8 Apr 2019 07:00
HML Holdings plc ("HML" or the "Group")
HML acquires Cambridgeshire Property Management Business Francis Butson & Associates
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 Francis Butson & Associates ("FBA"), a property management business located in St. Neots Cambridgeshire, on 5 April 2019.
HML PM Limited, the property management subsidiary of HML has purchased the business and assets of FBA for £570,000 cash consideration, satisfied from HML's existing facilities. The transaction includes additional performance related retention payments of up to £125,000 which will be subject to the achievement of certain criteria and will be payable 12 months and 24 months from the acquisition date.
FBA has been operating as a block management services business in St. Neots since 2001. It has grown to manage c. 2,500 units in 125 blocks mainly in Cambridgeshire and the surrounding counties. FBS' employees will remain with the business and operating from its existing offices. While Terry Butson who founded the business will be retiring, two of the former partners of the business will remain with (GR) the business.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"We are pleased to welcome all the team at FBS into the HML Group. We have long sort an office in this area and are delighted with the additional coverage the business will bring to HML in this region."
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, Chief Financial Director
finnCap Tel: 020 7220 0500
Ed Frisby / Giles Rolls - corporate finance
Camille Gochez / Tim Harper - ECM
Tavistock Communications Group Tel: 020 7920 3150
James Verstringhe / Jeremy Carey