HML Holdings PLC Acquisition (8052V)
February 02 2017 - 1:00AM
UK Regulatory
TIDMHMLH
RNS Number : 8052V
HML Holdings PLC
02 February 2017
HML Holdings plc ("HML" or "the Group")
HML acquires Kent 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 Goodacre Property
Services Limited ("GPS"), a property management business based in
Keston Kent.
HML Andertons Limited, the subsidiary of HML Holdings plc
covering the geographical area of Kent, Sussex and South London has
purchased the entire share capital of GPS for GBP317,000. This
consideration will be satisfied in cash from HML's existing cash
balances. The transaction includes an additional performance
related retention payment of GBP80,000 which will be subject to the
achievement of certain criteria and will be payable 12 months from
the acquisition date. GPS produces normalised annual revenues of
GBP300,000. It is expected that GPS will be earnings enhancing once
it has been fully integrated into HML.
GPS was founded in 1988 to provide block management property
services in the Kent and South London geographical areas. GPS, like
HML, focuses on local private residential management. It has grown
to manage to approximately 1,000 residential properties in 36
estates and blocks of flats. Richard Mason, former owner of GPS,
will continue to work for the business and HML Andertons Limited.
GPS will initially continue to operate from their existing offices
in Keston before moving into HML's offices near Maidstone.
The acquisition of GPS is the first of the three potential
acquisitions referred to in HML's announcement on 16 December
2016.
Commenting on the acquisition, Rob Plumb, Chief Executive of
HML, said:
"We are pleased to welcome Richard and the Goodacre team to the
Group. The company's excellent reputation of a quality local
service will fit well into HML's operating strategy".
For further information, please contact:
HML Holdings plc
Robert Plumb, Chief Executive Officer
James Howgego, Finance Director Tel: 020 8439 8529
finnCap
Jonny Franklin-Adams, Giles Rolls- corporate finance Tel: 020 7220 0500
Mia Gardner - 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
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