HML acquires Kent based Property Management Business
HML Holdings plc, a leading provider of property management, insurance and ancillary services to residential property blocks, announces the acquisition of Goodacre Property Services Limited ("GPS"), a property management business based in Keston Kent.
HML Andertons Limited, the subsidiary of HML Holdings plc covering the geographical area of Kent, Sussex and South London has purchased the entire share capital of GPS for £317,000. This consideration will be satisfied in cash from HML's existing cash balances. The transaction includes an additional performance related retention payment of £80,000 which will be subject to the achievement of certain criteria and will be payable 12 months from the acquisition date. GPS produces normalised annual revenues of £300,000. It is expected that GPS will be earnings enhancing once it has been fully integrated into HML.
GPS was founded in 1988 to provide block management property services in the Kent and South London geographical areas. GPS, like HML, focuses on local private residential management. It has grown to manage to approximately 1,000 residential properties in 36 estates and blocks of flats. Richard Mason, former owner of GPS, will continue to work for the business and HML Andertons Limited. GPS will initially continue to operate from their existing offices in Keston before moving into HML's offices near Maidstone.
The acquisition of GPS is the first of the three potential acquisitions referred to in HML's announcement on 16 December 2016.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"We are pleased to welcome Richard and the Goodacre team to the Group. The company's excellent reputation of a quality local service will fit well into HML's operating strategy".