HML Holdings buys Kent-based property manager for £317,000

2nd Feb 2017 08:54

(ShareCast News) - Property manager HML Holdings has bought Goodacre Property Services, a Kent-based property management business for up to £317,000, the first of three acquisitions the company will potentially make in 2017.The AIM-listed company's subsidiary HML Andertons, which covers Kent, Sussex and South London bought Goodacre in cash from £317,000, satisfied from its existing cash balance.The deal includes an additional performance related payment of £80,000, subject to achieving certain criteria and will be paid within 12 months.Goodacre, which produces annual revenue of £300,000, is expected to be earnings enhancing once it has been integrated into the company. Like HML, Goodacre focuses on local private residential management and manages about 1,000 properties in 36 estates and blocks of flats.Richard Mason, former owner of Goodacre, will continue to work for the business and Goodacre will initially continue to operate from its existing offices in Keston before moving into HML's offices near Maidstone.