Global security camera manufacturer wins £1.2m export finance
Bibby Financial Services has agreed a £1.2 million export finance deal with Silent Sentinel, a Herts-based designer and manufacturer of market-leading surveillance and security systems that are sold around the world.
Stanstead Abbotts business Silent Sentinel was established in 2002 and provides state of the art security systems to public and private institutions; existing clients including both public and private sector institutions.
The firm offers products for hi-spec surveillance protecting airports, utilities, rail infrastructure and border control.
With offices in the UK, US, Singapore and Jordan, the company required a boost to its working capital to enable it to service its growing global customer-base.
To support the business’s growth, Bibby structured an export finance package, including international payment collection, language support and foreign exchange services.
Paul Elsey, managing director of Silent Sentinel, said: “We started the business as an equipment manufacturer and over the last 15 years we have diversified into the security sector where we have continued to go from strength-to-strength.
“We now export products all over the world and our services are internationally recognised, which is fantastic. Exporting doesn’t come without its challenges, however, and we needed to partner with a funder that could help us to overcome some of the complexities surrounding credit terms, payment practices, legal and language barriers.
“We can now offer customers credit over a wider geographical area even when they are a significant percentage of our ledger. This enables us to fulfil orders where we have not been able to so in the past.”