LONDON: HML Holdings plc, a leading provider of property management, insurance and ancillary services to residential property blocks, has announced the acquisition of Leasehold Management Limited (LML) for a consideration of £438,000 plus an additional payment for the surplus working capital.
Alec Guthrie, Chief Executive of HML, said: “The Acquisition is in line with the Group’s strategy of acquiring leasehold management businesses that can quickly be integrated into the Group and that provides further regional coverage. We are pleased to welcome all the team at LML into the HML Group”.
LML was founded by Peter Ballam in 1996 and offers property management services to developers, resident management companies and freehold landlords across Surrey, Sussex and Kent. The business focuses on the management of long leasehold and private developments. LML manages 1,222 units in 81 blocks. LML employees will remain with the business and operate from its offices in Worthing.
Total cash consideration (excluding the additional payment for surplus working capital at completion) is £438,000. The consideration includes performance related retention payments of up to £88,000 in total which will be subject to the achievement of certain criteria and will be payable 12 months and 24 months from the Acquisition date.