18th May 2016 07:46
LONDON (Alliance News) - HML Holdings PLC on Wednesday said its subsidiary has bought property management business Homes & Watson Partnership for GBP364,000.
Homes & Watson is based in Ingatestone, Essex and provides block management property services in the Essex and London geographical areas.
HML Holdings, a property management and insurance services company, said the purchase will be made through its subsidiary HML Hawksworth Ltd, which covers central London and Essex.
The GBP364,000 consideration will be satisfied in cash from HML Holdings's existing cash balances, the company said, noting that the transaction includes an additional performance related retention payment of up to GBP73,000. This will be subject to the achievement of certain criteria, to be made twelve months from the acquisition date.
HML Holdings said the purchase will be immediately earnings enhancing.
HML Holdings added that trading for the year ended March 31 was "in line with market expectations". It will release its full-year results in "late June", it said.
"We are delighted to welcome Homes & 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," said Chief Executive Rob Plumb.
Shares in HML Holdings were up 2.5% at 32.30 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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