HML Holdings PLC Acquisition
February 19 2019 - 2:01AM
RNS Non-Regulatory
TIDMHMLH
HML Holdings PLC
19 February 2019
HML Holdings plc ("HML" or the "Group")
HML acquires London based RBMS
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
Residential Block Management Services Limited ("RBMS"), a property
management business located in Blackheath.
HML PM Limited, the property management subsidiary of HML has
purchased the entire share capital of RBMS for GBP675,000 cash
consideration, satisfied from HML's existing facilities. The
transaction includes additional performance related retention
payments of up to GBP169,000 which will be subject to the
achievement of certain criteria and will be payable 12 months from
the acquisition date. RBMS reported annual revenues of GBP803,000
for the year ending 31 December 2018.
RBMS has been operating as a block management services business
in and around the Blackheath area since 2005. It has grown to
manage over 2,000 units in 160 blocks mainly in the South Eastern
quartile of London. RBMS' employees will remain with the business
and operating from its existing offices. The founders and current
managers of the company will remain as consultants to assist HML in
the assimilation and integration of the business.
Commenting on the acquisition, Rob Plumb, Chief Executive of
HML, said:
"We are pleased to welcome all the team at RBMS into the HML
Group. The business will become a valuable addition to our network
of offices in London and provide ideal coverage for us in this
important geographical area."
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, Finance Director
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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