Outsourcery has ‘greater flexibility to pursue opportunities’ after £4m Voda loan

Loss-making cloud biz Outsourcery has managed to tap up Vodafone for a £4m loan under a partnership deal. After yet another successful effort of going cap in hand to investors, the still unprofitable outfit said £2.3m of the loan will be used for "general working capital purposes". The rest of the cash will replace its …

[Tromos]

Pursuit of opportunities

Methinks Piers needs a few sessions in one of Duncan's gyms. He might be pursuing the opportunities, but it looks like they can run faster than him.

[Richard Taylor 2]

Forgoing two salaries saves 500,000 over a year? On that turnover methinks they were taking yee piss.

[Naselus]

Yeah; given his £250k salary, Piers appears to have managed to get a good £1.5 million or so out of Outsourcery without ever making a penny in profit since he took over. One might wonder what, exactly, is supposed to have justified that.

God knows why investors keep pushing money into the operation. I do kinda respect Linny for at least having the decency to drop his own salary before firing engineers, but really the whole operation seems hopelessly unprofitable - they've been running the 'cloud' element of the business for seven years and it's never made a profit, or even kept losses below 50% of revenue.

I live in Manchester, where Outsourcery is based, and they appear to have a colossal staff turnover; they've been constantly recruiting for the past several years despite offering permanent contracts on market-beating salaries with good benefits. That suggests a lot of staff fleeing a sinking ship.