To Stay or Move On?

I’ve been in my IT position for nearly three years now. I started with a salary of £48k and was working solo, but the company has since tripled in size. My salary has increased to about £58k, and I’ve successfully implemented a lot of infrastructure that I now manage. I’ve also brought on a junior staff member to handle some daily tasks, and I’m responsible for overseeing their work.

I’ve been contemplating asking for a promotion and a salary boost to £70k. However, I’m hesitant because I’m worried it might not be approved. If they see I’m unhappy, they might start preparing for my departure. The job market isn’t great right now, and I really don’t want to go the contracting route. I’ve been feeling a bit unmotivated lately, and I think a new challenge would really help rekindle my enthusiasm.

Has anyone successfully used a rival job offer as leverage to negotiate for what they wanted? Would love to hear your thoughts!