Investment firm Lomond Capital has bought four more estate agencies adding 700 rental properties under management to its fast-growing national portfolio.
The quartet of acquisitions are Pad Residential and Allison & Co in Manchester, Halls Estate Agents in Brighton and Craigflower Lettings in Edinburgh.
This means Lomond, with 23,000 properties under management worth £2.3 billion, is now a third the size of Countrywide (74, 000 properties under management) and Belvoir, which has 70,000.
Lomond also has nearly 600 staff working in estate agencies within many key UK towns including Aberdeen, Birmingham, Edinburgh, St Andrews, Manchester, Brighton, Leeds, York, Hull and Sheffield.
These businesses will not continue under their own names and instead will be dovetailed into Lomond’s existing estate agency brands. Two of the companies did not have high street, branches, one has just sold its letting book and one, Craigflower, was sold with a branch – which is not being retained by Lomond.
These are Thornley Groves (in Manchester), Brand Vaughan (in Brighton) and Braemore (in Edinburgh).
The acquisitions come hot on the heels of Lomond’s merger with fast-growing Yorkshire estate agency Linley & Simpson earlier this month, which itself bought rival Dacre, Son & Hartley late last year.
“These deals very much signal our intention to continue to consolidate regional markets through our network of market leading regional agents and is a continuation of our approach to building our business while retaining our successful local approach,” says Lomond Group CEO Stuart Pender (main picture).
“We are looking for new opportunities to work with good quality lettings and estate agencies across all of our regions.”
Lomond has bought 34 businesses in the sector since November 2010.