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7 Jul 2014 07:00
HML Holdings plc ("HML" or "the Group")
HML acquires Property Management Business based in Bath Avon
HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces the acquisition of Chilton Estates Management ("CEM"), a property management business based in Bath, Avon.
HML Andertons Limited, the subsidiary of HML Holdings plc that covers the West of England has purchased the business and assets of CEM for £545,000. This consideration will be satisfied in cash from HML's existing cash balances. The transaction includes an additional performance related retention payment of £141,000 which will, subject to the achievement of certain criteria, be made 24 months from today's date. CEM produces annual revenues of approximately £433,000 and has normalised earnings of £100,000. The acquisition is expected to be immediately earnings enhancing.
CEM was founded in 1996 and is a family business providing property management services to approximately 2,000 residential units in the Bath area. Deborah Velleman, Managing Director and former owner of CEM, will continue to manage the business and all of the employees of CEM will continue to based in their current offices in Bath.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"We are delighted to welcome the Chilton Estates team to the HML group. We have had a presence in the West Country for some time but CEM will provide the momentum we clearly need to effectively compete in this area. CEM has an excellent customer retention record and a customer service culture that is entirely compatible with our own".
For further information, please contact:
HML Holdings plc
Robert Plumb, Chief Executive Officer
James Howgego, Finance Director Tel: 020 8439 8529
finnCap
Ed Frisby/Christopher Raggett - corporate finance Tel: 020 7220 0500
Mia Gardner - corporate broking
Tavistock Communications Group
James Verstringhe/Jeremy Carey Tel: 020 7920 3150
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