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 £438,000 plus an additional payment for the surplus working capital (the “Acquisition”).
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.
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 £438,000. The consideration includes additional performance related retention payments of up to £88,000 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:
HML Holdings plc Tel: 020 8439 8529
Alec Guthrie, Chief Executive Officer
James Howgego, Chief Financial Officer
finnCap Tel: 020 7220 0500
Ed Frisby / Giles Rolls – corporate finance
Camille Gochez / Tim Harper – ECM
Tavistock Communications Group Tel: 020 7920 3150
James Verstringhe / Jeremy CareyAll Announcements
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