Mr. Stuart T Bostock, President and Chief Executive Officer of The Security Centre Limited recently announced that a merger of interest has taken place between TSCL and the Islands’ second largest provider of uniformed security services, Safeguard Security Services Limited.
‘Following several months of negotiations the owners of TSCL and SSSL came to an agreement in early November and decided to commence with a joint venture in December by having SSSL move their operations and administration staff into our offices in Cayman Business Park, George Town’ stated Mr. Bostock in a recent press release. ‘We have taken our Guard Services Department and entered into a joint venture with SSSL thus allowing us to offer improved management and administrative support to the clients of TSCL while offering an increased range of services and electronic security options to the clients of SSSL’ he added.
Unlike most other jurisdictions around the world there is no regulation or licensing of security providers in the Cayman Islands. Therefore, customers of security companies really make the decision of who is best suited to protect their home and family or business and staff based on personal knowledge of the firm or by the firm’s reputation.
There is estimated to be in excess of 40 security companies operating in the Cayman Islands with no government department or agency tasked with accrediting or licensing the industry. There are issues surrounding the security industry but there is movement towards conducting background checks and licensing those who work in the industry.
The next step will be to take at look at how the companies within the industry operate and to ensure that they are in compliance with local immigration, employment, health and pension laws, explains the release.
Although competition is extremely healthy, there are certain industries which should be monitored more closely than others. ‘It is an important and much needed service in this day and age’ comments Mr. Frank Brennan, the new Services Division Manager for TSCL. ‘Consumers of such a service should really be able to make a selection based on quality of service, knowing that the provider is legitimate and has been checked by the government’ he added. ‘What you will find is that Cayman is in sort of a cost based market in which the cheaper bid wins in most circumstances because the consumer has nothing else to base his or her decision on’.
The Security Centre Limited was formed in April of 2000 out of the merger of two long standing Caymanian companies, Five Star Security Services and SCI Limited who joined forces with the Bermuda Security Group, that islands largest security company. Since its conception TSCL has grown to be the most recognized full services security provider in the Cayman Islands. With only 30 employees in 2000, the company now employs some 100 staff members across its two divisions, Security Systems and Security Services and provides complete security solutions to residential, commercial and government clients.
Safeguard Security Services Limited is also a locally owned company operating in Cayman for over ten years and is recognized as a leader in security services offering uniformed security guards, property patrols, alarm response, private investigations, process service, security consultancy, as well as its recent addition of guard dog services. Safeguard currently has in excess of 80 full time employees with a quality management team of experienced professionals from the security field and law enforcement agencies.
The press release further explains the range of systems and services which will now be made available to the clients of each entity. The Security Services Division will consist of traditional uniformed security officers, mobile property patrol checks, executive protection and transportation, alarm response and key holding, guard dogs, investigation services and a process/summons/messenger service.
The Security Systems division will continue to provide a wide range of electronic security solutions including burglar and fire alarms, closed circuit video surveillance systems, electronic access control, video/audio intercoms, building management systems and alarm monitoring services however expansion in this division will include some entry level property management services and home automation systems.
‘We have some very interesting business concepts on the table at the moment’ says Mr. Bostock in the press release. ‘We will continue to develop new areas of business and expand to accommodate the needs of our clientele. Our commitment is to the protection of people, property and profits, utilizing the most advance equipment and management practices suitable for the island’
Safeguard Security Services will continue to trade under their current name however the merger will bring about the following changes: Mr. Frank Brennan has been assigned to the position of Security Services Division Manager for TSCL but will also continue in his role as Operations Manager for SSSL. His new responsibilities will include the day to day operations of the traditional uniformed guarding, K-9 services, executive services, property patrol checks, messenger/process service and investigations for both entities. ‘Although there is expected to be little impact on business operations during the first few months we do hope that our clientele will notice an increase in our quality of service as the new management practices and company policies are implemented’ states Mr. Stuart Bostock, the current President & CEO of The Security Centre Limited who has been appointed Managing Director of Safeguard Security Services and will assume overall responsibility for both entities.
Additional information on The Security Centre Limited or Safeguard Security Services can be obtained by visiting their offices in Cayman Business Park, by calling 949-0004 or online at www.security.ky