Property services provider HML Holdings said Tuesday it had acquired property management business Residential Block Management Services located in Blackheath for £675,000.

Residential Block Management Services (RMBS) had been operating as a block management services business in and around the Blackheath area since 2005. It had grown to manage over 2,000 units in 160 blocks mainly in the South Eastern quartile of London.

RBMS’ employees would remain with the business and operating from its existing offices. RBMS reported annual revenues of £803,000 for the year ending 31 December 2018.

The transaction included additional performance related retention payments of up to £169,000 which would be subject to the achievement of certain criteria and be payable 12 months from the acquisition date.

‘We are pleased to welcome all the team at RBMS into the HML Group. The business will become a valuable addition to our network of offices in London and provide ideal coverage for us in this important geographical area,’ said Rob Plumb, Chief Executive of HML.