UKFast founders Lawrence and Gail Jones have left cloud hosting business UKFast after a private equity group increased its shareholding in the company.
The Manchester-headquartered firm announced on Thursday that its private equity investor Inflexion is to become majority shareholder in the firm, "supporting its impressive growth trajectory and allowing for continued investment in capability in the specialist areas of cloud security, networks and remote desktop services".
It comes after Mr Jones - originally from Denbigh, North Wales, stepped down as CEO in October last year following sexual misconduct allegations he strongly denies.
As part of the transaction, Inflexion, which increased its shareholding to 75%, now expects to recruit a new CEO to support new and existing members of the management team in driving forward the group’s growth strategy.
A statement from founders Lawrence and Gail Jones said: "We chose Inflexion initially because of their track record growing businesses and are confident we're leaving UKFast in great hands."
Inflexion said it recognised "the significant opportunity to further expand UKFast’s strategic services offering in the cyber security and related market".
UKFast Group said it will also simultaneously take the option to acquire leading cyber security business, Secarma, a supplier of specialist cyber-services to some of the world’s leading brands.
