Michelle Senecal de Fonseca

Michelle Senecal de Fonseca became chief executive of Redcentric, the AIM-listed managed service provider, on 7 May 2025, after 15 months as a non-executive director. Before Redcentric she ran Vodafone’s cloud and hosting business and held sales and alliance roles at Citrix.

Selling the data centers

Her defining move has been the sale of the data center business. In October 2025 Redcentric agreed to sell Redcentric Data Centres Limited to Stellanor Datacenters Group, a UK operator backed by a fund managed by DWS, at an enterprise value of up to £127m, about 15.1 times the unit’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA). The sale completed on 30 April 2026. In September the company confirmed a final cash price of £124.9m, higher than its May estimate of £122.85m.

Most of the money went back to investors. Redcentric returned £90m through a tender offer at £1.60 a share, buying back about 35% of its shares, which closed in July and was almost three times oversubscribed. A buyback of up to £1.5m followed in August, and the company has said it expects to reintroduce a progressive dividend.

A pure managed services business

What remains is a pure managed services business. According to an unaudited trading update in June, it made adjusted EBITDA of about £17.5m, slightly ahead of market expectations, on revenue of about £132.1m in the year to 31 March 2026. The company said investments made in the second half of that year were designed to accelerate revenue growth. It had net cash of £77.9m at the end of May, against net debt of £36.8m in March before the sale.

“With a significantly strengthened balance sheet following the data centre disposal, we are well positioned to accelerate growth,” Senecal de Fonseca said. Audited results for the year are due on 28 September 2026.

Why it matters to the channel

Redcentric has done what many mid-sized MSPs with data center estates are weighing: sold the capital-intensive infrastructure at a strong multiple to a specialist investor and kept the recurring services business. For data center buyers, it is further evidence that UK regional capacity attracts institutional money. For listed MSPs, it shows that investors will reward a cleaner model.

In 16 months Senecal de Fonseca has turned Redcentric from a mixed infrastructure and services group into a focused MSP and returned most of the sale proceeds to its shareholders.