Fast-growing telecoms business XLN has invested £40m in a new Sheffield base in a move that will create up to 300 jobs in the city.

The London-headquartered firm, which supplies small businesses with phone lines, broadband, mobile, card processing and energy, has acquired a 14,000 sq ft space at One North Bank in the city centre.

It says the investment will be spread over five years and is part of a company-wide expasion to raise XLN’s profile in the marketplace.

Founder and CEO, Christian Nellemann, said: “XLN has been based in London since 2002 and we have built up a very successful business, already employing around 250 staff.

“Our brand new office in Sheffield is set to double that and will enable us to create an exciting, modern environment for new additions to the XLN team in keeping with the dynamic, growing company we are.

“Sheffield’s highly regarded universities and reputation as a growing business hub in the UK also makes it an ideal base for the growing XLN team; it’s a vibrant city and we’re very excited about the opportunities this move will create.”

Sheffield City Council’s Leigh Bramall added: “I am pleased that the team at Creative Sheffield has worked very closely with XLN in recent months in order to bring this exciting company to the city and therefore create fresh job opportunities for Sheffield people.”

XLN recorded a turnover of £48.9m for the 12 months to the end of March 2013, with profit before tax of £9m.