The Bermuda Security Group’s cash-in-transit (CIT) business unit, Shield Security Ltd., will wind down later this month. The evolution of the industry with advanced technologies, improved efficiencies and risk mitigation, has created a demand for a modernised approach. The Company has responded to this need with the introduction of a joint venture.
BSG and Guardsman have come together to deliver Cash Management Services to Bermuda with the establishment of Guardsman Bermuda Ltd.
Worldwide the security industry has changed significantly over the past decade. One sector of the industry that has been impacted is the (CIT) industry. The company has had to adapt to the changes in the CIT business to remain viable. The company announced that a decision has been made to launch a new service with a completely new business model
and a focus on Cash Management Services. BSG Chairman, Herman Tucker said, ”We regret that this will result in the redundancy of staff at Shield Security Ltd.
We have worked closely with The Bermuda Industrial Union and Ministry of Labour in meeting our obligations with the collective bargaining agreement and employment legislation. What’s more, we continue to work to secure alternative employment opportunities for those affected. We are proud of our role as a major local employer with approximately 350 employees across our group.” Tucker continued, “We look forward to working with our new partner to deliver a state of the art cash management service.”
Impact on Jobs
This decision will impact 20 employees some full-time and some part-time. However, the new operation has been on a recruiting exercise for several weeks and will commence with a complement of 15 Bermudian staff comprising a mix of former and new employees. The forecast for operations at the new company projects the staff enrolment numbers will grow.
BSG will continue to engage both staff and customers of Shield to mitigate any potential concerns with the closure of Shield Security Ltd.
The process of determining how to transform the CIT business into a cash management service business has taken several months. During this journey, the Company recognized that in order to deliver the new services BSG would require an experienced partner with expertise, a proven track record, and history in the Cash Management and Logistics industry. Guardsman Group of Companies (Guardsman) checked all the boxes.
ABOUT BSG: Bermuda Security Group Limited was formed in 1969 as one of the island’s pioneersecurity firms. It has evolved through a combination of organic growth, strategic mergers and acquisitions to represent a diverse array of specialist security offeringsin Bermuda and within the Caribbean region. BSG is part of a dynamic group of companies delivering innovative, multi-modal security solutions with a complement of over 750 employees across multiple companies and jurisdictions.
ABOUT GUARDSMAN: Guardsman was established 40 years ago and today isthe Caribbean region’slargest private security conglomerate consists of 13 companies and more than 8,000 employees spread over Jamaica, Barbados, St Lucia, St Vincent and the Grenadines, Bahamas and Puerto Rico.