Manchester-Based Security Firm Protects Future Growth With ABL Finance Facility From Time Finance
Independent SME lender Time Finance has packaged a £500,000 multi-product solution for Manchester based CCTV and security firm, Red Security, to enable its growth strategy as it eyes up a potential business acquisition and product line extension.
The unique Asset-Based Lending (ABL) solution comprised a £425k Disclosed Invoice Finance facility and a £75k Refinanced Asset Finance facility.
Red Security is responsible for innovating several AI and cloud-based Halo security systems, which are built on-site for its construction and rail sector clients. The finance solution, packaged by Aim-listed Time Finance, has enabled Red Security’s subsequent tech and product expansion to further enhance the security firms Halo product line, providing advanced security systems across the UK.
With a rise in demand for surveillance solutions in recent years, Red Security has experienced a notable upturn in new contracts. As a result of the £500k ABL solution, the business is utilising the Invoice Finance funding to closely manage its cashflow as it takes on new business.
The firm’s bespoke Halo mobile CCTV towers require a specialist Asset Finance funding solution to facilitate the build of 10 new units, with an ambition of this becoming 50 new units in the coming months.
Speaking of the Asset Based Lending solution, Andy Hume, Head of Sales at Time Finance, commented: “In times of uncertainty for many SMEs, I’m thrilled that the Time Finance team and JKK12 brokerage have been able to facilitate this bespoke multi-product funding solution for Red Security, and help them grow their operations and product line. We know the pressures that businesses are facing right now, with rising overheads and a rumbling sense of apathy in the economy, but funding solutions such as this can act as a lifeline for those still seeking growth and opportunities. We look forward to seeing what Rob and his team can achieve with the additional headroom and investment potential in their assets.”
Rob Kennedy, Managing Director of Red Security, comments: “We’ve been operating from our base in the North West since 2012, and in that time, we’ve grown considerably taking on new and exciting clients. When introduced to Time Finance through JKK12 brokerage, we had an existing Invoice facility elsewhere to help us manage cashflow. But as we’d grown and taken on a number of new clients, our current lender wasn’t able to adapt to this and we needed a new deal to help protect our cashflow and secure funds to invest in our developing product line.
“I’ve worked with independent lenders in the past and I have to say that Time Finance is the only lender who has been able to create a bespoke financial package which meets my exact requirements. The team listened to our needs and have been flexible in their approach and customer service - from start to finish it’s been incredible. We look forward to utilising the funds to steer the business in the right direction and continue to protect people and their property with our security solutions.”
