HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces the acquisition of Dauntons Soar Management Limited (“DSML”), a property management business located in Pimlico.
HML PM Limited, the property management subsidiary of HML Holdings plc has purchased the entire share capital of DSML for total consideration of up to £669,000. The initial payment of £467,000 will be satisfied in cash from HML’s existing facilities. The consideration includes additional performance related retention payments of up to £202,000, which will be subject to the achievement of certain criteria and will be payable 12 and 24 months after the acquisition date.
Dauntons Soar has been operating as a property services business in the SW1 post code area of Central London for more than 75 years. In 2007, Simon Pring the Managing Director of DSML purchased the block management business from his former partners and has owned and managed the business ever since. It has grown to manage over 600 units in 110 blocks in the central London (SW1) market. Simon and DSML’s employees will remain with the business, which will continue to operate from its existing offices in Pimlico.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
“This is a strategically important acquisition for HML, extending our reach into an attractive central London market. We are pleased to welcome Simon and the team at Dauntons Soar Management Limited into the HML family. They bring with them a wealth of knowledge in this niche and extremely attractive sector of the property management market.”
For further information, please contact:
HML Holdings plc
Robert Plumb, Chief Executive Officer
James Howgego, Chief Financial Officer Tel: 020 8439 8529
Ed Frisby / Giles Rolls – corporate finance Tel: 020 7220 0500
Camille Gochez – corporate broking
Tavistock Communications Group
James Verstringhe/Jeremy Carey Tel: 020 7920 3150
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