Multi-Million-Pound Funding Secures Growth For Global Banking Services Firm
- 17.09.2018 01:07 pm
Surrey-headquartered banking services firm Cennox has obtained a £24m funding package from NatWest and RBS Invoice Finance.
The funding supports Cennox’s growth strategy, which has included the completion of a series of significant acquisitions over the last 12 months. These include the acquisitions of the European division of financial security firm, 3SI Security Systems, and Acketts Group, a UK-based ATM installer.
Cennox delivers critical business services to blue chip financial institutions and ATM providers across the globe. This includes complete end-to end-solutions, incorporating everything from product supply to servicing, maintenance and support services.
Established in 2006, Cennox has grown from its Camberley-based headquarters and now maintains offices across Manchester and London as well as in Europe and the US. The company emerged in response to a gap in the market for the installation, management and security of ATMs across its core markets.
With an £80m turnover, the company currently employs more than 500 staff worldwide, with the number expected to rise further as it embarks on further expansion. Cennox, which counts leading worldwide financial institutions among its client base, also works in the airport security and retailing automation sectors.
Clive Nation, CEO of Cennox, said: “It has been a really positive experience working with NatWest throughout this process. They are commercial, pragmatic and a pleasure to deal with. On behalf of the Cennox board, I would like to thank the whole team for their proactivity, delivering this deal in a tight timeframe. We look forward to working closely with them as we continue to expand and capitalise on our market position and opportunity”
Stefan Gunn, Director at NatWest Structured Finance said: “Cennox is a fantastic business, which has a strong market position and an ambitious and highly capable management team. Our growth finance facilities will facilitate organic and acquisitive growth and also ensure the business is uniquely placed to capitalise on increasing digitalisation.”
NatWest Structured Finance worked together with coverage director Sharon Stemp on the Cennox funding package.