Croma acquires two local locksmith businesses

Croma Security Solutions Group announced the completed acquisition of two distinct locksmith businesses on Monday for £0.44m in cash, including the acquisition of a freehold property with an appraised value of £0.35m.

The AIM-traded firm said the two locksmith businesses in Peterborough and Worthing had a combined annual turnover of £0.5m, aligning with its existing network.

They both had established robust local client bases and were poised for transformation into Croma security centres.

The board said the security centre model would merge the conventional locksmith's sales offerings with comprehensive security and fire solutions, modernising the stores.

On redevelopment, the new security centres would cater to their existing local clientele and extend services to the broader Croma network of commercial clients.

The acquisitions would expand Croma’s security centre network to 16.

Its management team said it was actively exploring additional acquisition opportunities that held the potential to revamp more traditional locksmith businesses into modern security centres.

“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,” said chief executive officer Roberto Fiorentino.

At 1223 GMT, Croma Security Solutions Group shares were up 6.98% at 69p.

Reporting by Josh White for Sharecast.com.