HML Holdings’ subsidiary HML Hawksworth has acquired Bermondsey-based Managed Living Partnership Ltd (MLP) for £715,000 in cash, in a deal that is expected to be immediately earnings-enhancing.

The property management and insurance services company said the consideration will be satisfied from its existing cash balances.

The transaction includes an additional performance related retention payment of £143,000 which will, subject to the achievement of certain criteria, be made 12 months from the acquisition date.

MLP, which provides block management property services in central London, posted £40,000 in normalised earnings after tax in its last financial year and has annual revenues of around £555,000.

HML’s chief executive Rob Plumb said: “Having this additional presence in central London and the Docklands will be a significant advantage for us in the future.”