A funding deal to support the management buyout of a Scottish based provider of fire detection, security systems and TECS (Technology Enabled Care Systems) from a business in administration has helped save 51 jobs and life-saving services for vulnerable individuals across Scotland and the North of England.
The Scottish and North of England management team from Lanarkshire-based Secureshield negotiated the acquisition of their region using specialist brokerage services from Reach Commercial Finance and funding from Aldermore Bank.
They will now lead a team of experienced and multi-skilled professionals who design, install and maintain a range of essential safety services for a diverse customer base across both the private and public sector.
Fire alarms, fire suppression, warden call, nurse call, emergency lighting, access control, CCTV, data and intruder alarms and a 24/7 regional service helpdesk make up a comprehensive offering from the firm.
Clients include Castle Rock Edinvar Housing Association, Scotmid Co-op, Karbon Homes and Northern Housing Consortium.
Police stations, care homes and hospitals are expected to be prime beneficiaries of the MBO, which will ensure continuity of systems and round the clock expertise for those managing the vulnerable and elderly through the impacts of Covid-19.
Reach Commercial Finance is part of the Leonard Curtis Business Solutions Group, which specialises in business rescue and recovery.
With a full understanding of the process and requirements of purchasing from an administrator, the Reach team, led by Shaun Hyland, negotiated on areas like facility costs and personal guarantee liabilities for Secureshield’s senior management team, while helping to ensure that funding was available in time to support the MBO and subsequent trading.
They also ensured that a proper understanding of the business and its services would drive the correct approach by the lender. A £750,000 invoice finance facility from Aldermore Bank was secured to enable the purchase to go ahead.
Secureshield Director Mark Levey, commented: “This was a complex deal which needed specific administration experience and to be concluded swiftly. Reach provided excellent support throughout, enabling us to maintain business as usual at a stressful time for many customers in the care, health and housing sector. We are looking forward to taking the Company forward now.”
Shaun Hyland from Reach added: “We are very pleased to have delivered a solution in an unbelievably tight timeframe for Secureshield, enabling them provide a stable financial framework within which customers can continue to deliver their vital services at this time, and in the future.
“We are extremely grateful to Jamie Blessed and the team at Aldermore for their help on this deal.”
Reach Commercial Finance is an independent financial brokerage with a wide range of experience in helping limited companies and corporate entities secure funding.