HMLH.L Regulatory News (HMLH)

16 Nov 2006 07:01

HML Holdings PLC16 November 2006 16 November 2006 HML Holdings plc("HML" or "the Group"), Acquisition of property management company extends geographical reach HML Holdings plc (AIM: HMLH), a leading provider of property management,insurance and ancillary services to residential property blocks, announces thatit has acquired the business and assets of London & Provincial PropertiesLimited ("L&PP"), a property management company based in north London, for atotal consideration of £237,000 to be paid in cash. The acquisition, which formspart of HML's ongoing regional expansion programme, is expected to beimmediately earnings enhancing. It is the second acquisition HML has made thisyear and the first since the Group's AIM flotation in June 2006. Based in Hendon, L&PP was founded in 1974 and for the year to 31 December 2005,it recorded a turnover of £230,000. It provides a full range of propertymanagement services (including rent collection, residential & commercialmanagement, insurance, building maintenance, service charge management andlettings) to 1,100 clients in north London and the surrounding areas. L&PP will be merged with the Group's other north London business, HML Mandells,and is expected to significantly broaden HML's coverage of north London. BenConway, who has managed L&PP since 1979, will be appointed managing director ofthe enlarged company with immediate effect. Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said: "When wefloated on AIM earlier this year, we made it clear that a large part of ourgrowth strategy was to make acquisitions which will expand our businessgeographically. The acquisition of L&PP fits that criteria exactly anddemonstrates our willingness and ability to do deals. We have a strong appetitefor acquisitions of this nature and look forward to making further suchannouncements in due course." For further information:Tavistock Communications Group: 020 7920 3150Richard Sunderland/Jeremy Carey This information is provided by RNS The company news service from the London Stock Exchange