HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces the acquisition of Homes and Watson Partnership (“H&W”), a property management business based in Ingatestone Essex
HML Hawksworth Limited, the subsidiary of HML, covering the geographical area of central London and Essex has purchased the entire share capital of H&W for £364,000. This consideration will be satisfied in cash from HML’s existing cash balances. The transaction includes an additional performance related retention payment of up to £73,000 which will be subject to the achievement of certain criteria, to be made 12 months from the acquisition date. It is expected to be immediately earnings enhancing.
H&W was founded in 1998 to provide block management property services in the Essex and London geographical areas. Since its formation it has grown rapidly to manage to over 1,400 residential properties in 65 estates and blocks of flats. John Pritchard, founder of H&W, will continue as a consultant to the business. H&W and all of its employees will initially operate from their offices in Ingatestone before moving into HML’s offices in Romford.
HML has continued with its strategy of organic and acquisition growth and has further developed its geographic coverage and now has 15 offices managing approximately 60,000 property units.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
“We are delighted to welcome Homes and Watson to the Group. The company has developed an excellent reputation over a number of years for a quality local service. The business will significantly improve our ability to serve the Essex and North Eastern quartile of London.”
For further information, please contact:
HML Holdings plc
Robert Plumb, Chief Executive Officer
James Howgego, Finance Director 020 8439 8529
Jonny Franklin-Adams – Corporate Finance 020 7220 0500
Mia Gardner – Corporate Broking
Tavistock Communications Group
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