Agent in three-way split
Rivals take a slice as Grant & Wilson is carved up
Lomond Capital has acquired the Aberdeen and Edinburgh lettings offices of Grant & Wilson while the Glasgow operation has been bought by DJ Alexander.
Grant & Wilson trades as Bruce & Partners in Aberdeen and Ellon and these offices will trade under Lomond’s Stonehouse banner.
Braemore, which is Lomond’s Edinburgh-based business and the largest lettings business in the city, will take on management of Grant & Wilson’s residential properties in the capital.
Stuart Pender (above), chief executive of Lomond Capital, said Aberdeen and Edinburgh offered great opportunities for buy to let investors with very positive returns from income and capital growth. “We will continue to invest in these markets over the coming months,” he said.
Strathspey Capital, parent company of James Gibb Property Management, has acquired Grant & Wilson Residential Factors, which operates from Glasgow, Edinburgh and Aberdeen. The deal makes it one of the largest factoring businesses in Scotland.
It is Strathspey’s third acquisition in three years, having acquired James Gibb in 2012 and Aspect Residential Property Management in 2014. In that time it has doubled the size of the Edinburgh operation.
Strathspey’s chief executive, Douglas Weir (left), said: “We are committed to developing and building strong operations in both Glasgow and Aberdeen – replicating the successful growth model we’ve delivered in Edinburgh where we doubled in size within three years through the combination of strong organic growth and a local acquisition.
“The Grant & Wilson deal is key to establishing our position as one of Scotland’s major players in the property factoring market. We will be looking to meet the ongoing demand for factoring, as the property industry continues to recover.”
At the same time, Strathspey has acquired factoring businesses in Aberdeen, Edinburgh and Glasgow through its operating subsidiary, James Gibb Property Management. The deal marks Strathspey’s third acquisition in three years, and takes the total number of units under management to roughly 23,000.
Lomond is already the largest letting agent in Edinburgh, where it trades under the Braemore banner. Stonehouse, the company’s lettings brand in the north-east, will add 300 properties to take its portfolio to 2,100.
The deal comes as Lomond, headed by chief executive Stuart Pender, prepares to launch in at least two more UK cities later this year. In addition to its Scottish operations, the firm has built a significant presence in Manchester as well as a foothold in Birmingham.
Pender said: “I am delighted that we have been able to secure this acquisition and integrate the Grant & Wilson and Bruce & Partner portfolios into our existing businesses in Aberdeen and Edinburgh.
“We believe both cities offer great opportunities for buy-to-let investors with very positive returns from income and capital growth, and we will continue to invest in these markets over the coming months.”
The carve-up was triggered by an unsolicited approach to take over the factoring business of Grant & Wilson.
Graham Mitchell, director at the firm, said: “It is my opinion that there will continue to be consolidation in the factoring and leasing market, and this deal is in the best interests of our staff and clients.”