REG - Croma Sec. Sol. Grp - Acquisition

Croma Security SolutionsAnnouncement

08/01/2024 07:00

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RNS Number : 8406Y  Croma Security Solutions Group PLC  08 January 2024

8 January 2024

Croma Security Solutions Group Plc

 
("CSSG", "Croma", "the "Company" or the "Group")

Announces Acquisition of Two Locksmiths

Croma Security Solutions Group plc (AIM:CSSG) is pleased to announce that it
has completed the acquisition of two separate locksmith businesses for a
combined cash consideration of £438,000 which includes a freehold property
valued at £0.35 million.

The two locksmith businesses have a combined annual turnover of £0.5 million
and operate from Peterborough and Worthing, a good fit with the Group's
existing network. Both have developed strong local client bases and are ideal
stores to be developed into a Croma security centre. This proven template
combines the sales offer of a traditional locksmith with security and fire
solutions, elevating the stores into modernised security centres. Once
redeveloped, the new security centres will service their local existing
customer base, as well as the wider Croma network of commercial clients.

The acquisitions are part of the Group's ambitions to roll out its security
centre network nationwide and takes the total number of centres to 16. There
are further acquisition opportunities under consideration by the management
team with the potential to transform more traditional locksmiths into modern
security centres with stronger in-store product ranges and much greater profit
potential.

Roberto Fiorentino, Chief Executive Officer, commented: "These two
acquisitions represent a good start to 2024. I am delighted to welcome two
more locksmiths into the Croma Group, and I feel confident they will be
excellent additions."

 

 

For further information visit www.cssgroupplc.com or contact:

 

Croma Security Solutions Group Plc
                           Tel: +44 44 (0)1489 566 166

Roberto Fiorentino, CEO

Teo Andreeva, CFO

 

WH Ireland Limited
                                            Tel: +44
(0)207 220 1666

(Nominated Adviser and Broker)

Mike Coe

Sarah Mather

 

Novella
 
           Tel: +44 (0)203 151 7008

Tim Robertson

Claire de Groot

Safia Colebrook

 

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