Twenty Job Redundancies At Shield Security Ltd

September 14, 2019 | 10 Comments

BSG’s cash-in-transit business unit Shield Security Ltd. will wind down later this month as they launch a new service with a completely new business model, a decision which ”will impact 20 employees some full-time and some part-time,” the company has confirmed.

The company said, “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. We look forward to working with our new partner to deliver a state of the art cash management service.”

The company added,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.”

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Comments (10)

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  1. Yaya says:

    Sorry guys, many more to come. Hopefully in 2022 when people are at the polls people are more smarter.

  2. potato juice says:

    Jason hayward had harsh word for bank of butterfield when they done it, lets hear his wisdom now.
    These are all business decisions, people that operate and lose money,, well never mind look at our economy!

  3. cpm says:

    No peoples”campaign, no Tweed [keeping quiet-status]
    If OBA were in power we would be marching over lost jobs

  4. somuchless says:

    But according to the plp and their protests, foul words all these problems only happened under the oba. Well plp what’s the excuse this time.

  5. Vortex says:

    The expats are all leaving, and the people that reported to them are no longer needed.

    Security is now digital, accounting, compliance, PAs – you can do it for a fraction of the price in Europe and Asia, so if the US boss, the UK boss has gone home – why keep it local?

    We need massive immigration overhaul to attract and keep high end staff – PRC, housing, citizenship. If we don’t they will continue to leave, and jobs go with them.

  6. Mrs. Brady says:

    Bermuda decided to vote PLP again after seeing what they did to the economy from 1998 onwards. People get the government they vote for. Maybe in 2022 they will vote PLP again. Basically you can’t fix stupid.

  7. OMG says:

    Increased TAXES leads to redundancies, layoffs, and closures. Many more to come.

  8. Bermudian says:

    People are not confident in the economy and you can’t blame them. This is what you have to think about and remember when next at the polls. What has this government done to deserve another term? What advantage has it given you, the Bermudian, to have the current government in power? I don’t care which party is in power, if you’re not able to provide for your family, afford healthcare, afford basic needs such as food and medicine then something HAS to change. Elected officials are governed to work for the people.

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