HML Holdings has acquired PG Ashton Property Management Company (PGA), a property management business based in Romford, Essex.
HML Hawksworth Limited, the subsidiary of HML Holdings plc covering the geographical area of central and east London, has purchased the entire share capital of PGA for GBP463,000. This consideration will be satisfied in cash from HML’s existing cash balances.
The transaction includes an additional performance related retention payment of GBP93,000 which will, subject to the achievement of certain criteria, be made 12 months from today’s date.
PGA produced GBP62,000 in normalised earnings after tax in its last financial year and has annual revenues of approximately GBP386,000. It is expected to be immediately earnings enhancing.
PGA was founded in 1989 and is a family business providing lettings and block management property services to approximately 1,600 residential and commercial property units in the Romford area.
Andrew Chater, managing director and former owner of PGA, will continue to manage the business and all of the employees of PGA will continue to operate from their current offices in Romford.
Rob Plumb, chief executive of HML, says: “We are extremely pleased to welcome Andrew and his team to the HML group. PGA’s business model which offers a local and personal property management service is entirely compatible with HML’s. Having a presence in Essex will be a significant advantage for us in the future.”