Hummingbird Resources Regulatory News (HUM)

11 Apr 2007 07:01

Humberts Group PLC11 April 2007 Under embargo until 0700, 11 April 2007 Humberts Group plc ("Humberts" or "the Group") ACQUISITIONS STRENGTHEN PRESENCE IN LONDON MARKET AND EXPAND OFFERING IN SOUTH EAST Humberts (AIM: HUM), the national group of full service estate agents andvaluers, announces that it has strengthened its position in the Londonresidential estate agency market and expanded its presence in the South East,through the acquisitions of Wellingtons estate agents and Spencer RidleyProperties Limited for a total consideration of up to £1.7 million. Including the eight offices it has acquired since the start of January 2007 andon completion of these acquisitions, Humberts will own 68 offices across the UK. Wellingtons Humberts has acquired 100% of the Wellington Group of businesses("Wellingtons"), which comprises Wellington Estate Agents (Battersea) Ltd andWellington Estate Agents Ltd, for a total consideration of up to £1.6 millioncomprising an initial consideration, payable on completion, of £899,168 in cashand £160,000 to be satisfied by the issue of 168,421 Humberts new ordinaryshares. This is to be followed by a deferred cash consideration of £533,332 tobe paid in two tranches of equal payments, the first after 12 months and thefinal one after 18 months. Founded in 1991 by Howard Benjamin, who will remain as a consultant, Wellingtonsis a well known London estate agency, operating from three offices in ParsonsGreen, Fulham and Battersea, covering sales, lettings and property management inthe mid to upper property markets of central and south west London. It willfurther strengthen Humberts' presence in the mid to high-end London residentialsales and lettings market. In its last financial year to 31 August 2006, Wellingtons generated profitsbefore tax of £457,000 and had net assets of £1.07 million. A further cashpayment of approximately £1 million will be paid in respect of the surplusworking capital in Wellingtons at the time of the acquisition. Spencer Ridley Property Limited In addition, Humberts has increased the number of offices it has in the EastSussex/Kent region to 11 with the acquisition of Spencer Ridley, a single officelettings business based in Hawkhurst, Kent. The acquisition provides Humbertswith a significant portfolio of managed properties as well as a new locationthrough which it can sell its other services. Max Ziff, Chief Executive Officer of Humberts, commented: "The London market isone where the Group has been under exposed to date and with the acquisition ofWellingtons we have begun to fulfill our ambitions to strengthen our position inthis key area. "The acquisition of Spencer Ridley expands the number of offices we have in theKent and east Sussex areas and fits in well with our other lettings businessesin the region. Each of these earnings enhancing opportunities will also addvalue to the Humberts brand. "Consolidation is the future of our industry and Humberts now comprises 68offices. We have a number of additional acquisition opportunities, which fit ourstrict investment criteria, currently under review and we will be looking togrow Humberts further in 2007." Robert Sturges, general manager at Wellingtons, commented: "Humberts is a fastgrowing and successful group of estate agents which is building a strong,identifiable national brand that we are excited to become part of. Workingwith Max Ziff, Patricia Farley and the Humberts team will allow us to exploit thesynergies and advantages of the Group's newly enlarged presence in London, theUK's most exciting residential property market." For further information, please contact: Humberts Group plc: Nigel Cartwright, Chief Financial Officer: 020 7318 1273 Tavistock Communications: 020 7920 3150Richard SunderlandRachel Drysdalerdrysdale@tavistock.co.uk Notes to Editors Wellingtons Wellingtons comprises two Fulham offices offering a fully integrated service:from its Parsons Green Office on New Kings Road and our Munster Village officeon Munster Road. It offers sales, lettings and property management covering allareas in Fulham (SW6, SW10), Hammersmith (W6) and West Kensington (W14). These areas take in more specific localities including Parsons Green, Sands End,Walham Green, Fulham Broadway, Bishops Park, Munster Village, the Villes, WestBrompton and Barons Court. From its prominent Battersea Office on Battersea Rise, Wellingtons offers sales,lettings and property management covering all areas in Battersea (SW11), Clapham(SW4), Balham (SW12) and Wandsworth (SW18). More specific localities includeClapham Junction, the Nightingale Triangle, "Between the Commons", AbbevilleVillage, the Tonsleys, Battersea Park and all the Riverside developments. Wellingtons is also a member of the National Association of Estate Agents(N.A.E.A.) and the Association of Residential Letting Agents (A.R.L.A.) givingclients the confidence of regulation by, and the support of, two Governmentendorsed organisations. This information is provided by RNS The company news service from the London Stock Exchange