ControlCircle to use £6m venture capital cash for worldwide acquisitions

ControlCircle, an internet hosting company, is to go on a spending spree to quadruple turnover to £100m within five years.

Damian Milkins, its chief executive, recently raised £6m from venture capitalist Scottish Equity Partners for a 20 per cent stake. The bulk of this will be spent on acquisitions in Asia, the US and Europe, with more funds available from Royal Bank Ventures for a major purchase. Pre-tax profit is expected to be £4m this year up from £1m on last year.