Member Article

HML Holdings acquires Holborn-based property management firm in multi-million pound deal

Property management company HML Holdings is to acquire rival property management firm Faraday Property Management (FPM) after exchanging contracts on a multi-million pound deal.

The Surrey-headquartered business announced to the stock exchange this morning that it would pay an initial £2.3m on a cash-free, debt-free basis for Holborn-based FPM, with further performance related payments of £600k payable over the 24 months following the acquisition date.

Founded in 2006, FPM provides property block management and surveying services in central London, with a particular focus on high-value properties. It currently manages over 4,000 residential units across 72 estates and blocks of flats.

Following the acquisition, the board and senior management team at Faraday will stay on at the business which will continue to operate from its Holborn HQ.

Rob Plumb, Chief Executive of HML, said: “FPM has grown to be one of central London’s most successful property management businesses.

“Its focus on high value properties and the excellent provision of building surveying services has enabled it to achieve an admirable and consistent return for its shareholders.

“We welcome all the Faraday team to HML group confident that the business will continue to prosper with a business strategy and culture that is entirely compatible with our own.”