Croma Security Solutions Group PLC Acquisition (8406Y)
08 January 2024 - 6:00PM
UK Regulatory
TIDMCSSG
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
GBP438,000 which includes a freehold property valued at GBP0.35
million.
The two locksmith businesses have a combined annual turnover of
GBP0.5 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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END
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