Red Security, a Manchester-based CCTV and security provider, has secured a £500,000 asset-based lending (ABL) facility from Time Finance to support its expansion strategy, including a potential acquisition and the development of new technology.

The funding package comprises a £425,000 disclosed invoice finance facility and a £75,000 refinanced asset finance facility. The finance was arranged in partnership with JKK12 brokerage and tailored specifically to the firm’s operational and product development needs.

Red Security, which has operated from the North West since 2012, is known for its Halo mobile CCTV systems, designed in-house for clients in the construction and rail sectors. These units, increasingly in demand amid growing interest in remote surveillance technology, incorporate AI and cloud-based functionality. The new funding will facilitate the production of ten additional Halo units initially, with plans to scale up to 50 in the coming months.

The firm has seen a sharp increase in new contracts, and the invoice finance element of the facility will be used to manage cashflow during this growth phase. The asset finance component will enable continued investment in the manufacture of its proprietary security towers.

Rob Kennedy, managing director at Red Security, said the firm had outgrown its previous finance arrangement. “We had an existing invoice facility elsewhere to help us manage cashflow,” he said. “But as we’d grown and taken on a number of new clients, our current lender wasn’t able to adapt. We needed a new deal to help protect our cashflow and secure funds to invest in our developing product line.”

Kennedy praised Time Finance’s approach, describing the team as “flexible” and “incredible from start to finish”.

Andy Hume, head of sales at Time Finance, said the deal demonstrated the importance of tailored finance solutions in a difficult economic climate. “We know the pressures that businesses are facing right now, with rising overheads and a rumbling sense of apathy in the economy,” he said. “But funding solutions such as this can act as a lifeline for those still seeking growth and opportunities.”