HML Holdings PLC Acquisition (9331R)
November 01 2013 - 2:00AM
UK Regulatory
TIDMHMLH
RNS Number : 9331R
HML Holdings PLC
01 November 2013
HML Holdings plc ("HML" or "the Group")
HML acquires block management business of LHH Management in
Kensington
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 LHH Management LLP ("LHH"), based in
Kensington West London.
The consideration for the acquisition is GBP290,000 which will
be satisfied in cash from HML's working capital. GBP232,000 is
payable on completion and the balance of GBP58,000 is deferred over
one year and subject to client retention performance
conditions.
The business acquired manages over 400 units in and around the
Kensington and Chelsea area. For the year ended 31 December 2012,
the block portfolio produced annual revenues of approximately
GBP210,000 and is expected to be immediately earnings
enhancing.
LHH is a firm of residential property managers who also
undertake lettings management. HML will not be acquiring the
letting business.
Commenting on the acquisition, Rob Plumb, Chief Executive of
HML, said:
"We are very pleased to welcome LHH's clients and property
management team to HML. The level of service and culture at LHH are
entirely compatible with our own which means the business will fit
well into HML Hawksworth's offices in Victoria, from where
buildings in this area are managed."
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: 0207 220 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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