HML snaps up Cambridgeshire-based property manager
Property management and services firm HML Holdings acquired St Neots-based outfit Francis Butson & Associates for a total consideration of £570,000 on Monday.
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HML snapped up FBA and its assets in cash, satisfied from its existing facilities, in order to provide it with additional coverage in the Cambridgeshire area.
The AIM-listed group told investors the transaction included additional performance-related retention payments of up to £125,000, subject to the achievement of certain criteria and will be payable 12 months and 24 months from the acquisition date.
FBA, which has operated as a block management services business since 2001, has grown to manage around 2,500 units in 125 blocks mainly in Cambridgeshire and the surrounding counties. FBS' employees will remain with the business and in its existing offices. Founder Terry Butson will retire from the group.
Chief executive Rob Plumb said: "We are pleased to welcome all the team at FBS into the HML group.
"We have long sort an office in this area and are delighted with the additional coverage the business will bring to HML in this region."
As of 1025 BST, HML shares had slid 5.81% to 29.20p.