A specialist electronic security systems firm was acquired by national outsourcing group Mitie in a £19.1m deal.
Northumberland-based R H Irving, which employs around 115 staff, has become part of the £3.9bn turnover facilities management operator in a move that follows its April acquisition of another security consulting firm, Linx International Group. Mitie said the deal was part of its strategy to invest in "high growth, high margin" companies.
R H Irving has been running for more than 20 years and delivers complex and sophisticated security services to UK customers. Mitie called it a company with a strong reputation in regulated markets such as critical national infrastructure.
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From its Matfen headquarters, the £17m turnover specialist in perimeter fences designs, manufactures, builds, installs, and maintains a wide range of products and services, including electronic detection, fabrication, lighting, automated access, CCTV access control, hostile vehicle mitigation and cyber protection. In a message to its London Stock Exchange investors, Mitie said R H Irving had generated EBITDA of £2.4m in the year to the end of February while the most recent accounts available at Companies House show operating profit of more than £341,000 in 2022.
Jason Towse, managing director, Mitie Business Services, said: "R H Irving Industrials is our second security-related acquisition in recent months, reflecting the group's strategy to invest in high growth, high margin companies in the key sectors of security technology, decarbonisation, and telecoms. The business both complements and enhances Mitie's existing capabilities and customer base. We are delighted to welcome the R H Irving Industrials team to Mitie."
Specialist drainage firm Green Spark Utility Services secured funding of £250,000 to accelerate expansion including the creation of 15 jobs.
The Team Valley-based firm says it wants to significantly build turnover in the next four years following the injection of cash from the North East Growth Capital Fund Loan Fund. The Tyneside firm has developed patented 'Typhoon' pipe-cleaning technology, and after working with regional fund management firm NEL Fund Managers, and now hopes to land more and larger clients.
Following a management buyout in 2019, the firm is already working with established clients such as Northumbrian Water, Esh Construction and Drax Power. Now, it is focussing attention outside of the region, including looking for work with local authorities, and is assessing a potential future break into the US market.
Chris Harrison, director at Green Spark Utility Services, says: "Businesses managing heavy industrial operations, such as petro-chemical plants, construction sites and factories, needs to stay well ahead of their environment and regulatory responsibilities.
"The technology we’ve developed and services we offer allow us to quickly resolve environmental and drainage problems on such sites and put strategies in place for ensuring that they don’t arise in the first place. We set ourselves apart by the outstanding levels of service we provide, our absolute commitment to safety standards and the practical knowledge of our expert team, and we’ve seen the business performing strongly over the last three years as a result.
North East housing firm Bernicia boosted its financial strength by securing better terms on two loans totalling £60m.
The social landlord has renegotiated terms of its specialist business loans, which Bernicia says means it can free up more finance to continue to support tenants and communities during the cost of living crisis. Bernicia worked with corporate financial advisors Centrus to secure the new revolving credit facilities.
Janette Longstaff, Bernicia executive director finance, said: “We are delighted to have worked with Centrus on the arrangement of two new RCF facilities. The improved commercial terms have allowed onerous covenants to be removed, thereby further strengthening Bernicia’s financial position.
“This will strengthen the company’s on-going liquidity levels at improved rates and terms, ensuring that Bernicia’s financial capacity can be used not only to deliver on the objectives contained in our corporate strategy, but also to position Bernicia to do more for tenants and communities in these challenging times.”
Satellite services specialist Satcom Global secured a multimillion-pound funding package to fuel growth plans with a new technology.
The £30m turnover Tyneside firm, which provides tech into the maritime, land and aerospace markets, has the backing of an eight-figure sum from Santander UK to take its AuraNow VSAT product to market. The high performance communications service gives seafarers access to broadband internet and allows ship managers and owners to upgrade or downgrade their service on-demand.
In the past, North Shields-based Satcom has provided third party hardware but the AuraNow technology now changes that and with it, opens up new customers. The 150-strong firm, which also has offices in Tokyo, Brisbane, Singapore, Thailand and the US, now says it is now targeting a 30% increase in revenue next year.
Ian Robinson, CEO at Satcom Global, said: "We’re delighted to receive funding support from Santander UK. It allows us to pursue our ambitious plans for global expansion and growth into new markets with our continued investment in the development of our innovative very small aperture terminal (VSAT) technology platforms and broadband satellite services."
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