Croma Security Solutions Group PLC on Monday said it completed the acquisitions of two separate unnamed locksmith businesses for a combined £483,000 in cash.

The Fareham, England-based security services provider said the transaction includes a freehold property valued at £350,000.

Croma said the acquisitions takes its total number of security centres to 16 and is part of its ambition to roll out nationwide.

Both businesses have a combined annual turnover of £500,000, operating from Peterborough and Worthing in England, which Croma Security said is a ‘good fit’ with its 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,’ the company said.

Once redeveloped, Croma said the new security centres will service their local existing customer base, as well as the wider Croma network of commercial clients.

Croma said there are further acquisition opportunities under consideration by the management team.

These have the ‘potential to transform more traditional locksmiths into modern security centres with stronger in-store product ranges and much greater profit potential,’ Croma said.

Shares in Croma were up 3.9% to 67.00 pence each in London on Monday morning.

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