Hummingbird Resources Regulatory News (HUM)

17 Sep 2007 07:01

Humberts Group PLC17 September 2007 17th September 2007 Humberts Group plc('Humberts' or 'the Group') Humberts strengthens position in London Humberts (AIM: HUM), the national group of full service estate agents andvaluers, announces today that it has acquired the business of Thomson Currie, aLondon based estate agency with offices in Islington and Clerkenwell. ThomsonCurrie is an established and well respected firm specialising in the sale andrental of residential properties, with a strong focus on the land and new homesmarket. This acquisition brings the total number of offices operated by the group to 80,in line with the target of at least 90 offices by the end of the calendar year. The initial consideration is £2.4 million, comprising £1.6 million in cash and£0.8 million in new Humberts ordinary shares (to be issued at 70p per share).In addition there will be a deferred consideration of between £0.6 million and£1.8 million. The deferred consideration, which will be payable over threeyears, is dependent on the achievement of certain performance criteria and willbe satisfied two thirds in cash and one third in Humberts' new ordinary shares. In the year to 30 April 2007, Thomson Currie made adjusted EBITDA (Earningsbefore interest, tax depreciation and amortisation) of £0.83 million on turnoverof £2.58 million. Its land and new homes division generated 48% of totalrevenues, with 35% coming from residential sales and 17% from lettings. Thomson Currie provides Humberts with its first exposure to the east andnorth-east London market and is a key acquisition as the Group seeks to gainmarket share in the Thames Gateway to take advantage of the valuable developmentthat has started to take place as part of the area's regeneration. Together with the Group's recent acquisition of Blenheim Bishop, thisacquisition underlines Humberts' commitment to the new homes market which is anarea where further investment by the Group can be expected going forward. Commenting on the acquisition, Humberts' chief executive Max Ziff said: "Thisdeal gives us significant market share in the London land and new homes marketwhich we have identified as a key growth area for the Group. We are delightedto welcome Iain Currie and his experienced team as part of the ongoingdevelopment of the Humberts brand." Ends. For further information: Humberts Group plc: 020 7318 1273 Max Ziff, Chief Executive OfficerNigel Cartwright, Chief Financial Officer Financial Dynamics: 020 7831 3113 Lauren Mills Notes to editors Humberts Group plc is listed on London's AIM market. It is a leading firm ofestate agents, chartered surveyors and valuers. Established over 150 years ago,the company has a growing network of offices in the UK which benefit fromnational expertise combined with strong regional and very local knowledge. Led by a team of dedicated professionals, Humberts is a multi-disciplinedpractice with integrated expertise in the residential, rural, commercial andprofessional services sectors. Humberts is renowned for the quality of its staff, many of whom are RICS (RoyalInstitution of Chartered Surveyors) qualified, and for its high levels ofpersonal service. Humberts is committed to a strategy of growth by acquisition. All acquisitionswill trade under the Humberts name, fully leveraging its heritage whilstcontinuing to develop it as a national brand. New offices will benefit from thecompany's centralised functions including its sophisticated technology platform,its marketing and its purchasing power. This information is provided by RNS The company news service from the London Stock Exchange