Hummingbird Resources Regulatory News (HUM)

5 Sep 2007 07:01

Humberts Group PLC05 September 2007 5th September 2007 Humberts Group plc('Humberts' or 'the Group') Humberts strengthens position in the West Country with Bristol acquisition - Former England rugby international joins the Humberts team - Humberts (AIM: HUM), the national group of full service estate agents andvaluers, announces today that it has exchanged contracts for the acquisition ofRichard Harding, a Bristol based estate agency established and run by the formerEngland rugby scrum half. Completion of the acquisition is expected to takeplace on Thursday 13 September, 2007. The initial consideration will be £2.03 million, comprising £1.43 million incash and £0.6 million in new Humberts ordinary shares (to be issued at 70p pershare). In addition there will be deferred consideration of up to £1.0 million.The deferred consideration is dependent on the achievement of certainperformance criteria and will be satisfied two thirds in cash and one third inHumberts new ordinary shares over three years. In the year to 31 March 2006, Richard Harding made profits of £626,798 beforepartners' drawings on a turnover of £1,111,616. Richard Harding operates from a high profile office in Clifton, Bristol, an areawhich Humberts has targeted as a natural extension to its strong presence in theWest Country, where it has 14 offices in Somerset. This is in line withHumberts' strategy to grow its geographical presence by acquiring businessesadjacent to areas in which the Company has an existing presence, in order toleverage newly acquired businesses to maximum effect. Richard Harding's primary activities are residential sales, auctions andvaluations. It was established in 1996 by Richard Harding, and has been grownas an independent family business. In line with Humberts' business, it sellshigh quality housing focused on the prime residential areas in and aroundBristol. It has a strong reputation in its target areas. The currentmanagement will continue to run the business, building on its core brand valueswhich are ideally matched with the strong Humberts brand. Commenting on the acquisition, Humberts' chief executive Max Ziff said: "Thisdeal gives us immediate and meaningful market share in an important new areawhich is a natural extension to our strong existing presence in the WestCountry. Richard Harding is a highly respected business, with a loyal customerbase. Its approach and its brand values reflect the standards of service weassociate with the Humberts brand." Ends. For further information: Humberts Group plc: 020 7318 1273 Max Ziff, Chief Executive Officer Nigel 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