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HML Holdings, which provides property management, insurance and ancillary services, has completed its third acquisition since joining AIM last June.

The company has acquired WA Ellis Property Management for £1.3 million, which was satisfied through the issue of more than 481,000 shares at 27p each. Of the total consideration, 10% has been deferred for 12 months and will be paid in cash.

The company was sold by Knightsbridge-based estate agent and surveyor WA Ellis LLP. The firm, which was established in 1868, has been expanding its business recently and will use the proceeds to open new offices in West and Central London.

The acquisition is part HML’s regional growth strategy and expands its operations in Central London.

This latest deal follows its acquisition in May of Aldershot-based residential management and letting company Harrisons for £300,000 and the addition of London Provincial Properties to its portfolio in November for £237,000.

HML offers a range of ancillary services such as building surveying, buildings and related insurance, health and safety inspections and company secretarial management.

The acquired business has more than 2,000 units under management, mainly in Central London. These range from apartment blocks and new developments, to luxury mansion blocks and period conversions. Its property managers act for institutional and property developers as well as resident management companies.

In the 12 months to May this year, the company made a pre-tax profit of £123,000 from a £869,000 turnover.

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