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HML acquires Bedfordshire Property Management Business Thornes Chartered Surveyors 12th September 2019

HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, is pleased to announce the acquisition of Thornes Chartered Surveyors (“TCS”), a property management business with offices in Luton, on 11 September 2019.

 

HML has purchased the business and assets of TCS for £376,000 cash consideration, satisfied from HML’s existing facilities. The transaction includes additional performance related retention payments of up to £94,000 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.

 

TCS was established 1896 and has been operating as a standalone property management business for block and lettings under the leadership its current owner, Andrew Randall, who has been with the business for 45 years and has been its sole proprietor for 26 years.  The business has annual revenues of £370,000 and now manages over 70 blocks for 1,300 mainly leasehold property owners in addition to over 170 properties managed as let properties. In keeping with HML’s own business strategy TCS operates locally with all properties in the close vicinity of Luton. TCS’ employees will remain with the business and operate from its existing offices in central Luton. Andrew Randall will remain with the business as a consultant to help HML with the integration of the business into HML.

 

Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said: 

 

“We are pleased to welcome all the team at TCS into the HML Group. Prior to this acquisition HML has not been able to deliver the local and personal service that we would have wished to in this area. We are delighted with the additional regional coverage that TCS will bring to our network of offices. The business is especially significant for the development of HML’s lettings operations as TCS has a well-established letting client base that will create further momentum for this growing division.”

 

For further information, please contact:

www.hmlgroup.com 

 

HML Holdings plc                                                                     Tel: 020 8439 8529

Robert Plumb, Chief Executive Officer

Alec Guthrie, Chief Operating 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 Carey

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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