OakNorth Bank completes £8m transaction for security shareholders

OakNorth Bank has completed an £8m deal to fund a share repurchase for the shareholders of Security Plus.

Founded in 1977, Security Plus manages approximately 3,500 live contracts, serving a variety of clients, including local and national retailers, local authorities and financial institutions.

It is said to be the only company in the UK that can provide a total security solution for cash services and manned guarding requirements through one company and one single point of contact.

The chairman of Security Plus, said: “We approached OakNorth Bank as we found the high-street banks we spoke to were dragging their heels, whereas the team at OakNorth was incredibly responsive and proactive.

“Despite changes in the way people pay, we still see a huge amount of growth potential in the business, especially with more and more bank branches closing each year.

“Cash was used for over a third of all payments in the UK last year and was the second most frequently used payment method behind debit cards, so there is an incredible amount of opportunity in the sector.

“The share buyback represents an exciting next step in the company’s journey and its prospects for the future.”

The company operates across eight depots with a fleet of over 300 vehicles. It also runs an employee training center for its almost 800 employees and has a technical center for vehicle maintenance.

Stewart Haworth and Daniel Martin, debt finance directors based out of OakNorth Bank Manchester office, added: “This deal represented an exciting opportunity for us to support a strong regional, family business with a market-leading reputation.

“For over four decades, the management team at Security Plus has proven its ability to control margins, whilst also maintaining 100 percent customer satisfaction and market-leading pick-up rates.

“We’re grateful to our advisers, Addleshaws, and TLT who advised Security Plus, and look forward to working together to ensure the continued success of the business in the future.”