HML Holdings buys property management group Daunsons Soar

HML Holdings has bought Pimlico-based property management business Dauntons Soar for up to £669,000.

The AIM-listed provider of property management, insurance and ancillary services to residential blocks said the initial payment of £467,000 will be satisfied in cash from its existing facilities.

The consideration includes additional performance-related retention payments of up to £202,000, which will be subject to the achievement of certain criteria and will be payable 12 and 24 months after the acquisition date.

Dauntons has been operating as a property services business for more than 75 years. It has grown to manage over 600 units in 110 blocks in the central London (SW1) market. In 2007, the company's managing director, Simon Pring, bought the block management business from his former partners and has owned and managed the business ever since.

HML's chief executive Rob Plumb said: "This is a strategically important acquisition for HML, extending our reach into an attractive central London market.

"We are pleased to welcome Simon and the team at Dauntons Soar Management Limited into the HML family. They bring with them a wealth of knowledge in this niche and extremely attractive sector of the property management market."

At 1300 GMT, the shares were down 8.2% to 28p.