6th Dec 2007 07:00
HML Holdings PLC06 December 2007 6 December 2007 HML Holdings plc ("HML" or "the Company") HML strengthened through North London Acquisition HML Holdings plc (AIM: HMLH), a leading provider of property management,insurance and ancillary services to residential property blocks, announces thatit exchanged contracts, yesterday, to purchase the business and assets of TheAvenue Agency ("TAA") (including Hathaways Property Management), a Barnet basedresidential management business specialising in the management of blocks ofresidential flats. The acquisition will be completed on 2 January 2008. The business has been acquired for a cash consideration of £700,000 with a 10%annual retention against warranties and performance criteria. For the year ended31 December 2006, TAA had unaudited earnings of £220,000 (before tax andpartners' drawings) and revenues of £475,000. The Avenue Agency was founded in the 1980s and has been owned and managed byNicholas (Nick) Philip since 1990. In 2004, the business grew substantiallythrough its acquisition of the property management division of Hathaways, aWestminster based estate agency. Nick and his brother, Frank Philip, have builtthe business which now manages over 120 residential blocks. Nick and Frank willremain with the organisation for a minimum of 12 months post completion. Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said: "We areextremely pleased to welcome The Avenue Agency to the group. The business, whichhas an excellent client service reputation, will become part of HML Mandells,HML's North London residential property management company. "In line with our ongoing strategy for growth through both organic andacquisitive means, TAA will significantly enhance our presence in the area andstrengthen the quality of our service offering." Ends. For futher information, please contact:HML Holdings plc 020 7352 5179Richard Smith, Executive ChairmanRobert Plumb, Chief Executive Tavistock Communications Group 020 7920 3150John West / Paul Youens Smith & Williamson Corporate Finance Limited 020 7131 4000Azhic Basirov / Siobhan Sergeant This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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