Acquisition

Croma Security Solutions Group plc (AIM:CSSG) is pleased to announce that it has completed the acquisition of Benn Lock and Safe Limited ("Benn Lock & Safe"), a well-established, Peterborough based locksmith and security provider for a total consideration of £200,000, to be satisfied as to £166,667 in cash and the balance through the issue of 38,535 ordinary shares which will be issued from Treasury at an issue price of 86.50 pence per share ("Consideration Shares"), representing average of the closing middle quotations over the five dealing days ending on the dealing day immediately before the completion Date.

Benn Lock & Safe was founded nearly 50 years ago, originally operating as a pure locksmith service before expanding into fire and electronic security solutions. The business has developed specialist expertise in servicing schools and multi-occupancy properties and is trusted by local vendors, police forces, and government sectors across Cambridgeshire. Benn Lock & Safe has developed its reputation through both a physical storefront in Peterborough and a successful online presence.

Croma already has a locksmith store in Peterborough, operating less than two miles from Benn Lock & Safe. The acquisition will enable Benn Lock & Safe to be combined with Croma's Peterborough branch, consolidating the two businesses into a single security centre. This will naturally create immediate cost savings and synergies but equally importantly, it will become the sole centre for security and locksmith services in the Peterborough area. The lease on the Benn Lock & Safe retail property allows for a 12-month break clause.

For the 12 months to 31 March 2024 Benn Lock & Safe generated revenues of £675,000 and profit before tax of £40,000. As at 28 February 2025, the net asset value of the assets being acquired was £90,000.

Phil Hunt, Managing Director of Benn Lock & Safe, said: "We have always prided ourselves on delivering expert locksmith and security services to our customers, and I am looking forward to continuing to do so as part of Croma. The Group's well-established model will provide us with the operational support and resources to enhance our offering while maintaining the trusted service that Benn Lock & Safe is known for."

Roberto Fiorentino, Chief Executive Officer, commented: "We are very pleased to welcome Benn Lock & Safe into the Group. 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."

Total Voting Rights

Following the issue of the Consideration Shares from Treasury, the Company will continue to have 15,898,656 Ordinary Shares in issue, but with 2,130,401 held in treasury. Accordingly, the total number of voting rights in the Company will be 13,768,255 and shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.