Lomond bolsters student lettings footprint with 54th acquisition as buying spree continues
Lomond boss Ed Phillips says the acquisition of HOP Lettings will add an additional 861 residential properties to the firm's lettings book - around 300 of which are student properties.
Lomond has snapped up Yorkshire-based HOP Lettings and HOP Students as the fast-growing network of regional estate agency and lettings brands continues its push for market dominance.
The latest deal marks Lomand’s 54th acquisition since launching three years ago and will bolster its footprint in the student lettings market.
LETTINGS BOOK
The move will see HOP Lettings operate as part of Lomond’s Linley and Simpson 23-branch brand and will add an additional 861 residential properties to the firm’s lettings book – around 300 of which are student properties. And with Linley and Simpson already boasting a book of 14,400 properties the acquisition will push them beyond the 15,000-property threshold.
The deal also provides the firm with an opportunity to expand its student offering to the Leeds area, having already established a foothold within the student market in York with the purchase of Sinclair Properties in 2021.
The existing HOP Students business adds an additional 300 student properties to its national portfolio and will continue to operate from the existing Leeds city centre office, with the same team.
SIZEABLE PRESENCE
Ed Phillips (main picture), Lomond Chief Executive, says: “The acquisition of HOP will allow us to further strengthen our Linley and Simpson brand, a brand which already has a sizable presence within the region.”
And Martin Elliott, Chief Executive of Linley and Simpson, adds: “Not only does the acquisition of the HOP businesses further build on our extensive residential lettings portfolio but it also allows us to build on the existing foundations we’ve laid within the student rental market.
“Like York, Leeds is an extremely popular university town and one that is home to high demand for student lets. Establishing a student base within the city itself was an important part of our growth strategy; the acquisition of HOP Students allows us to do this immediately.”
Luke Gidney, Owner and Founder of HOP, says: “This strategic move will have a big impact on the wider market and gives Linley & Simpson an exciting opportunity to enter the thriving student rental sector in Leeds. We know that our loyal clients and fantastic staff will be in very safe hands.”
Last month The Neg reported on rumours that Lomond Group is being prepared for sale by its private equity backers, LDC.
