The Edinburgh-based firm will now merge John Shepherd estate agency with Birmingham-based Marwood Homes and John Shepherd Lettings, which are also owned by Lomond Capital.
The company forecast that the enlarged business will now manage more than £250 million worth of properties for private landlords and sell in excess of £200 million worth of property annually.
Stuart Pender (left), Chief Executive of Lomond Capital, said, “The merger of John Shepherd Estate Agents with our existing businesses allows us to create a full service proposition for our clients under the leading estate agents brand in the region.”
Lomond Capital, which currently has businesses in Aberdeen, Birmingham, Edinburgh and Manchester, is now seeking to make further acquisitions across both lettings and estate agents in Birmingham as well as part parts of the UK. The company is currently in negotiations with estate agents and lettings businesses in Bristol, Brighton, Reading, Oxford and Cardiff.
“This is the first in a number of larger acquisitions planned in the south of England,” Pender added. “Our aim is to build a full service of property management businesses in key UK markets that offer private and institutional investors a scale model with a range of offerings from lettings to maintenance, financial products and investment and block management.”
The announcement of the John Shepherd acquisition coincides with the appointment of a new Chief Financial Officer and Partner. Hazel McIntyre (right) joins the Lomond group at the start of April having spent periods of her career with RBS, Green Highland Renewables and Giles Insurance.
Pender added, “Hazel has significant experience in both seeing through acquisitions and managing growth in a rapidly expanding group, with profit increasing in Giles Insurance from £8 million to £24 million during her five-year period as Mergers and Acquisitions Director.”