Solent: Access Locksmiths acquires Centre Security
Solent-based Access Locksmiths has acquired Centre Security taking its total portfolio to five outlets across the region, in a deal supported by NatWest, via the Enterprise Finance Guarantee scheme.
Operating from its head offices in Portswood, Access Key and Lock (trading name of Access Locksmiths) provides a complete security service including key cutting, access control, architectural ironmongery and locksmith services as well as selling and servicing safes to the trade and public in the Bournemouth, Southampton and Portsmouth area.
The acquisition of Centre Security enables the firm to increase its geographical remit to include Fareham and Southsea, allowing further expansion of the brand across the Solent. Established in 1998, Access Locksmiths now boasts a combined annual turnover of £2.5m and employs around 30 people.
Managing director Mark Whettingsteel and director James Hollis were looking to expand the company and approached the local NatWest team in Southampton for assistance with their business growth plans. The bank’s relationship manager, Martin Ford and deal manager Ian Burrows worked closely with the management team to gain a full understanding of their aspirations. The NatWest team provided a funding package for the acquisition, via the Government-backed EFG Scheme.
Additional funding was supplied through RBS Invoice Finance partner Ann Porter, who was able to provide an invoice discounting facility for working capital.
Local accountants, HWB were introduced by the bank to advise on the deal and, as a result, Access Locksmiths brought Richard Hurst on board to maintain the ‘localness’ of this deal. Paula Ecton from law firm Lamport Bassit teamed up with Access Locksmiths, again to complete the legal side of the acquisition.
