11 Sep 2015 16:19
HML Holdings plc ("HML" or "the Group")
HML acquires Property Management Business based in Walton on Thames
HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to property owners, announces the acquisition of Castle Wildish ("CW"), a property management business based in Walton on Thames, Surrey.
HML Shaw Limited, the subsidiary of HML Holdings plc based in Richmond purchased the Business and Assets of CW for £504,000. This consideration will be satisfied in cash from HML's existing cash balances. The transaction includes a performance related retention payment of £101,000 which will, subject to the achievement of certain criteria, be made 12 months from completion of the acquisition. CW's property management business produces annual revenues of approximately £400,000 and has normalised earnings of £55,000. The acquisition is expected to be immediately earnings enhancing.
CW was founded over 25 years ago and provides management services to over 1,400 residential and commercial properties mainly in the Surrey Sussex and Hampshire borders. Charles Flight and Stephen Chandler, former owners of CW, will continue as consultants to the business and all the employees of CW will continue to be based in their offices in Hersham Green, Walton on Thames. CW will become a trading division of HML Shaw Limited.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"We are delighted to welcome the Castle Wildish team to the HML group. As well as having an immediate and positive impact on earnings, CW will greatly enhance our presence in this outlying suburb of west London. CW has an excellent customer retention record in both Commercial and Residential Block management 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
Jonny Franklin-Adams/ Giles Rolls - corporate finance Tel: 020 7220 0500
Mia Gardner - corporate broking
Tavistock Communications Group
James Verstringhe/Jeremy Carey Tel: 020 7920 3150