RFID specialist on track for growth after buy-out backed by Frontier Development Capital

MiTEQ, which is based in Devizes, serves customers including leading high-street retailers, football clubs and NHS trusts. The deal gives control of the business to founder and CEO, Alex Whiting, and provides an exit for the original investor, entrepreneur Tim Hamilton-Davies.

It will also provide funding to support MiTEQ’s continued growth. The company, which has increased turnover from £1m to £4.5m since 2021, aims to double that to £9m in the next five years.

MiTEQ started life in 2020 as a supplier of RFID tags and hardware. It now offers a full service – providing solutions that help customers track and manage their assets and that integrate with their existing IT systems.

MiTEQ serves a wide range of industries. Its ‘no scan’ self check-outs are used by football clubs including Stoke City where they have doubled throughput at the tills. Its systems help retailers track goods around the shop floor, so they can quickly locate missing items and reduce overall stock levels.

MiTEQ solutions also help NHS Trusts to track the flow of patients through a hospital, and improve availability of beds by alerting cleaning staff when patients are discharged.

Having recently moved to larger premises in Devizes, MiTEQ will use part of the funding to create a new demo centre to showcase its technology. It also plans to double the size of its 12-strong team in the next three years.

Alex Whiting, founder and CEO of MiTEQ, said: “MiTEQ helps companies transform their operations by integrating RFID with their existing IT systems. We are grateful for Tim’s support on the first stage of our journey. I look forward to working with Frontier Development Capital as we continue to grow the business and establish MiTEQ as the UK leader in RFID integration.”

The Frontier Development Capital funding came from its new Evolution fund.

Kathryn Light of Frontier Development Capital said: “Over the course of a few years, MiTEQ has grown from a small RFID hardware supplier to a full solution provider and established a track record for expertise and excellent service. The funding will enable Alex to build on its success to date and take advantage of the growing demand for RFID technology.”

The Wilkes Partnership provided legal advice to Frontier Development Capital while Awdry Law advised MiTEQ.