StockMarketWire.com - HML Holdings, a leading provider of property management, insurance and ancillary services to residential property blocks, has acquired PG Ashton Property Management Co, 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 £463,000. This consideration will be satisfied in cash from HML's existing cash balances.

The transaction includes an additional performance related retention payment of £93,000 which will, subject to the achievement of certain criteria, be made 12 months from today's date. PGA produced £62,000 in normalised earnings after tax in its last financial year and has annual revenues of approximately £386,000. 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.




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