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23 Dec 2014 11:25
HML Holdings plc ("HML" or "the Group")
HML acquires Property Management Business based in London and Eastbourne
HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces the acquisition of AMP MGMT Limited ("AMP"), a property management business based in Eastbourne, East Sussex.
HML Hathaways Limited, a subsidiary of HML Holdings plc based in North London has purchased the entire share capital of AMP for £238,000. This consideration will be satisfied in cash from HML's existing cash balances. The transaction includes an additional performance related retention payment of £48,000 which will, subject to the achievement of certain criteria, be made 12 months from today's date. AMP produced £4,000 in earnings after tax in its last financial year and its annual revenues in the same period were approximately £180,000. The acquisition is expected to be immediately earnings enhancing.
Founded by Andrew Martin as a block management property services business in Eastbourne in 2011, AMP now manages over 700 residential units from offices in North London and Eastbourne. Andrew Martin and his staff will join HML and continue to manage the business from both their Eastbourne office and HML's existing office in Whetstone, north London.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"We are extremely pleased to welcome Andrew and his team to the HML group. AMP's business model which offers a local and personal property management service is entirely compatible with HML's. Having an office in Eastbourne will be a significant advantage to our service offering on the south coast".
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
James Verstringhe/Jeremy Carey Tel: 020 7920 3150
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