Acquisition of estate agency
Lomond expands again with Birmingham deal
Edinburgh-based Lomond has acquired John Shepherd estate agency which will trigger further bolt-on deals in the Midlands and south of England.
This latest deal is in line with plans revealed in Daily Business by chief executive Stuart Pender last October. The company restructured its management teams to prepare for an expansion in Edinburgh, Aberdeen, Manchester, Birmingham, Bristol, Brighton, Cardiff, Oxford and Reading.
The expansion is part-funded by private equity following a deal with MML Capital in August 2014. The size of deal was not disclosed at the time but Mr Pender revealed that the company invested £17.5 million for a 25% stake, leaving him with almost all the remaining shares.
Speaking about the John Shepherd acquisition, he said: “This is the first in a number of larger acquisitions planned in the south of England. The merger of John Shepherd Estate Agents with our existing businesses allows us to create a full service proposition for our clients under the leading estate agents brand in the region.”
The company has also appointed Hazel McIntyre as chief financial officer and partner. She will join Lomond in April following spells at RBS, Green Highland Renewables and Giles Insurance.
Lomond Capital launched in 2010 and now manages residential properties worth in excess of £2.2 billion. It sells more than £450m of property a year, employing more than 350 staff.