LONDON: HML Holdings plc, a leading provider of property management, insurance and ancillary services to residential property blocks, has acquired Francis Butson & Associates (FBA), a property management business located in St. Neots Cambridgeshire.
HML PM Limited, the property management subsidiary of HML has purchased the business and assets of FBA for £570,000 cash consideration, satisfied from HML’s existing facilities. The transaction includes additional performance related retention payments of up to £125,000 which will be subject to the achievement of certain criteria and will be payable 12 months and 24 months from the acquisition date.
Francis Butson & Associates (FBA) has been operating as a block management services business in St. Neots since 2001. It has grown to manage c. 2,500 units in 125 blocks mainly in Cambridgeshire and the surrounding counties. FBS’ employees will remain with the business and operating from its existing offices. While Terry Butson who founded the business will be retiring, two of the former partners of the business will remain with (GR) the business.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said: “We are pleased to welcome all the team at FBS 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.”[the_ad id=”32940”]