HML Holdings PLC Acquisition (1393R)
23 October 2013 - 5:00PM
UK Regulatory
TIDMHMLH
RNS Number : 1393R
HML Holdings PLC
23 October 2013
HML Holdings plc ("HML" or "the Group")
HML acquires Property Management Business in the North West
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 block property
management business of Philip R Gibbs ("PRG") based in Bolton,
Lancashire.
The consideration for the acquisition is GBP300,000 which will
be satisfied in cash from HML's working capital. GBP240,000 is
payable on completion and the balance of GBP60,000 is deferred over
one year and subject to client retention performance
conditions.
The business acquired manages over 1,500 units in and around the
Greater Manchester area. For the year ended 31 March 2013, the
block portfolio produced annual revenues of approximately
GBP220,000 and is expected to be immediately earnings
enhancing.
PRG is a firm of Chartered Surveyors which also undertakes
lettings management and professional services to the property
investment community. HML will not be acquiring these divisions of
the business.
Commenting on the acquisition, Rob Plumb, Chief Executive of
HML, said:
"The PRG portfolio is an excellent fit for our expanding
operations in the North West. Earlier this year the Group purchased
the property management business of The Guthrie Partnership (now
HML Guthrie) in Knutsford, Cheshire which has successfully grown
under HML ownership. We are optimistic about our opportunities to
expand further given the synergies arising from the 5,500 units we
now manage in the area."
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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