BFS agrees £1.2m export finance deal with international security system firm
Bibby Financial Services has agreed a £1.2m export finance deal with Silent Sentinel Ltd, a designer and manufacturer of market-leading surveillance and security systems around the world.
Hertfordshire-based Silent Sentinel was established in 2002 and provides state of the art security systems to public and private institutions with existing and current clients including both public and private sector institutions. The firm offers products that are available for hi-spec surveillance protecting airports, utilities, rail infrastructure and border control.
With offices in the UK, US, Singapore and Jordan, the company required a boost to its working capital to enable it to service its growing global customer-base. To support the business’s growth, BFS structured an export finance package, including international payment collection, language support and foreign exchange services.
Paul Elsey, managing director, Silent Sentinel said:
“We started the business as an equipment manufacturer and over the last 15 years we have diversified into the security sector where we have continued to go from strength-to-strength.
“We now export products all over the world and our services are internationally recognised, which is fantastic. Exporting doesn’t come without its challenges, however, and we needed to partner with a funder that could help us to overcome some of the complexities surrounding credit terms, payment practices, legal and language barriers.
“BFS has both a global presence and experience in structuring a finance package that can meet our needs, both now and in the future. We can now offer customers credit over a wider geographical area even when they are a significant percentage of our ledger. This enables us to fulfil orders where we have not been able to so in the past.”
The transaction was led by corporate manager at Bibby Financial Services, Tony Clampin, said:
“Silent Sentinel is already a hugely successful business with a strong customer base and established global strategy.
“We were able to significantly increase the level of funding the company previously had access to, in addition to providing specialist support services for businesses trading overseas. We’re delighted to support such an ambitious and growing business, and look forward to seeing Silent Sentinel move into the next stage of its growth strategy.”