HML Holdings PLC Acquisition (2857Y)

TIDMHMLH

RNS Number : 2857Y

HML Holdings PLC

02 March 2017

HML Holdings plc ("HML" or "the Group")

HML acquires Block Management Business

HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces the acquisition of the Block Management Business of Gordon and Company Property Consultants Limited ("G&CPCL"), the flats and estates property management business of Gordon & Company.

HML Andertons Limited, the subsidiary of HML Holdings plc covering southern and western England has acquired the business and share capital of G&CPCL for an initial purchase price of GBP1 million. This consideration will be satisfied in cash from HML's existing cash balances. The transaction includes further performance related retention payments amounting to GBP0.4 million which will be subject to the achievement of certain criteria and will be payable 24 months from the acquisition date. G&CPCL has pipeline management instructions valued at GBP0.4 million which may further enhance the purchase price. The acquisition produces normalised annual revenues of GBP1.1 million. It is expected that G&CPCL will be earnings enhancing once it has been fully integrated into HML.

G&CPCL is part of the Gordon and Company estate agency and property management group which has 8 offices in Southern England as well as Southeast Asia. The block management business being acquired is based in London with branches in Reigate and Bristol. The business currently manages over 6,000 units across 280 blocks or estates.

The acquisition of G&CPCL is the second 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:

"The Gordon & Company block management business is an excellent fit with our operations. We welcome the team at G&CPCL to HML who, we are confident, will have an exciting and prosperous future with us."

For further information, please contact:

 
 HML Holdings plc                   Tel: [phone] 
  Robert Plumb, Chief Executive      8529 
  Officer 
  James Howgego, Finance Director 
 finnCap                            Tel: [phone] 
  Jonny Franklin-Adams / Giles       0500 
  Rolls - corporate finance 
 Mia Gardner - corporate broking 
 Tavistock Communications Group     Tel: [phone] 
                                     3150 
 James Verstringhe / Jeremy Carey 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQDMGGFNMDGNZM

(END) Dow Jones Newswires

March 02, 2017 02:00 ET (07:00 GMT)