StockMarketWire.com - HML Holdings has acquired the block property management business of Philip R Gibbs based in Bolton, Lancashire.

The consideration for the acquisition is £300,000 which will be satisfied in cash from HML's working capital. £240,000 is payable on completion and the balance of £60,000 is deferred over one year and subject to client retention performance conditions.

The business acquired manages over 1,500 units in and around the Greater Manchester area. For the year ended 31 March 2013, the block portfolio produced annual revenues of approximately £220,000 and is expected to be immediately earnings enhancing.




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