Richmond property management firm snap up Lancashire rival
Richmond-based property management firm HML Holdings has acquired rival Bolton property management outfit, Philip R Gibbs.
The £300k deal will see HML take over the 1,500 units Philip R Gibbs operate in 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.
Rob Plumb, chief executive of HML, said: “The PRG portfolio is an excellent fit for our expanding operations in the North West. Earlier this year the Group purchased the property management business of The Guthrie Partnership (now HML Guthrie) in Knutsford, Cheshire which has successfully grown under HML ownership.
“We are optimistic about our opportunities to expand further given the synergies arising from the 5,500 units we now manage in the area.”
PRG is a firm of Chartered Surveyors which also undertakes lettings management and professional services to the property investment community.