A WATERLOO security company has been wound-up after an investigation by the Companies Investigation Branch of the Insolvency Service.

St Michael's Security Services Ltd, of South Road, which provided manned guarding, door-supervision and other private security services to construction sites, retail outlets and leisure premises, was wound up in the High Court, along with CTN Security Services Ltd of Longmoor Lane, Aintree.

CIB's investigation found that the firms had persistently breached the Private Security Industry Act 2001 by using unlicensed personnel, that they had jointly failed to account for a sum in excess of £600,000 owed to the Crown and were insolvent, that there was a lack of transparency as to their ownership and control and that they had failed to keep adequate accounting records, with the result that hundreds of thousands of pounds withdrawn in cash could not be accounted for.

Additionally, CIB's investigation, which was hampered by a severe lack of co-operation from the directors and others controlling their affairs, also established that the companies had made payments totalling more than £150,000 to another business in the private security industry and that these could not be verified or explained.

A third related company, in a similar line of business, which was also investigated by CIB, was previously wound up on April 16 on the petition of HMRC.

CTN Retail Security Services Ltd was wound up in respect of a debt of more than £130,000 owed to the Crown and was found by CIB to exhibit similar matters of concern to its two siblings.


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