugulu
Powernet chief executive Tony Tugulu

AWARDS sponsor Powernet has been bought for an undisclosed sum by one of the country’s fastest growing Internet Service Providers – Timico Technology Group.

Powernet, of Midsummer Boulevard, Central Milton Keynes, will continue to operate as an individual business providing a wider range of IT services. Powernet chief executive and joint founder, Tony Tugulu, said: “We believe that, with the backing of Timico, we can continue to offer a superior experience to our existing customers, while enabling them to benefit from a greater pool of technology expertise, an expanded service offering and a network infrastructure that will scale to meet their future requirements.”

Corporate finance advisor MacIntyre Hudson, of Silbury Boulevard, advised Powernet.