Thu, 24 Oct 2024 | BUSINESS SALE
Stoke-on-Trent cash services firm Security Plus has been bought by Northern Irish peer Pivotal to create a European force.
Security Plus was founded in 1977 and specialises in secure Cash & Valuables-in-Transit (CVIT) services, cash processing, reconciliation, banking and guarding services including CCTV, alarm response, mobile patrolling and key holding. It works with local and national retailers, local authorities and financial institutions.
According to its most recent results for the year to September 30th, 2023, it recorded a 10 per cent hike in revenues compared with the previous year to £34.3 million with pre-tax profit of £1.4 million up from £320,444.
The group also invested in new track and trace software, mobile scanning devices and a customer portal to improve the visibility of their cash movements.
Belfast-based Pivotal, founded in 2005, has 3,000 customers across the UK and Ireland including retailers, hospitality venues, and financial institutions. It states that it is the only service provider that provides a full suite of cash in transit, cash processing, coin, foreign exchange and ATM services across the UK and Ireland.
Both the Pivotal and Security Plus + Limited brands will remain in place for the immediate future, with an incremental programme of integration being delivered over the coming months. The new venture will have more than 1,100 employees.
Terry Hughes, chief executive at Pivotal said: “We both have significant histories and a shared mission of excellence and innovation in supporting customers by providing unrivalled cash management alongside our expanding ATM platforms. This acquisition will enable us to boost our client service offering, and significantly increase our footprint across the UK and Ireland, driving our market share.”
Tony Gee, Chairman at Security Plus, added that the partnership not only secures new opportunities for further growth but ‘also positions us at the forefront of the European market, ensuring we continue to thrive in an evolving industry’.
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