Ten-branch South Coast independent bought by Lomond
The acquisitions just keep on coming as well-funded agency group makes its 59th purchase, this time of a major estate agency covering Hampshire and Surrey, Charters.
Lomond has made one of its biggest acquisitions to date after buying ten-branch independent Hampshire and Surrey agency, Charters.
Although the purchase price has not been disclosed, it will have been fairly steep – Charters turned over £10.9 million during its most recent full year of trading and made a gross profit of £3.5 million and a profit after tax of £1.2 million.
Its Chairman and Founder Rob Mott (main image), who established the company in Winchester 16 years ago, announced just two weeks ago that it had bought a rival, Fleet-based Honey Lettings bringing Charters’ total lettings book to 2,285 properties, the latest in a string of acquisitions recently.
Mott said at the time that the purchase made Charters one of the largest independent lettings firms within the region.
Hunger
“The Charters business has made several impressive acquisitions of its own in recent years and our hunger for growth via expansion fits perfectly with Lomond’s vision,” says Mott, who will be staying on in a senior capacity.
“So we feel that this was a natural path to take and we’re looking forward to driving the business forward even further with the support of Lomond behind us.”
Lomond CEO Ed Phillips says the purchase is one of its biggest acquisitions to date. “We believe our presence within the area will be significantly elevated and this deal will allow us to form an impenetrable base of operations from which to continue our expansion.
“I look forward working closely with Rob Mott and welcoming the whole Charters team into Lomond and continuing theirs and our successful journeys together.”
Charters has ten branches across Hampshire and Surrey as well as an HQ, commercial property arm, letting management hub and a land and new homes operation.
