Banbury security services company raises £5 million to fund growth

Published by

Nicky Godding

Westminster Group Plc, the Banbury-based security services company, has conditionally raised £5 million in the placing of new shares to drive growth.

Peter Fowler, Westminster's Chief Executive Officer, said: "We have spent a number of years investing in our business, building our global presence and developing an impressive pipeline of large-scale opportunities, each of which, if secured, would lead to multi-million GBP step changes in growth. Accordingly, the Board and I believe we are now at an inflection point in our growth trajectory.

"This investment will assist us in delivering on this substantial growth potential and put the Company in a stronger position for the next stage of its development by providing working capital to support the growth and delivery of the pipeline of near-term potential major projects, together with recently secured contracts, whilst also strengthening its balance sheet by the removal of debt, saving some £0.3 million in annual interest and fees.

"It is encouraging to see a number of new and institutional investors supporting this placing and being supportive of our longer-term growth strategy, particularly as the placing was oversubscribed."

In July, we reported that revenues had jumped nearly a quarter at Westminster Group. Despite Covid-19, the company reported positive trading for the first half of the year with revenues at around £7 million, up from £5.6 million in the first half of last year.

https://www.businessinnovationmag.co.uk/revenues-up-sharply-at-banbury-based-global-security-company/

Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe. After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts. She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.