HML acquires Property Management Business based in Guildford
HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces the acquisition, with effect from 28th May 2014, of the block property management business of Alan Foster & Associates ("AF&A") based in Guildford, Surrey.
The consideration for the acquisition of £361,000 will be satisfied in cash from HML's existing cash balances. The block property management business produces annual revenues of approximately £290,000 and is expected to be immediately earnings enhancing. The transaction includes a performance related retention payment of £73,000 which will, subject to the achievement of certain criteria, be made 12 months after completion.
AF&A was founded in 1977 and is a family business providing property management services to approximately 1,150 block units in South East England. The blocks will be managed from a number of HML's offices in this area. Duncan Foster, senior partner and manager of the business who is the son of AF&A's founder, and his team are transferring to HML Anderton's offices in Aldershot, which is in the area that the majority of buildings are located.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"The Alan Foster & Associates business fits well into HML's network of offices. We are pleased that the locations of the buildings under management match the distribution of our local offices, enabling our teams to provide a comprehensive local service. We enthusiastically welcome Duncan, his team and his clients to the HML Group."