Thomas Paul Security: Launceston firm tipped into administration

The director of a Tasmanian security provider which employs up to 70 workers says he is confident of survival after his company entered voluntary administration following a restructure.

The director of a major Tasmanian security firm which employs up to 70 guards and other workers says he is “confident” of his company’s survival after entering voluntary administration following a restructure of the business.

Thomas Paul Security Services Pty Ltd, based at Prospect, in Launceston called in administrators from Deloitte on Friday, according to a notice filed with the corporate regulator ASIC.

The business, which was founded in 2000 as a partnership between Matthew Thomas Radford and John Paul Sutcliffe, with the former now the sole director of the company after Mr Sutcliffe relocated to Melbourne in 2002.

Speaking with the Mercury, Mr Radford said he was “pretty confident once we’ve gone through the (administration) process we’ll still be here”.

“We’ve had massive support from all of our employees and customers, we’ve been very transparent with the process,” he said.

Thomas Paul Security director Matt Radford and GM Cassidy Jelfs. Picture: Facebook

Mr Radford said administration followed a “restructure” of the company which has been under way for about two years.

He said the major change was to increase its pricing to be more sustainable, with Mr Radford of the opinion the security industry in Tasmania was in a race to the bottom as operators “undercut” each other to secure business.

“People feel the need to undercharge and we thought we needed to keep up with the Joneses,” he said.

“Overall what the industry needs is a shake-up.”

Mr Radford said the business owed two creditors.

“We are a company of good will and honesty, there’s no use sticking our heads in the sand and not telling anyone what’s happening,” he said.

Voluntary administrator Travis Anderson said a priority would be to seek urgent expressions of interest in relation to the recapitalisation of Thomas Paul Security or sale of the business.

“We are urgently assessing the viability of the business and its ability to continue to trade with the view to recapitalise or sell the business,” Mr Anderson said.

“Thomas Paul Security is a well-known Tasmanian business that has grown over many years, however, it’s too soon to speculate on what has happened to the business.

“We will contact all key customers and suppliers to advise them of the appointment and better

understand the extent of creditor claims.”

A first meeting of creditors will be held on 17 March 2022, when the Administrators will outline their role and initial findings.

Thomas Paul Security provides a range of security services to customers throughout Tasmania including alarm and security system installation, 24-hour alarm monitoring and incident response, cash transit services, security patrols and static guards.