19 Feb 2019 07:00
HML Holdings plc ("HML" or the "Group")
HML acquires London based RBMS
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 Residential Block Management Services Limited ("RBMS"), a property management business located in Blackheath.
HML PM Limited, the property management subsidiary of HML has purchased the entire share capital of RBMS for £675,000 cash consideration, satisfied from HML's existing facilities. The transaction includes additional performance related retention payments of up to £169,000 which will be subject to the achievement of certain criteria and will be payable 12 months from the acquisition date. RBMS reported annual revenues of £803,000 for the year ending 31 December 2018.
RBMS has been operating as a block management services business in and around the Blackheath area since 2005. It has grown to manage over 2,000 units in 160 blocks mainly in the South Eastern quartile of London. RBMS' employees will remain with the business and operating from its existing offices. The founders and current managers of the company will remain as consultants to assist HML in the assimilation and integration of the business.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"We are pleased to welcome all the team at RBMS into the HML Group. The business will become a valuable addition to our network of offices in London and provide ideal coverage for us in this important geographical area."
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, Finance Director
finnCap Tel: 020 7220 0500
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