Westminster Group acquires manned security outfit Keyguard
Westminster Group has struck a deal to acquire manned guarding outfit Keyguard for a maximum of £200,000.
The AIM-listed security firm expects the acquisition to be earnings enhancing within the first year of ownership, boosting recurring revenues as it takes advantage of cross-selling opportunities in the infrastructure security market.
Keyguard founder Rob Lawrence, who sold 60% of the business to Armatus Risk in 2017, which later went into administration, leading Westminster to acquire its stake, has now sold his remaining 40% stake to Westminster.
Lawrence will stay on to run the business.
Chief executive Peter Fowler, said: "We are already exploring new and interesting joint opportunities."
"I am equally delighted that Rob Lawrence will remain with the business. Rob has been known to us for some years."
Westminster paid £18,000 in cash for Keyguard, with the remainder to be paid via an earn-out.
As of 1230 GMT, Westminster shares were 1.46% higher at 10.40p.