HMLH Hml Holdings Plc

TIDMHMLH

RNS Number : 1393R

HML Holdings PLC

23 October 2013

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

HML acquires Property Management Business in the North West

HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, announces that it has acquired the block property management business of Philip R Gibbs ("PRG") based in Bolton, Lancashire.

The consideration for the acquisition is GBP300,000 which will be satisfied in cash from HML's working capital. GBP240,000 is payable on completion and the balance of GBP60,000 is deferred over one year and subject to client retention performance conditions.

The business acquired manages over 1,500 units in and around the Greater Manchester area. For the year ended 31 March 2013, the block portfolio produced annual revenues of approximately GBP220,000 and is expected to be immediately earnings enhancing.

PRG is a firm of Chartered Surveyors which also undertakes lettings management and professional services to the property investment community. HML will not be acquiring these divisions of the business.

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

"The PRG portfolio is an excellent fit for our expanding operations in the North West. Earlier this year the Group purchased the property management business of The Guthrie Partnership (now HML Guthrie) in Knutsford, Cheshire which has successfully grown under HML ownership. We are optimistic about our opportunities to expand further given the synergies arising from the 5,500 units we now manage in the area."

For further information, please contact:

HML Holdings plc

Robert Plumb, Chief Executive Officer

James Howgego, Finance Director Tel: 020 8439 8529

finnCap

   Ed Frisby/Christopher Raggett - corporate finance                         Tel: 020 7220 0500 

Simon Starr - corporate broking

Tavistock Communications Group

James Verstringhe/Jeremy Carey Tel: 020 7920 3150

This information is provided by RNS

The company news service from the London Stock Exchange

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