(Alliance News) - HML Holdings PLC on Thursday said it has acquired a Bedfordshire-based property management company Thornes Chartered Surveyors for an initial GBP376,000.
HML could also pay a further GBP94,000 for the purchase of the company, subject to performance related targets.
Thornes has annual revenues of GBP370,000 and manages over 70 blocks for 1,300 property owners, HML said. The company also manages 170 assets as let properties.
The company's current owner, Andrew Randall, will remain with Thornes as a consultant to help integrate the business into HML's portfolio. The unit will also continue operating in its Luton offices.
HML Chief Executive Rob Plumb said: "We are pleased to welcome all the team at Thornes into HML. Prior to this acquisition HML has not been able to deliver the local and personal service that we would have wished to in this area.
"We are delighted with the additional regional coverage that Thornes will bring to our network of offices. The business is especially significant for the development of HML's lettings operations as Thornes has a well-established letting client base that will create further momentum for this growing division."
Shares in HML were untraded in London on Thursday afternoon, last quoted at 32.00 pence each.
