Two of the biggest names in the independent estate agency world have merged to form a lettings ‘mini Countrywide’.
Fast-expanding 21-branch Yorkshire lettings firm Linley & Simpson has merged with Lomond Capital, which has bought up 36 estate agency brands since it launched 12 years ago, and 18 since it received venture capital backing in 2017.
The best-known firms within its group include Brand Vaughan in Brighton, Thornley Groves in Manchester, SDL Bigwood, Slater, Hogg & Robinson in Edinburgh, John Shepherd in Birmingham and Braemore in Edinburgh.
The new venture between Lomond and Linley & Simpson will give the merged entity some 22,000 properties under management across the UK including in Aberdeen, Birmingham, Brighton, Edinburgh, Hull, Leeds Manchester, Sheffield and York.
The venture capital-backed lettings group says it has strong ambitions to become a fully national force as it takes advantage of the headwinds faced by many independents. Further acquisitions will be financed via private equity firm LDC, which has also financed Linley & Simpson’s growth.
Stuart Pender (pictured, above), Group CEO of Lomond Capital, says: “Lettings and estate agents are facing an increasingly complex regulatory environment and challenging trading conditions.
“We have had significant success in bringing together and supporting good quality regional agents under one operating model whilst maintaining a local, on the ground approach which together has delivered significant benefits to landlords and tenants.”
Linley & Simpson CEO Will Linley will join the board as Group Managing Director with a focus on delivering the Group’s ambitious acquisitive growth strategy. Nick Simpson will become CEO of Yorkshire and Martin Elliott CFO.