HML buys Gordon & Co block management business

Josh White WebFG News | 02 Mar, 2017 12:17 | | |

libra, esterlina, divisa, moneda, reino unido pound currency
  • 35.50
  • 0.00%0.00
  • Max: 35.50
  • Min: 35.50
  • Volume: 0
  • MM 200 : n/a
17:17 17/11/17
  • 1,023.43
  • 0.18%1.82
  • Max: 1,023.88
  • Min: 1,021.32
  • Volume: 0
  • MM 200 : n/a
17:25 17/11/17
  • 2,718.82
  • -0.11%-3.01
  • Max: 2,735.67
  • Min: 2,703.54
  • Volume: 0
  • MM 200 : n/a
17:18 17/11/17

Property management, insurance and ancillary services provider HML Holdings announced the acquisition of the block management business of Gordon & Company Property Consultants, the flats and estates property management business of Gordon & Company, on Thursday.

The AIM-traded firm said its southern and western England subsidiary HML Andertons acquired the business and share capital of G&CPCL for an initial purchase price of £1m.

That consideration would be satisfied in cash from HML's existing cash balances.

The transaction also included further performance-related retention payments amounting to £0.4m,which would be subject to the achievement of certain criteria and be payable 24 months from the acquisition date.

G&CPCL had pipeline management instructions valued at £0.4m, which HML’s board said may further enhance the purchase price.

The acquisition would produce normalised annual revenues of £1.1m, and the board said it expected that G&CPCL would be earnings enhancing once it was fully integrated into HML.

G&CPCL is part of the Gordon and Company estate agency and property management group which has eight offices in southern England as well as South East Asia.

The block management business being acquired is based in London with branches in Reigate and Bristol, and it currently manages over 6,000 units across 280 blocks or estates.

HML confirmed the acquisition of G&CPCL was the second of the three potential acquisitions referred to in its announcement on 16 December.

“The Gordon & Company block management business is an excellent fit with our operations,” said HML chief executive Rob Plumb.

“We welcome the team at G&CPCL to HML who, we are confident, will have an exciting and prosperous future with us.”

More news

17 Nov Europe close: Stocks slip going into the weekend

Stocks reversed early gains as investors opted to play it safe going into the weekend and the euro edged a tad higher on the back of the political gyrations on Capitol Hill.

17 Nov Europe open: Stocks start slightly higher, analysts wary

Stocks have started the morning trading slightly higher, tracking overnight gains on Wall Street but analysts are worried about buying into Thursday's bounce.

17 Nov London close: Stocks finish week on down note

London's top flight index slipped on Friday, but managed to finish well-off its lows of the session despite renewed Brexit angst as the pound gave back early gains.

17 Nov Kingfisher gets RBC upgrade as 'reasons to be cheerful' in France

DIY retailer Kingfisher has more "reasons to be cheerful" thanks to an improving French outlook, analysts at RBC Capital Markets said on Friday, while clothes seller Supergroup remains "compelling" but its shares have gained a lot in recent weeks.

17 Nov NAV on the rise as Alpha Real Estate Trust turns focus to build-to-rent market

Real estate investment group Alpha Real Trust saw its net asset value (NAV) rise in its first half of trading as it moved to make further investments in build-to-rent projects.

17 Nov Pacific Industrial & Logistics completes sale of Bedford asset

Industrial and logistics-focussed real estate investment trust Pacific Industrial & Logistics has completed the sale of an asset located at Hammond Road, Bedford, for a total consideration of £5.8m, it announced on Friday.

17 Nov DP Poland cuts ribbon on 50th Polish Domino's store

DP Poland, which holds the exclusive master franchise for the Domino’s Pizza brand in Poland, celebrated the opening of its 50th location in the country on Friday.

17 Nov Mercia Technologies makes new investment into Aston EyeTech

National investment group Mercia Technologies has made a new direct investment into Aston EyeTech - a spinout from Aston University, Birmingham - which has developed a range of proprietary hardware and software products in ocular care, it announced on Friday.

17 Nov SimiGon receives final approval for $2m Israeli Air Force order

Modelling, simulation and training solutions provider SimiGon has now received final regulatory approval for a $2m purchase order received from the Israeli Air Force, initially announced on 20 June 2016, it confirmed on Friday.

17 Nov Agriterra losses grow after 'subdued' interest in corn products

Agricultural investment group Agriterra saw losses widen in the first half of its trading year as subdued demand for its maize flour products slashed revenues by more than a third.