HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, is pleased to announce the acquisition of Thornes Chartered Surveyors (“TCS”), a property management business with offices in Luton, on 11 September 2019.
HML has purchased the business and assets of TCS for £376,000 cash consideration, satisfied from HML’s existing facilities. The transaction includes additional performance related retention payments of up to £94,000 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.
TCS was established 1896 and has been operating as a standalone property management business for block and lettings under the leadership its current owner, Andrew Randall, who has been with the business for 45 years and has been its sole proprietor for 26 years. The business has annual revenues of £370,000 and now manages over 70 blocks for 1,300 mainly leasehold property owners in addition to over 170 properties managed as let properties. In keeping with HML’s own business strategy TCS operates locally with all properties in the close vicinity of Luton. TCS’ employees will remain with the business and operate from its existing offices in central Luton. Andrew Randall will remain with the business as a consultant to help HML with the integration of the business into HML.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
“We are pleased to welcome all the team at TCS into the HML Group. Prior to this acquisition HML has not been able to deliver the local and personal service that we would have wished to in this area. We are delighted with the additional regional coverage that TCS will bring to our network of offices. The business is especially significant for the development of HML’s lettings operations as TCS has a well-established letting client base that will create further momentum for this growing division.”