HML Holdings PLC Acquisition (2857Y)
March 02 2017 - 2:00AM
UK Regulatory
TIDMHMLH
RNS Number : 2857Y
HML Holdings PLC
02 March 2017
HML Holdings plc ("HML" or "the Group")
HML acquires Block 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 the Block Management
Business of Gordon and Company Property Consultants Limited
("G&CPCL"), the flats and estates property management business
of Gordon & Company.
HML Andertons Limited, the subsidiary of HML Holdings plc
covering southern and western England has acquired the business and
share capital of G&CPCL for an initial purchase price of GBP1
million. This consideration will be satisfied in cash from HML's
existing cash balances. The transaction includes further
performance related retention payments amounting to GBP0.4 million
which will be subject to the achievement of certain criteria and
will be payable 24 months from the acquisition date. G&CPCL has
pipeline management instructions valued at GBP0.4 million which may
further enhance the purchase price. The acquisition produces
normalised annual revenues of GBP1.1 million. It is expected that
G&CPCL will be earnings enhancing once it has been fully
integrated into HML.
G&CPCL is part of the Gordon and Company estate agency and
property management group which has 8 offices in Southern England
as well as Southeast Asia. The block management business being
acquired is based in London with branches in Reigate and Bristol.
The business currently manages over 6,000 units across 280 blocks
or estates.
The acquisition of G&CPCL is the second 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:
"The Gordon & Company block management business is an
excellent fit with our operations. We welcome the team at
G&CPCL to HML who, we are confident, will have an exciting and
prosperous future with us."
For further information, please contact:
HML Holdings plc Tel: 020 8439
Robert Plumb, Chief Executive 8529
Officer
James Howgego, Finance Director
finnCap Tel: 020 7220
Jonny Franklin-Adams / Giles 0500
Rolls - corporate finance
Mia Gardner - corporate broking
Tavistock Communications Group Tel: 020 7920
3150
James Verstringhe / Jeremy Carey
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQDMGGFNMDGNZM
(END) Dow Jones Newswires
March 02, 2017 02:00 ET (07:00 GMT)
Hml (LSE:HMLH)
Historical Stock Chart
From Apr 2024 to May 2024
Hml (LSE:HMLH)
Historical Stock Chart
From May 2023 to May 2024