Fast growing agency Lomond has continued to buy at an incredible rate, with its 55th acquisition in just three years.

In the firm’s latest move, it has acquired Xact Lettings Ltd, a rival in the Birmingham rental market, in a deal that will add to its established regional brand, John Shepherd.

And John Shepherd will now acquire 100% of Xact Group’s lettings operations.

Prepared for sale

As a result of taking on Xact’s letting book, John Shepherd will see its own book increase to 8,000 properties under management.

Only last week The Neg reported Lomond had snapped up Yorkshire-based HOP Lettings and HOP Students.

Last month, The Neg also reported on rumours that Lomond Group is being prepared for a £100 million sale by its private equity backers, LDC.

This will only strengthen our presence as one of the leading companies within the Midlands market.”

Lomond CEO Ed Phillips (main picture) says: “The Midlands has been one of the strongest performing regional markets in recent years and has remained a strong area of focus for Lomond and our John Shepherd brand as we’ve looked to execute our ambitious growth strategy.

“Having identified Xact Lettings as a key competitor within the region, we’re delighted to now add the weight and expertise of the company’s lettings arm to the Lomond portfolio and this will only strengthen our presence as one of the leading companies within the Midlands market.”

Richard Crathorne, CEO of John Shepherd, says: “The John Shepherd brand has long been established as one of the leading forces in the Midlands property market and we pride ourselves on our expert local knowledge, transparency and outstanding customer service.

“Our latest acquisition will only help us strengthen our position as one of the market leaders within the regional rental market, and we look forward to helping even more landlords and tenants as the business continues to expand.”