HML Holdings acquires London property management outfit

19th Feb 2019 08:26

(Sharecast News) - Property management service HML Holdings has acquired Blackheath-based outfit Residential Block Management Services in a deal worth as much as £844,000.HML snapped up RBMS with an initial cash consideration of £675,000 on Tuesday, satisfied from the group's existing facilities, an will make an additional payment of up to £169,000 based on the achievement of certain criteria within the first 12 months of the acquisition.RBMS, which has been operating as a block management services business since 2005, manages more than 2,000 units in 160 blocks across South East London and, in 2018, recorded annual revenues of £803,000.Chief executive Rob Plumb said: "We are pleased to welcome all the team at RBMS into the HML Group."The business will become a valuable addition to our network of offices in London and provide ideal coverage for us in this important geographical area."As of 0825 GMT, HML shares had inched back 0.32% to 31.40p.