Manchester-based CCTV and security tech firm Red Security has secured a £500,000 funding package from independent lender Time Finance to support its expansion strategy, including a potential acquisition and product development.
The bespoke Asset-Based Lending (ABL) facility, arranged in partnership with JKK12 brokerage, includes a £425,000 Disclosed Invoice Finance facility and a £75,000 Refinanced Asset Finance facility. The funding will help Red Security manage cashflow and scale production of its AI-powered Halo mobile CCTV towers, which serve construction and rail clients across the UK.
With demand for surveillance solutions on the rise, the funding allows Red Security to build 10 new Halo units, with plans to expand that to 50 in the near future.
Andy Hume, Head of Sales at Time Finance, said: “In times of uncertainty for many SMEs, I’m thrilled that the Time Finance team and JKK12 brokerage have been able to facilitate this bespoke multi-product funding solution for Red Security, and help them grow their operations and product line.
“We know the pressures that businesses are facing right now, with rising overheads and a rumbling sense of apathy in the economy, but funding solutions such as this can act as a lifeline for those still seeking growth and opportunities.”
Red Security Managing Director Rob Kennedy added: “Time Finance has been able to create a bespoke financial package which meets my exact requirements. We look forward to utilising the funds to steer the business in the right direction and continue to protect people and their property with our security solutions.”
