HML Holdings acquires Chilton Estates Management

7th Jul 2014 09:21

AIM-listed HML Holdings has acquired Chilton Estates Management (CEM), a property management business based in Bath, Avon.The property management, insurance and ancillary services provider paid £545,000 cash, which it will fund from its existing cash balances. It will potentially pay a further £141,000 depending on CEM's performance in the next two years. It generates annual revenues of around £433,000 and has normalised earnings of £100,000. The acquisition is expected to be immediately earnings enhancing.HML Chief Executive, Rob Plumb, said: "We are delighted to welcome the Chilton Estates team to the HML group. We have had a presence in the West Country for some time but CEM will provide the momentum we clearly need to effectively compete in this area. "CEM has an excellent customer retention record and a customer service culture that is entirely compatible with our own". Shares climbed 3% to 34.78p at the opening bell. NR