HML Holdings PLC Acquisition

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HML Holdings PLC

08 January 2020

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

Acquisition of Property Management Business

The Board of HML Holdings plc, a leading provider of property management, insurance and ancillary services to residential property blocks, is pleased to announce the acquisition on 7 January 2020 of Leasehold Management Limited ("LML") for a consideration of GBP438,000 plus an additional payment for the surplus working capital (the "Acquisition").

Highlights:

   --    LML specialises in leasehold management and is based in Worthing 

-- LML will be integrated into HML over the coming months with employees remaining with the business, save for LML founder Peter Ballam who will be retiring

Alec Guthrie, Chief Executive of HML, said:

"The Acquisition is in line with the Group's strategy of acquiring leasehold management businesses that can quickly be integrated into the Group and that provides further regional coverage. We are pleased to welcome all the team at LML into the HML Group.

About LML

LML was founded by Peter Ballam in 1996 and offers property management services to developers, resident management companies and freehold landlords across Surrey, Sussex and Kent. The business focuses on the management of long leasehold and private developments. LML manages 1,222 units in 81 blocks. LML employees will remain with the business and operate from its offices in Worthing.

Consideration for the Acquisition

Total cash consideration (excluding the additional payment for surplus working capital at completion) is GBP438,000. The consideration includes performance related retention payments of up to GBP88,000 in total which will be subject to the achievement of certain criteria and will be payable 12 months and 24 months from the Acquisition date.

For further information, please contact:

www.hmlgroup.com

HML Holdings plc Tel: [phone]

Alec Guthrie, Chief Executive Officer

James Howgego, Chief Financial Officer

finnCap Tel: [phone]

Ed Frisby / Giles Rolls - corporate finance

Camille Gochez / Tim Harper - ECM

   Tavistock Communications Group                                           Tel: [phone] 

James Verstringhe / Jeremy Carey

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January 08, 2020 02:00 ET (07:00 GMT)