8th Apr 2019 11:01
LONDON (Alliance News) - HML Holdings PLC on Monday said it has purchased property management business Francis Butson & Associates for GBP570,000 in cash.
The AIM-listed firm said HML PM Ltd - its property management subsidiary - will fund the acquisition through existing facilities.
The transaction includes additional performance related retention payments of up to GBP125,000 which will be subject to the achievement of certain criteria and will be payable 12 months and 24 months from the acquisition date, HML said.
Francis Butson & Associates has been operating as a block management services business in St Neots, England, since 2001. Its employees will remain with the business and operating from its existing offices, HML said, while Terry Butson, who founded the business, will retire.
"We are pleased to welcome all the team at Francis Butson & Associates into the HML Group. We have long sort an office in this area and are delighted with the additional coverage the business will bring to HML in this region," said HML Chief Executive Rob Plumb.
HML shares were untraded on Monday, last closing at 29.20 pence each.
Related Shares:
HMLH.L