Twenty Bermudians employed by Bermuda Security Group’s (BSG) cash-in-transit business unit Shield Security Limted, were notified that as of September 27, their jobs will be made redundant.

According to a statement released by the company,  12 full-time and eight part-time employees will lose their jobs when the company closes, to re-open in a joint venture between BSG and Guardsman, a Caribbean security based powerhouse.

“Guardsman Bermuda Ltd will start up with 15 Bermudian staff comprising a mix of former and new employees.”

Three former Shield staff have been hired full-time and eight of the 20 workers made redundant have applied for jobs with Guardsman Bermuda.

BSG said the joint venture will operate with an entirely new business model with a focus on cash management services.

The “evolution of the industry with advanced technologies, improved efficiencies and risk mitigation, has created a demand for a modernised approach”.

To remain viable, BSG said the company had to adapt to change.

Herman Tucker, BSG Chairman 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,” he added.

BSG said the transition process took several months.

The company added: “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.”