North Yorkshire-based Active Security Solutions has secured a £750,000 revolving credit facility from Growth Lending, as the firm expands rapidly to fight the battle against Covid-19. The company will use the funding, provided under the government’s Coronavirus Business Interruption Loan Scheme (CBILS), to help double the size of its business as it supports more than 35 Covid-19 testing sites around the clock.
Launched in 2015, Active Security Solutions quickly established itself as a customer-focused service provider, specialising in supplying security staff for venues and events, as well as for retailers (a growing part of the business). Its staff work on site, clocking their hours using Parim, a GPS time-stamped app, which generates timesheets that can be used to issue invoices through the Xero accounting software.
The company’s growth has accelerated since the beginning of the pandemic, with the business reorienting itself to supply security to Covid-19 testing sites, where the majority of its staff are now employed. Demand remains high, and the firm has become one of the government’s key suppliers of security personnel at testing sites, providing around 6,000 hours of service each week.
Flexible funding will help to double revenues
Growth Lending’s investment will support the business as it supplies staff to a further 15 to 20 testing sites; this will increase its billable hours to around 12,000 a week, doubling revenues. The facility replaces a £225,000 invoice finance line from a high-street bank, which lacked flexibility and was insufficient to support the company’s targets for growth.
“We left our high-street bank after it refused to provide much-needed funding,” says Wayne Brown, Active Security Solutions’ finance director. “Since joining Growth Lending, we have been impressed by the team’s understanding and speed of delivery, which have enabled us to quickly capitalise on a new opportunity and more than double our monthly revenues.”
Growth Lending’s regional director Tom Seymour says that the business, introduced by a leading broker, has impressed with its cash flow management skills, particularly given the funding restrictions imposed by its previous lender.
“Working with the team at Active Security Solutions was a pleasure from start to finish,” Seymour says. “Their ambitious nature and systematic approach have made them a great addition to our portfolio. This is a client we are looking forward to supporting over the coming years.”