Acquisition

Croma Security Solutions Group plc (AIM:CSSG), the AIM listed innovation and service focused security solutions provider, is pleased to announce the completion of the acquisition of A. Butler & Sons Ltd, an established commercial locksmith business based in Holborn, operating under the trading name of William Channon.

In the 12 months to 31 December 2025, William Channon's unaudited statutory accounts recorded turnover of £1.1 million and a loss before tax of £0.06 million and net assets of £1.1 million, including £0.64 million in cash and a £0.35 million loan to its parent company. The consideration for the acquisition, estimated at £1.0 million, is based on the target net asset value at Completion, subject to the preparation and agreement of Completion Accounts, and will be satisfied in cash from the Group's existing resources. An initial payment of £600,000 was paid on Completion, with the balance payable following the repayment of the seller's intra-group loan and finalisation of the Completion Accounts.

Founded in 1917, William Channon has been trading for over a century, providing commercial locksmith services and specialist access control systems. The business has built up a significant long-term client base within the arts sector, with a particular focus on London-based museums and universities.

While it is currently operating at a level below its profit potential, the acquisition provides Croma's first strategic London presence and clear opportunities to realise operational efficiencies and cost synergies. The Group also intends to leverage its own broader capabilities to expand the range of security services offered to William Channon's customers, particularly to its larger corporate clients.

Jim Caldwell is the sole vendor and Managing Director of the business. To ensure a smooth transition and handover following the acquisition, Jim has agreed to remain available to the Group on a consultancy basis for a period of three months.

Roberto Fiorentino, Chief Executive Officer of Croma Group, commented: "We are delighted to announce the acquisition of William Channon. From an operational perspective, there is significant scope to improve profitability through restructuring initiatives and the removal of duplicated overheads between the two businesses. Combined with the opportunity to broaden the service offering and increase penetration within the existing customer base, we believe the business has strong potential to become a valuable and profitable part of the Group. Importantly, the acquisition also establishes Croma's first permanent foothold in London, which is a strategically important market for the Group.

Jim Caldwell, Managing Director of William Channon, commented: "Having built the business over many years, I am delighted to be leaving it in capable hands. I am confident that the combination of Croma's expertise and resources with William Channon's strong reputation and client relationships will provide an excellent platform for the business to continue to grow, while maintaining the personal, high-quality service on which our clients have come to rely."