Time Finance has provided a £500,000 ($664,850) asset-based finance facility to Red Security for expansion and acquisition.

The package, which includes a £425,000 disclosed invoice finance facility and a £75,000 refinanced asset finance facility, is designed to support Red Security’s growth strategy, including potential business acquisitions and product line expansion.

The asset-based lending solution will enable Red Security to enhance its Halo product line, which features AI and cloud-based security systems tailored for construction and rail sector clients.

Time Finance said this financial backing allows the company to expand its technology and product offerings across the UK, responding to the rising demand for surveillance solutions and managing increased contract volumes. 

Red Security plans to use the invoice finance funding to optimise cashflow management as it takes on new business.  

The business also aims to build ten new bespoke Halo mobile CCTV towers, with ambitions to expand this to 50 units in the coming months, leveraging the specialist asset finance funding solution provided. 

Time Finance head of sales Andy Hume said: “In times of uncertainty for many SMEs, I am 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. We look forward to seeing what Rob and his team can achieve with the additional headroom and investment potential in their assets.”    

Red Security managing director Rob Kennedy said: “We have been operating from our base in the North West since 2012, and in that time, we have grown considerably, taking on new and exciting clients. When introduced to Time Finance through JKK12 brokerage, we had an existing invoice facility elsewhere to help us manage cash flow.

“But as we had grown and taken on a number of new clients, our current lender was not able to adapt to this, and we needed a new deal to help protect our cash flow and secure funds to invest in our developing product line.” 

Time Finance recently appointed Danielle Lynch as relationship manager within its invoice finance division.  

With more than 20 years of experience in financial services, Lynch previously worked as head of invoice finance at Funding Alternative Group and held roles at Bibby Financial Services, Scottish Pacific Business Finance, and Westminster National Finance Brokers.