Westminster Group Plc, the Banbury-based security services company, has conditionally raised £5 million in the placing of new shares to drive growth.
Peter Fowler, Westminster’s Chief Executive Officer, said: “We have spent a number of years investing in our business, building our global presence and developing an impressive pipeline of large-scale opportunities, each of which, if secured, would lead to multi-million GBP step changes in growth. Accordingly, the Board and I believe we are now at an inflection point in our growth trajectory.
“This investment will assist us in delivering on this substantial growth potential and put the Company in a stronger position for the next stage of its development by providing working capital to support the growth and delivery of the pipeline of near-term potential major projects, together with recently secured contracts, whilst also strengthening its balance sheet by the removal of debt, saving some £0.3 million in annual interest and fees.
“It is encouraging to see a number of new and institutional investors supporting this placing and being supportive of our longer-term growth strategy, particularly as the placing was oversubscribed.”
In July, we reported that revenues had jumped nearly a quarter at Westminster Group. Despite Covid-19, the company reported positive trading for the first half of the year with revenues at around £7 million, up from £5.6 million in the first half of last year.