Croma Security Solutions Group has acquired Meridian Securities System Limited, a locksmith business based in Horsforth, Leeds.

According to the company, the acquisition is for a total cash consideration of £150,000, of which
£135,000 is payable immediately, with a deferred element of c.£15,000 payable over the first nine
months.

In a separate transaction, the company acquired a freehold retail property for a total cash
consideration of £275,000 from the vendor’s pension fund.

Founded and owned by John and Kim Taylor in 2004, Meridian has been providing locksmith services
and electronic security systems to the local resident and business community for over 20 years.

Operating from a single store, as well as providing a successful online service, Meridian has six
employees of whom three, are part of the Taylor family, and all of whom will remain with the business.

Skills and expertise

“We have been looking to balance our desire to realise the value in our business whilst also continuing to work,” said John Taylor, Managing Director of Meridan.

“Croma is therefore an ideal partner for us, they have a strong track record of incorporating similar businesses to ours into the Group and they have the skills and expertise to grow Meridian, especially in the commercial market where historically we have struggled to meet demand.

“As the founder of the business and having grown it from scratch, I’m excited to continue my career as part of the Croma team.”

The acquisition of Meridian is part of the Group’s broader strategic plan to build a national network of
modern security centres.

As with previous acquisitions, Meridian will be incorporated into the business, benefiting from a broader product range and centralised services.

The store will continue to service the local existing customer base, as well as the wider Croma network of commercial clients.

A strong fit for Croma Security

“We are delighted to welcome Meridian into the Group,” added Roberto Fiorentino, Chief Executive Officer, Croma Security Solutions 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.”

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