A Scottish security company has agreed a financial deal with Clydesdale Bank, enabling it to expand by purchasing one of its competitors. North-Glasgow based Connelly Security Systems (CSS), which has been trading as a family business since it was established in 1986, has used the Clydesdale Bank funding to buy Bonnybridge-based Precision Alarms Ltd. The takeover, which is the latest in a series by CSS over the past year – will see the company grow its business customer base to 28,000 and increase its staff from 55 to 60.
The purchase of Precision Alarms follows from the company’s buy-out of Glasgow-based CCTV company Arcamm, in April 2012, and Ayrshire-based business Mossie and Kirkland, in December 2011. Each of the three businesses has been brought under the CSS brand, retaining all staff and business premises.
Clydesdale Bank, which has been supplying banking services to CSS since it began 26 years ago, provided the business with a financial package of £560,000 to enable it to purchase Precision Alarms. Last year, CSS reported an annual turnover of £4.3 million, which it hopes to grow by 20 per cent over the next five years.
CSS provides intruder alarms, fire alarms, access control systems, and CCTV supported by a 24 hour alarm monitoring centre to about 30,000 clients across Scotland – 10,000 residential and 20,000 commercial. On its books include firms Premier Inn, Costa Coffee, Glasgow Audi, and Glasgow City Council and Tulloch Homes.
Managing director of CSS, Paul Connelly, runs the business with his brother Pat. Paul said: “The purchase of Precision Alarms is a significant milestone for CSS. While the business has grown steadily since it was established, we have taken a number of proactive steps over the past few years to buy out some of our leading competitors. This has enabled us to expand our operations across the country.
“In doing this we have taken every step possible to protect the jobs of the businesses that we have purchased – that has been key to us, and as a family-run business it is something we have a great deal of respect for.
“Clydesdale Bank has always been extremely supportive of CSS and has played an important role in enabling us to secure this latest deal. The team at the Bank has helped to build our financial knowledge over the years and always goes above and beyond the call of duty.”
Grant Malcolm, business partner at Clydesdale Bank’s Glasgow Financial Solutions Centre, said: “CSS is a strong and successful business which continues to expand steadily whilst always striving for realistic and sustainable growth.
“The firm’s recent takeover of Precision Alarms is an exciting development, and Clydesdale Bank is pleased to be supporting the businesses expansion plans. We look forward to continuing to work in partnership with the management team as they continue on their business journey over the coming years.”
