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Newmark Security subsidiary extends long-standing contract with retail bank

By Duncan Ferris

Date: Wednesday 18 Apr 2018

Newmark Security subsidiary extends long-standing contract with retail bank

(ShareCast News) - Security solutions group Newmark Security saw its wholly-owned subsidiary Safetell Limited receive a contract extension from a UK branch network of a worldwide retail banking firm.
Under the terms of the one year contract extension, Safetell will supply physical security equipment in a deal worth no less than £300,000 and will offer preventative maintenance and support of 'fast rising screens' for £1.2m.

Marie-Claire Dwek, chief executive of Newmark Security, said: "We have supplied this customer for the last 28 years and we are delighted that the quality of our product and service offering continues to be recognised."

The extension is to a contract originally agreed in March 2012, before undergoing amendment in October 2014, and will last until 31 October 2018.

2Safetell recently expanded its product and service proposition to capitalise upon the burgeoning counter-terror market and in response to the challenging market conditions as a result of branch closures that are occurring in the banking sector, yet it is reassuring to see continuing demand for our physical security products and associated service and maintenance support from this long-term customer," said Dwek.

Safetell provides repair and support for high street banks and the retail sector, including lock repair, CCTV services, access control support and repair of physical security equipment.

As of 1052, Newmark Security's shares were up 6.25% at 0.85p.

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