HML Holdings PLC Acquisition (5270W)
29 January 2013 - 6:00PM
UK Regulatory
TIDMHMLH
RNS Number : 5270W
HML Holdings PLC
29 January 2013
29 January 2013
HML Holdings plc
("HML" or "the Company")
Acquisition of The Guthrie Partnership
HML Holdings Plc (AIM: HMLH) a leading provider of property
management, insurance and ancillary services to residential
property blocks, announces that it has acquired the business and
assets of The Guthrie Partnership ("TGP") for a total consideration
of GBP0.8 million (the "Acquisition"). The Company will finance the
Acquisition from its existing working capital resources.
TGP is an independent firm of Residential Managing Agents based
in Knutsford Cheshire. The business, which was established by the
Guthrie family over 10 years ago, specialises in the management of
residential blocks and the provision of professional property
services. TGP's current portfolio comprises over 4,000 units under
management in over 180 blocks. The buildings are located mainly
within the Cheshire and South Manchester area.
Alec Guthrie, TGP's founder and Managing Director, will continue
to run the business. He and the team of property managers and
support staff will become part of HML Andertons Limited, HML's
wholly owned subsidiary. TGP's business will remain in its office
in Knutsford and retain "The Guthrie Partnership" brand.
TGP had unaudited revenues of approximately GBP0.6 million and
normalised profits of GBP80,000 for the year ended 31 December
2012. The Acquisition is expected to be immediately accretive and
represents a viable opportunity for HML to cross sell its insurance
and ancillary services. This latest acquisition forms part of HML's
on-going expansion programme, providing the Company with a platform
to expand its operations in the North West of England for the first
time.
The consideration for the Acquisition will be satisfied in cash
with GBP0.6 million payable on completion and the remaining GBP0.2
million deferred over one year and subject to client retention
performance conditions.
Commenting on the acquisition, Robert Plumb, Chief Executive of
HML, said: "This acquisition is a major step in fulfilling the
growth and geographical expansion plans that we have for the group.
TGP, whose service culture and operating strategy are closely
aligned to HML's, will become a significant part of our operating
network. We are delighted to welcome the TGP team to the HML
group."
For further information, please contact:
HML Holdings plc
Robert Plumb, Chief Executive Officer
James Howgego, Finance Director Tel: 020 8439 8529
finnCap
Ed Frisby/Christopher Raggett - Corporate Finance Tel: 020 7220 0500
Simon Starr - Corporate Broking
Tavistock Communications Group
James Verstringhe / Jeremy Carey Tel: 020 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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