Hummingbird Resources Regulatory News (HUM)

5 Sep 2007 07:02

Humberts Group PLC05 September 2007 5th September 2007 Humberts Group plc ('Humberts' or 'the Group') ACQUISITION STRENGTHENS PRESENCE IN SOUTH EAST MARKET Humberts (AIM: HUM), the national group of full service estate agents andvaluers, is delighted to announce that it has completed the acquisition of Fox &Manwaring, an estate agency based in Edenbridge, Kent, for a total considerationof up to £635,000. The acquisition strengthens the Group's presence in thesouth east of England, bringing the total number of offices in the region to 15,approximately half of which are in Kent. Humberts will pay a consideration of up to £635,000 for Fox & Manwaring, whichcomprises an initial sum of £380,000 in cash, to be followed by a deferred,performance-related consideration of up to £255,000, to be paid in cash andshares over the next three years. Established in 1877, Fox & Manwaring is one of the oldest firms of estate agentsin the country. With residential sales, lettings, commercial and professionalvaluation departments, it is a multi-faceted business, and in the year to 31December 2006, reported profits of £187,077 on sales of £597,399. Max Ziff, Humberts' chief executive, said: "The South East, and Kent inparticular, is an important region for us, given its proximity to London and itsstrong commuter links. We are therefore pleased to be able to consolidate ourposition there by acquiring an agency with such a broad range of activities andskills. Fox & Manwaring's long heritage in the area, and its well regarded brandwill complement our existing operations in the region and help drive ourlong-term ambition to become the market leader in our area of business in theSouth East. We are delighted to welcome Simon Calcutt and his team at Fox &Manwaring as part of the Humberts brand." For further information: Humberts Group plc: 020 7318 1273Max Ziff, Chief Executive OfficerNigel Cartwright, Chief Financial Officer Financial Dynamics: 020 7831 3113Lauren 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