16 Dec 2015 07:00
HML Holdings plc ("HML" or "the Group")
HML acquires Property Management Business based in Bermondsey
HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces the acquisition of Managed Living Partnership Limited ("MLP"), a property management business based in Bermondsey SE1.
HML Hawksworth Limited, the subsidiary of HML Holdings plc covering the geographical area of central and east London has purchased the entire share capital of MLP for £715,000. This consideration will be satisfied in cash from HML's existing cash balances. The transaction includes an additional performance related retention payment of £143,000 which will, subject to the achievement of certain criteria, be made 12 months from the acquisition date. MLP produced £40,000 in normalised earnings after tax in its last financial year and has annual revenues of approximately £555,000. It is expected to be immediately earnings enhancing.
MLP was founded in 2009 to provide block management property services in the central London geographical area. Since its formation MLP has grown rapidly to manage to over 1,500 residential properties in 40 blocks of flats. Nigel Glen and Richard Kozak, founders of MLP, will continue as consultants to the business. The business and all of its employees will continue to operate from their offices in Bermondsey.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"We are delighted to welcome the MLP team to the HML group. MLP's culture and business model offering a high service level to local property owners is entirely compatible with HML's. Having this additional presence in central London and the Docklands will be a significant advantage for us in the future".
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