29th May 2014 08:57
LONDON (Alliance News) - Property management group HML Holdings PLC Thursday said it has acquired the block property management business of Alan Foster & Associates, based in Guildford, Surrey, in a deal worth GBP361,000 in cash.
The transaction includes a performance-related retention payment of GBP73,000 which will, subject to the achievement of certain criteria, be made 12 months after completion.
HML said the block property management business produces annual revenues of around GBP290,000 and is expected to be immediately earnings enhancing.
Alan Foster & Associates, founded in 1977, is a family business providing property management services to approximately 1,150 block units in south east England. The blocks will be managed from a number of HML's offices in the area.
HML Holdings shares were quoted up 3.6% at 36.00 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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