- HML Holdings, a leading provider of property management, insurance and ancillary services to residential property blocks, has acquired Homes and Watson Partnership, a property management business based in Ingatestone Essex. HML Hawksworth Limited, the subsidiary of HML, covering the geographical area of central London and Essex has purchased the entire share capital of H&W for GBP364,000.

This consideration will be satisfied in cash from HML's existing cash balances. The transaction includes an additional performance related retention payment of up to GBP73,000 which will be subject to the achievement of certain criteria, to be made 12 months from the acquisition date. It is expected to be immediately earnings enhancing.

H&W was founded in 1998 to provide block management property services in the Essex and London geographical areas. Since its formation it has grown rapidly to manage to over 1,400 residential properties in 65 estates and blocks of flats. John Pritchard, founder of H&W, will continue as a consultant to the business. H&W and all of its employees will initially operate from their offices in Ingatestone before moving into HML's offices in Romford.

Chief executive Rob Plumb said: "We are delighted to welcome Homes and Watson to the Group. The company has developed an excellent reputation over a number of years for a quality local service. The business will significantly improve our ability to serve the Essex and North Eastern quartile of London."

HML's board also confirmed that trading for the period ended 31 March was in line with market expectations will release results for the period in late June.

At 8:02am: [LON:HMLH] HML Holdings PLC share price was 0p at 31.5p

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