- Croma Security Solutions Group
- 01 April 2025 10:12:53
Source: Sharecast
Croma said on Tuesday that the acquisition will be satisfied with £166,667 in cash and the issue of 38,535 ordinary shares at an issue price of 86.50p per share.
The AIM-listed group already has a locksmith store in Peterborough, operating less than two miles from Benn Lock & Safe, with the acquisition enabling Benn Lock & Safe to be combined with Croma's existing Peterborough branch, consolidating the two businesses into a single security centre. Croma expects this to create immediate cost savings and synergies.
For the 12 months to 31 March 2024, Benn Lock & Safe generated revenues of £675,000 and pre-tax profits of £40,000. As of 28 February, the net asset value of the assets being acquired was £90,000.
Chief executive Roberto Fiorentino said: "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."
As of 1010 BST, Croma shares were up 0.35% at 86.80p.
Reporting by Iain Gilbert at Sharecast.com