Business

Guardsman to spend $500m setting up Bahamas operations by October

By Shamille Scott Business reporter scotts@jamaicaobserver.com

Sunday, May 11, 2014    

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Guardsman Group will invest half a billion dollars in its Bahamas operations that is to be set up within six months.

It will offer guarding services, armoured trucks, cash-in transit, as well as vehicle tracking, to name a few of the group's services to country considered as one of the Caribbean's leading international financial services centre.

Kenneth Benjamin, executive chairman of the Guardsman Group, which Guardsman Armoured is a subsidiary of, told Sunday Finance that his company was called to the Bahamas.

"We decided to go because we were invited by some banks," said Benjamin. "What we provide, nobody else in the region or even North America does."

The group never stops expanding, Benjamin declared.

Last Friday, Guardsman Armoured officially launched the final phase of a three-part expansion plan.

At its 22,000 square feet, South Camp Road location, the company has its corporate office, an archival building with a basement, a maintenance office, a changing room and a bullet proof turret as well as a large processing room — for future operational growth.

What's more, Guardsman Armoured expanded its cash management area by 40 per cent.

Despite having the space for further developments, the company has no immediate plans to do more expansions, according to Lieutenant Commander George Overton, the director or operations at Guardsman Armoured.

Overton told guests at the official launch on Friday that the company's three-phase project started in 1994 as part of a 20-year growth plan.

The main operations and vault areas were completed in 1996 and a deposit processing room was added 10 years later.

Guardsman Armoured has about 550 employees that fill processing, transit, treasury, maintenance, ATM ancillary as well as administrative roles. It has 75 trucks island wide that services sectors such as banking, retail and government, servicing 3,500 locations.

Meanwhile Guardsman Group comprises Guardsman Limited, Marksman Limited, Guardsman Armoured, Guardsman Elite, Guardsmans Alarms. Additionally, Gymkhana, Orkin Jamaica, and Nature's Paradise make up the group — they operate outside the security business.

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