HML Holdings PLC HML acquires Property Management Business
April 08 2019 - 2:01AM
RNS Non-Regulatory
TIDMHMLH
HML Holdings PLC
08 April 2019
HML Holdings plc ("HML" or the "Group")
HML acquires Cambridgeshire Property Management Business Francis
Butson & Associates
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 Francis
Butson & Associates ("FBA"), a property management business
located in St. Neots Cambridgeshire, on 5 April 2019.
HML PM Limited, the property management subsidiary of HML has
purchased the business and assets of FBA for GBP570,000 cash
consideration, satisfied from HML's existing facilities. The
transaction includes additional performance related retention
payments of up to GBP125,000 which will be subject to the
achievement of certain criteria and will be payable 12 months and
24 months from the acquisition date.
FBA has been operating as a block management services business
in St. Neots since 2001. It has grown to manage c. 2,500 units in
125 blocks mainly in Cambridgeshire and the surrounding counties.
FBS' employees will remain with the business and operating from its
existing offices. While Terry Butson who founded the business will
be retiring, two of the former partners of the business will remain
with (GR) the business.
Commenting on the acquisition, Rob Plumb, Chief Executive of
HML, said:
"We are pleased to welcome all the team at FBS into the HML
Group. We have long sort an office in this area and are delighted
with the additional coverage the business will bring to HML in this
region."
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, Chief Financial 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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