18 Jun 2010 16:01
HML Holdings plc
("HML" or "the Group")
HML acquires North London Management Business
HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces that it has acquired a portfolio of clients from Accountable Property Management Limited ("APML"), a Hendon based residential property manager for a total consideration of £68,135 payable in 12 months.
The acquisition of the portfolio from APML, which had revenues of approximately £70,000 and profits of approximately £16,000 for the year ending 30 November 2009, is expected to be immediately earnings enhancing.
APML was founded in 2003 and provides property management services to approximately 420 units in North West London covering the Maida Vale, Hampstead and Finchley areas. The APML office and staff will relocate to HML Hathaways offices in north London.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"We are very pleased to announce this portfolio acquisition, our first since September 2007. APML's portfolio is an excellent fit within our operations. The quality of buildings under management combined with the compatibility of the APML's standard of service with our own will have a beneficial effect on our business.
We are pleased to report the Group's trading continues in line with market expectations and we look forward to announcing our year end results on the 21st of June 2010."
HML Holdings plc
Robert Plumb, Chief Executive Officer
James Howgego, Financial Director Tel: 020 8439 8529
FinnCap
Marc Young/Charlotte Stranner Tel: 020 7600 1658
Tavistock Communications Group
John West/Paul Young Tel: 020 7920 3150
The Group has been advised that, with effect from 30 April 2010, its Nominated Adviser and Broker has changed its name to FinnCap Ltd.