Security firm secures £600k of funding to boost growth prospects
A Welsh security firm are buoyant having secured a £600k funding package with Advantedge Commercial Finance having found their business restricted due to insufficient funds. The new funding solution has given them the confidence to continue looking forward and drive their growth plans.
Navigation Security Services are a recognised player in the security sector specialising in a range of security services from static site to mobile patrols, key holding, guard dog handling and CCTV. With 30 years’ experience behind them, they have built an enviable reputation for delivering a service you can rely on alongside their ability to deploy teams to anywhere in the UK 24/7. Servicing a range of industries and an impressive client base they have delivered security solutions for high profile events and clients including G4S and the 2012 Olympics and HS2. With many blue-chip construction companies, utility and food confectionery businesses populating their client list, they are confident that their business will continue to go from strength to strength.
As with all people intensive businesses, ensuring you have access to a flexible funding solution is key as the need to meet payroll requirements whilst waiting to get paid can at times prove challenging.
David Jones, managing director of Navigation has been the driving force of the business since it commenced over fifteen years ago and key to the growth and continued development of the company has been having a supportive funding partner.
Despite the advancements in technology to improve service the key to long lasting relationship remains the trust between a business and their funder. Welsh based Navigation Security Services stands by this having learnt from previous experiences that if trust isn’t present relationships can sour very quickly.
Navigation had been funding their business through an invoice finance facility with the largest independent funder in the market and had built a great working relationship with their account manager which was disrupted when he moved on to work for Advantedge Commercial Finance. With new people on the account, the relationship began to suffer. The nuances of how their business operates means that they frequently need temporary additional funding support to service times of high demand when cashflow became strained. This failed to resonate with his new account manager and funding was not forthcoming. The situation was exasperated when their incumbent funder placed restrictive credit limits on key customers which in turn reduced the level of funding available to them. The situation became intolerable and so David picked up the phone to his old account manager who was now at Advantedge Commercial Finance.
With turnover forecasted to exceed £2.5m during 2021, Advantedge were delighted to put a £600k factoring facility in place.
As David explains: “Our relationship with Advantages’ Newport team is built on a no-nonsense, open and honest dialogue with the team there having a deep understanding of how my business operates and my weekly and monthly cash needs. This allows for a greater degree of commercial flexibility on the facility, seldom seen these days with other providers. I trust them to be by my side to help us deal with the perennial ups and downs of running a successful business.
Having used several different invoice finance companies previously, David’s loyalty remains despite offers of competitive facilities elsewhere.
As David concludes: “Advantages’ track record in being there for me when it matters is what is important. For me it’s about having a sensible conversation with Helen and the senior team daily that gives me the peace of mind to continue expanding this business without the accompanying cashflow headache of working out how to fund its growth”.
With the confidence that a flexible funding facility is in place and a funding partner he trusts to be there for him, Navigation has plans in place to continue growing organically.