REG - Croma Sec. Sol. Grp - Acquisition

Croma Security SolutionsAnnouncement

01/04/2025 07:00

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RNS Number : 9559C  Croma Security Solutions Group PLC  01 April 2025

 

01 April 2025

Croma Security Solutions Group Plc

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

Acquisition of Peterborough Locksmith

Croma Security Solutions Group plc (AIM:CSSG) is pleased to announce that it
has completed the acquisition of Benn Lock and Safe Limited ("Benn Lock &
Safe"), a well-established, Peterborough based locksmith and security provider
for a total  consideration of £200,000, to be satisfied as to £166,667 in
cash and the balance through the issue of 38,535 ordinary shares which will be
issued from Treasury at an issue price of 86.50 pence per share
("Consideration Shares"), representing average of the closing middle
quotations over the five dealing days ending on the dealing day immediately
before the completion Date.

Benn Lock & Safe was founded nearly 50 years ago, originally operating as
a pure locksmith service before expanding into fire and electronic security
solutions. The business has developed specialist expertise in servicing
schools and multi-occupancy properties and is trusted by local vendors, police
forces, and government sectors across Cambridgeshire. Benn Lock & Safe has
developed its reputation through both a physical storefront in Peterborough
and a successful online presence.

Croma already has a locksmith store in Peterborough, operating less than two
miles from Benn Lock & Safe. The acquisition will enable Benn Lock &
Safe to be combined with Croma's Peterborough branch, consolidating the two
businesses into a single security centre. This will naturally create immediate
cost savings and synergies but equally importantly, it will become the sole
centre for security and locksmith services in the Peterborough area. The lease
on the Benn Lock & Safe retail property allows for a 12-month break
clause.

For the 12 months to 31 March 2024 Benn Lock & Safe generated revenues of
£675,000 and profit before tax of £40,000. As at 28 February 2025, the net
asset value of the assets being acquired was £90,000.

Phil Hunt, Managing Director of Benn Lock & Safe, said: "We have always
prided ourselves on delivering expert locksmith and security services to our
customers, and I am looking forward to continuing to do so as part of Croma.
The Group's well-established model will provide us with the operational
support and resources to enhance our offering while maintaining the trusted
service that Benn Lock & Safe is known for."

Roberto Fiorentino, Chief Executive Officer, commented: "We are very pleased
to welcome Benn Lock & Safe into the Group. This is a strategic
acquisition for us, and also one that further evidences our acquisition model
gaining traction, with independent locksmiths recognising the benefits of
being part of our network. Benn Lock & Safe has seen first-hand how
another locksmith in the area has successfully integrated into our proven
model, which gave them confidence in making this transition. We believe this
trend will continue, as we progress our pipeline of acquisition
opportunities."

Total Voting Rights

Following the issue of the Consideration Shares from Treasury, the Company
will continue to have 15,898,656 Ordinary Shares in issue, but with 2,130,401
held in treasury. Accordingly, the total number of voting rights in the
Company will be 13,768,255 and shareholders may use this figure as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency Rules.

 

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

 

Zeus
 
               Tel: +44 (0)207 220 1666

(Nominated Adviser and Broker)

Mike Coe

James Bavister

 

Novella
 
    Tel: +44 (0)203 151 7008

Tim Robertson

Chris Marsh

Safia Colebrook

 

Notes to editors:

 

Croma Security Solutions is an expanding technology led security solutions
provider with over 50 years of specialist experience, delivering high-quality
security solutions across locksmith, fire and security services for both
domestic and commercial environments. The Groups network currently stands at
17 security centres, stretching from its headquarters in Southampton, across
the Midlands and up to the Northwest. Croma services a range of sectors
including health, education, leisure and entertainment, and utilities, and is
trusted by national brands, including multiple NHS Trusts, with their complex
security needs.

 

Croma's growth strategy is focused on establishing a national security
network. In 2023, it sold its man-guarding business Vigilant for £6.5m, which
has provided the capital to fund the expansion of the business. Croma is a
proven acquirer of local, traditional locksmith businesses, which are
developed into its network of modern security centres, offering both total
security solutions and locksmith services to retail and commercial customers.
The new security centres benefit from extended product ranges, centralised
group services, and both a local and national customer base. Since the sale in
2023, Croma has added new businesses to its network, and has a strong pipeline
of further locksmiths stores to be acquired into the network.

 

Croma is listed on the AIM market of the London Stock Exchange. Founded in
1970, it is headquartered in Southampton and has over 90 employees.

 

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