26 Jun 2014 07:00
HML Holdings plc ("HML" or "the Group")
HML acquires Property Management Business based in Romford
HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces the acquisition of PG Ashton Property Management Company Limited ("PGA"), a property management business based in Romford, Essex.
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 PGA for £463,000. This consideration will be satisfied in cash from HML's existing cash balances. The transaction includes an additional performance related retention payment of £93,000 which will, subject to the achievement of certain criteria, be made 12 months from today's date. PGA produced £62,000 in normalised earnings after tax in its last financial year and has annual revenues of approximately £386,000. It is expected to be immediately earnings enhancing.
PGA was founded in 1989 and is a family business providing lettings and block management property services to approximately 1,600 residential and commercial property units in the Romford area. Andrew Chater, Managing Director and former owner of PGA, will continue to manage the business and all of the employees of PGA will continue to operate from their current offices in Romford.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"We are extremely pleased to welcome Andrew and his team to the HML group. PGA's business model which offers a local and personal property management service is entirely compatible with HML's. Having a presence in Essex 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
Ed Frisby/Christopher Raggett - corporate finance Tel: 020 7220 0500
Mia Gardner - corporate broking
Tavistock Communications Group
James Verstringhe/Jeremy Carey Tel: 020 7920 3150