Stick or Twist?

I’ve been in my current IT role for nearly three years, starting at £48k as a one-person team. Since then, the company has grown to nearly three times its original size, and I’ve implemented a lot of essential infrastructure that I manage. My salary is now around £58k, and I recently brought on a new team member to handle some daily tasks, which I’m also responsible for line managing.

Lately, I’ve been considering asking for a promotion and a salary increase to £70k. However, I’m worried that my request might not be approved, which could make it obvious that I’m not satisfied with my current position and lead the company to prepare for my departure. The job market doesn’t look very promising right now, and I’m not keen on going down the contracting route. I’m starting to lose my motivation and passion, and I believe this change could really help reignite it.

Has anyone ever used the tactic of claiming they have another job offer to negotiate for what they want?