HML Holdings PLC HML acquires Property Management Business (0652J)
30 November 2018 - 9:39PM
UK Regulatory
TIDMHMLH
RNS Number : 0652J
HML Holdings PLC
30 November 2018
HML Holdings plc ("HML" or the "Group")
HML acquires London based Property Management Business
HML Holdings plc (AIM: HMLH), a leading provider of property
management, insurance and ancillary services to residential
property blocks, announces the acquisition of Dauntons Soar
Management Limited ("DSML"), a property management business located
in Pimlico.
HML PM Limited, the property management subsidiary of HML
Holdings plc has purchased the entire share capital of DSML for
total consideration of up to GBP669,000. The initial payment of
GBP467,000 will be satisfied in cash from HML's existing
facilities. The consideration includes additional performance
related retention payments of up to GBP202,000, which will be
subject to the achievement of certain criteria and will be payable
12 and 24 months after the acquisition date.
Dauntons Soar has been operating as a property services business
in the SW1 post code area of Central London for more than 75 years.
In 2007, Simon Pring the Managing Director of DSML purchased the
block management business from his former partners and has owned
and managed the business ever since. It has grown to manage over
600 units in 110 blocks in the central London (SW1) market. Simon
and DSML's employees will remain with the business, which will
continue to operate from its existing offices in Pimlico.
Commenting on the acquisition, Rob Plumb, Chief Executive of
HML, said:
"This is a strategically important acquisition for HML,
extending our reach into an attractive central London market. We
are pleased to welcome Simon and the team at Dauntons Soar
Management Limited into the HML family. They bring with them a
wealth of knowledge in this niche and extremely attractive sector
of the property management market."
For further information, please contact:
www.hmlgroup.com
HML Holdings plc
Robert Plumb, Chief Executive Officer
James Howgego, Chief Financial Officer Tel: 020 8439 8529
finnCap
Ed Frisby / Giles Rolls - corporate finance Tel: 020 7220 0500
Camille Gochez - corporate broking
Tavistock Communications Group
James Verstringhe/Jeremy Carey Tel: 020 7920 3150
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END
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