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Croma Security Solutions Buys South Coast Locksmith Access Key & Lock

Wed, 9th Dec 2015 09:35


LONDON (Alliance News) - Croma Security Solutions Group PLC on Wednesday said it has bought Access Key & Lock, a Fareham-based locksmithing business, for a maximum of GBP2 million.

Croma will pay GBP600,000 in cash on completion, issue a further 2.0 million shares, and a deferred cash consideration of GBP200,000 after 6 months. Up to GBP200,000 will be payable in cash after a year subject to earn out targets.

In the year to end-February, Access Key & Lock reported a pretax profit of GBP300,000, on sales of GBP2.4 million. It has five outlets along the south coast of England. Managing director and owner of Access Key & Lock, Mark Whettingsteel, will join Croma's board and will run all locksmith operations for the company.

"Access Key & Lock is a fantastic business with a great footprint along the south coast. We are delighted to complete this acquisition. which will significantly strengthen our locksmith offering. It will help us secure and service large corporate clients in the south and, in due course, further afield. We see the locksmith market as one which is ripe for consolidation by a quality focussed service provider," said Chairman Sebastian Morley in a statement.

Shares in Croma were flat at 50.00 pence Wednesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2015 Alliance News Limited. All Rights Reserved.

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