HML Holdings PLC HML acquires Property Management Business
12 September 2019 - 4:01PM
RNS Non-Regulatory
TIDMHMLH
HML Holdings PLC
12 September 2019
HML Holdings plc ("HML" or the "Group")
HML acquires Bedfordshire Property Management Business Thornes
Chartered Surveyors
HML Holdings plc (AIM: HMLH), a leading provider of property
management, insurance and ancillary services to residential
property blocks, is pleased to announce the acquisition of Thornes
Chartered Surveyors ("TCS"), a property management business with
offices in Luton, on 11 September 2019.
HML has purchased the business and assets of TCS for GBP376,000
cash consideration, satisfied from HML's existing facilities. The
transaction includes additional performance related retention
payments of up to GBP94,000 in total which will be subject to the
achievement of certain criteria and will be payable 12 months and
24 months from the acquisition date.
TCS was established 1896 and has been operating as a standalone
property management business for block and lettings under the
leadership its current owner, Andrew Randall, who has been with the
business for 45 years and has been its sole proprietor for 26
years. The business has annual revenues of GBP370,000 and now
manages over 70 blocks for 1,300 mainly leasehold property owners
in addition to over 170 properties managed as let properties. In
keeping with HML's own business strategy TCS operates locally with
all properties in the close vicinity of Luton. TCS' employees will
remain with the business and operate from its existing offices in
central Luton. Andrew Randall will remain with the business as a
consultant to help HML with the integration of the business into
HML.
Commenting on the acquisition, Rob Plumb, Chief Executive of
HML, said:
"We are pleased to welcome all the team at TCS into the HML
Group. Prior to this acquisition HML has not been able to deliver
the local and personal service that we would have wished to in this
area. We are delighted with the additional regional coverage that
TCS will bring to our network of offices. The business is
especially significant for the development of HML's lettings
operations as TCS has a well-established letting client base that
will create further momentum for this growing division."
For further information, please contact:
www.hmlgroup.com
HML Holdings plc Tel: 020 8439 8529
Robert Plumb, Chief Executive Officer
Alec Guthrie, Chief Operating Officer
James Howgego, Chief Financial Officer
finnCap Tel: 020 7220 0500
Ed Frisby / Giles Rolls - corporate finance
Camille Gochez / Tim Harper - ECM
Tavistock Communications Group Tel: 020 7920 3150
James Verstringhe / Jeremy Carey
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END
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