11th Sep 2015 15:29
LONDON (Alliance News) - HML Holdings PLC said Friday it has acquired property management business Castle Wildish for GBP504,000, via its subsidiary HML Shaw Ltd.
Castle Wildish is based in Walton on Thames in Surrey. The acquisition will be funded by cash from HML's existing cash balances. The deal includes a performance related retention payment of GBP101,000, to made within a year from completion, subject to some criteria.
HML said that Castle Wildish's property management business has normalised earnings of GBP55,000 on annual revenues of around GBP400,000. It expects the acquisition to add to earnings immediately.
"We are delighted to welcome the Castle Wildish team to the HML group. As well as having an immediate and positive impact on earnings, CW will greatly enhance our presence in this outlying suburb of west London," said Chief Executive Officer Rob Plumb in a statement.
Shares in HML Holdings were up 0.2% at 42.10 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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