In an exclusive interview with SMT, Levine said that while it was natural for a successful company to be the target of speculation in a market which is consolidating rapidly, First Security aims to continue to grow independently.
Levine said: "I can state categorically that we will remain totally independent. We are not interested in any offers. The company is backed by venture capitalists 3i, and they are strongly supportive of our business plans for the future." However, Levine admitted that First had explored the option of joining forces with a larger group of companies – and those with a ‘strategic fit’. Such a move had the full support of 3i.
Following intense discussions, both parties had concluded that it was in First’s best interests to "remain independent and have control of its own destiny".
Levine added that the company is now seeking contracts outside of its traditional boundaries."We are looking to expand our activities to embrace the M4 corridor and the north of London." Having just regained a contract to provide added-value services at Homerton Hospital NHS Trust, the company remains bullish about its market opportunities. Levine said that he envisages organic growth to over GB pound 50 million, ensuring that the business is adequately underpinned before further investments are made.
However "opportunities for acquisitions are firmly on the table", said Levine. "Companies have to be worth buying, though. We’ve got to look closely at their margins, and their customers must be paying good rates."
