Croma Locksmiths acquire Southern Stronghold for £964k

Published by

Sam Pither

Whiteley-based locksmith Croma Locksmiths and Security Solutions has acquired Southern Stronghold Ltd, who have a branch in Southampton, for a fee of £964,569.10.

The sale consists of an upfront cash payment of £700,000 and a further payment of £264,569.10, which is to be paid no later than 4 September. The deferred payment is made up of £124,569.10 covering Southern Stronghold's cash holdings at the time of acquisition, plus a further £100,000 payment.

The acquisition is part of Croma's parent company Croma Security Solutions Group’s plans to create a nationwide network of Croma Security centres. As well as generally extending Croma’s geographic reach, Southern’s main site in Coventry will provide a base from which Croma can improve their presence in the midlands.

Meanwhile, the Southampton site will take over and build on Southern’s pre-existing community links, which include the local authority, to continue serving the area under the Croma name.

Roberto Fiorentino, CEO of Croma, said: “This is another important acquisition in our drive to improve coverage of the Croma Security Centres services. Coventry will certainly bridge a gap between the previous acquisition of Safeguard near Manchester and our other branches in the South.

“The business has been known to us for many years with a solid reputation that matches the Croma ethos.”

Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset. A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise. Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.