LONDON: Croma Security Solutions Group plc, an AIM-listed security provider, has completed two acquisitions as part of its strategy to build a national security network.
The company acquired Added Security Technology Ltd., a Portsmouth-based provider of intercom and door entry systems, locksmith services and hearing impaired living aids, for approximately £1.74 million. The total consideration includes cash balances of £0.80 million and a freehold property valued at £0.53 million.
For the year ended Aug. 31, 2025, AST generated revenue of £1.8 million and adjusted EBITDA of £0.3 million. The acquisition will be satisfied primarily in cash from the group’s existing reserves, along with £36,000 through the transfer of 52,863 ordinary shares held in treasury and up to £50,000 in deferred consideration.
Founded more than 30 years ago, AST employs 23 staff members and holds a long-standing contract with a local council, recently renewed for 10 years, covering door entry systems across the council’s social housing program. Vendors Paul and Susan Sullivan will retire upon completion, while their son James Sullivan, currently general manager, will continue to lead the AST team.
“We are delighted to announce the acquisition of AST, the largest acquisition in Croma’s history since the disposal of Vigilant,” said Roberto Fiorentino, chief executive officer. “It has built an excellent reputation, underpinned by a loyal, long-standing customer base and recognized expertise in specialist security systems.”
In a separate transaction, Croma acquired A. Butler & Sons Ltd., a commercial locksmith business in Holborn trading as William Channon, for an estimated £1.0 million. In the 12 months ending Dec. 31, 2025, the business reported turnover of £1.1 million and a loss before tax of £0.06 million, with net assets of £1.1 million including £0.64 million in cash.
Founded in 1917, William Channon provides commercial locksmith services and access control systems, with a client base in London’s arts sector including museums and universities. The consideration will be satisfied in cash from existing resources, with an initial £600,000 paid at completion and the balance payable after finalization of completion accounts.
“The acquisition provides Croma’s first strategic London presence and clear opportunities to realize operational efficiencies and cost synergies,” Fiorentino said. “We believe the business has strong potential to become a valuable and profitable part of the group.”
Jim Caldwell, the sole vendor and managing director, will remain available to the group on a consultancy basis for three months to ensure a smooth transition.
Croma Security Solutions, headquartered in Southampton, operates 19 security centers across England and employs more than 95 people. The company sold its man guarding business Vigilant in 2023 for £6.5 million to fund its expansion.
Following the issue of consideration shares, the company’s issued share capital remains unchanged at 15,898,656, with 2,077,538 shares held in treasury. Total voting rights stand at 13,821,118.
