HML Holdings PLC Acquisition
08 January 2020 - 6:00PM
RNS Non-Regulatory
TIDMHMLH
HML Holdings PLC
08 January 2020
HML Holdings plc ("HML" or the "Group")
Acquisition of Property Management Business
The Board of HML Holdings plc, a leading provider of property
management, insurance and ancillary services to residential
property blocks, is pleased to announce the acquisition on 7
January 2020 of Leasehold Management Limited ("LML") for a
consideration of GBP438,000 plus an additional payment for the
surplus working capital (the "Acquisition").
Highlights:
-- LML specialises in leasehold management and is based in Worthing
-- LML will be integrated into HML over the coming months with
employees remaining with the business, save for LML founder Peter
Ballam who will be retiring
Alec Guthrie, Chief Executive of HML, said:
"The Acquisition is in line with the Group's strategy of
acquiring leasehold management businesses that can quickly be
integrated into the Group and that provides further regional
coverage. We are pleased to welcome all the team at LML into the
HML Group.
About LML
LML was founded by Peter Ballam in 1996 and offers property
management services to developers, resident management companies
and freehold landlords across Surrey, Sussex and Kent. The business
focuses on the management of long leasehold and private
developments. LML manages 1,222 units in 81 blocks. LML employees
will remain with the business and operate from its offices in
Worthing.
Consideration for the Acquisition
Total cash consideration (excluding the additional payment for
surplus working capital at completion) is GBP438,000. The
consideration includes performance related retention payments of up
to GBP88,000 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.
For further information, please contact:
www.hmlgroup.com
HML Holdings plc Tel: 020 8439 8529
Alec Guthrie, Chief Executive 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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