HML acquires block management business of LHH Management in Kensington
Property management specialist HML Holdings has acquired the block property management business of LHH Management, based in Kensington West London.
The consideration for the acquisition is GBP290,000 which will be satisfied in cash from HML’s working capital.
GBP232,000 is payable on completion and the balance of GBP58,000 is deferred over one year and subject to client retention performance conditions.
The business acquired manages over 400 units in and around the Kensington and Chelsea area. For the year ended 31 December 2012, the block portfolio produced annual revenues of approximately GBP210,000 and is expected to be immediately earnings enhancing.
LHH is a firm of residential property managers who also undertake lettings management. HML will not be acquiring the letting business.
Rob Plumb (pictured), chief executive of HML, says: “We are very pleased to welcome LHH’s clients and property management team to HML. The level of service and culture at LHH are entirely compatible with our own which means the business will fit well into HML Hawksworth’s offices in Victoria, from where buildings in this area are managed.”