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Westminster Group taps into infrastructure security market with Keyguard buy

The acquisition is expected to be earnings enhancing in the first year of ownership while also boosting the recurring revenue base

Building work
Construction sites are one of Keyguard's markets

Westminster Group PLC (LON:WSG) is to acquire manned guarding business Keyguard for up to a maximum £200,000.

Adding Keyguard will enable Westminster to offer combined technology and guarding packages for the infrastructure security market and offers cross-selling opportunities into both client bases, it said.

READ: Westminster Group expects to post full-year underlying profit despite Iran contract delay

The acquisition is expected to be earnings enhancing in the first year of ownership while also boosting the recurring revenue base.

Established in 2006 in Corby, Keyguard is an ISO quality assured business that specialises in guarding, mobile patrols and dog services at construction, renewable energy and transport sites.

Founder Rob Lawrence sold 60% of the business to Armatus Risk in 2017, but this company went into administration in September and the stake was acquired by Westminster.

Lawrence has also now sold his 40% stake to Westminster and will stay on to run the business.

No accounts are available for 2017 due to Armatus’s administration but in 2016 turnover was £1.48mln and profits £200,000.

Revenues were similar in 2017, believes Westminster.

Peter Fowler, chief executive, said Keyguard is a good business and brings added capabilities to the group.

“Indeed, 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 has paid £18,000 for net assets with the remainder of the consideration to be paid via an earn-out.


Quick facts: Westminster Group PLC

Price: 9.374 GBX

Market: AIM
Market Cap: £15.04 m

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