3rd Feb 2025 12:57
(Alliance News) - Croma Security Solutions Group PLC on Monday said it has completed its acquisition of Leeds-based locksmith business Meridian Securities System Ltd.
The Whiteley, England-based security services provider said it paid a total of GBP150,000 for the business, of which around GBP135,000 was payable immediately. The further GBP15,000 was deferred, to be paid over the next nine months.
The takeover deal was made as part of Croma's wider plan to build a national network of modern security centres. Meridian will continue to serve its existing local customer base, alongside the wider Croma network of commercial clients.
Meridian generated revenue of GBP836,000 in 2023, and pretax profit of GBP46,000.
Separately, Croma also on Monday said it acquired a freehold retail property for a total of GBP275,000 from the vendor's pension fund.
Croma Chief Executive Officer Roberto Fiorentino said: "We are delighted to welcome Meridian into the group. The business meets all our criteria and is therefore a strong fit. We anticipate being able to increase the profitability of the business ensuring it quickly becomes earnings accretive and extends our geographic reach. As importantly, we have a good pipeline of further transactions which we are looking forward to bringing to completion."
Shares in Croma Security Solutions were down 1.3% at 84.40 pence in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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