OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has completed a £2m Revolving Credit Facility to Spy Alarms, an electronic security and fire system services business which installs, maintains and monitors intruder alarms, CCTV, fire safety systems and access control systems.
The business was founded in 1985 by Martin Foster, “after his own house was burgled and he could not find the system he needed from existing suppliers.”
With more than 75,000 customers – both domestic and commercial – throughout London, Kent and the Home Counties, Spy Alarms is said to be “one of the largest privately owned installers of security systems in the South East.”
From studio apartments to country estates, small offices “to large industrial complexes, Spy Alarms installs and maintains intruder and fire alarm systems for all kinds of premises, aiming to provide competitively priced installations using quality components and the latest technology.”
Spy Alarms is certified to NSI Gold standard, which is reportedly “the highest accreditation from the security industry governing body, the National Security Inspectorate.”
In addition to organic growth, Spy Alarms has also “grown through making over two dozen successful acquisitions of fire and security companies over the last decade.”
Having received backing from Phoenix Equity Partners in August 2020, it has continued this buy-and-build strategy, and will pursue “more with the finance it has secured from OakNorth and Crescent Capital.”
This is the second time OakNorth has worked “alongside Crescent Capital to provide working capital facilities.”
Launched in September 2015, OakNorth is the digital bank for entrepreneurs, by entrepreneurs, “empowering scale-up businesses (£1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.”
Since its launch, the bank has:
- Lent over £11b to these businesses, directly helping with the creation of 47,000 new jobs and 29,000 new homes across the UK.
- Raised deposits from c.175,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
