The review was conducted by Fitch following a period of growth and change at HML, which resulted in assets more than doubling from just over £11 billion at the beginning of 2003 to £24 billion today, and the acquisition of new business premises in Padiham, Lancashire and Londonderry, Northern Ireland.
Fitch comments: “The company demonstrated its ability to maintain effective control over expansion without disrupting existing business.” The rating agency also highlights HML’s further ambitious growth targets, with the aim of £65 billion under management by end 2006 and notes HML’s “long experience of boarding portfolios [which] puts them in a strong position to manage this growth.”
Steve Haggerty, managing director of HML, comments: “HML’s expansion has been exceptional over the past 18 months and Fitch has rightly analysed how we have coped with this huge growth in the scale of our business. This necessitated acquiring two new offices, in Lancashire and in Northern Ireland, to accommodate 550 new staff recruited over the past year. We’ve also been progressively upgrading our systems to pave the way for our planned future growth. I’m delighted to say that we have successfully overcome the issues and challenges associated with this growth, and passed Fitch’s review with flying colours.”
“Of course, there’s no room for complacency in our business and we continue to keep our eye on the ball in terms of training, staff hiring and retention, IT development, and product innovation.”
