A Newcastle security firm will more than double its workforce after securing a £500,000 investment to back the firm’s rapid growth.
Bastion Security Products, based at the Armstrong Works in Elswick, is a Hovernment and Ministry of Defence-approved supplier of security systems which currently has 15 employees.
Now the firm is set to create another 20 jobs and gear up for growth after securing a £500,000 investment from the North East Growth Capital Fund, supported by the European Regional Development Fund.
Bastion has been in operation for more than 30 years and started out supplying commercial robbery protection for banks and other cash-handling locations, as well as protective containment at UK courts handling terrorist and organised crime trials.
In 2010, the company moved into the development of high security room building and partitioning systems, which are used in many sectors, including for Government computer data halls, ultra-secure meeting rooms or for the containment of weapons and explosives.
Securing the investment comes after Bastion won a major defence contract for its highest level system, which has the potential to run until 2024.
Bastion worked with regional fund management firm NEL Fund Managers to secure the investment, which will be used to fund significant R&D projects, both to improve existing products and develop new ones.
The company is also planning a major export drive.
Managing director Tom Deevy said: “The Bastion name has a long and distinguished reputation in the UK since the 1980s, based upon excellent products which resolve the threats of the day. Our industry-leading product warranties and customer service levels are also hugely appreciated.
“Terrorist and organised crime threats are constantly changing and therefore the protective responses need to adapt too.
“The NEL investment will ensure our rapid growth is properly funded and 20 new positions created. We’re grateful for NEL’s faith in us and the eminently professional way the investment has progressed.”
David Thomas, investment director at NEL Fund Managers, added: “Bastion sets the benchmark for its industry, a fact backed up by the quality of the contracts it is winning, and we’re extremely pleased to be investing in the firm’s scale-up and job creation plans.”
The North East Growth Capital Fund has been designed to create around 790 jobs in more than 70 regional firms over the life of the programme and offers unsecured investments of up to £500,000 to established businesses looking to realise their growth potential.
