Property group buys into Brighton firm
Lomond secures first deal in south of England
The company, based in Edinburgh, has bought a majority stake in Brighton-based estate agency and lettings group Brand Vaughan.
It manages more than 1,250 properties and sells about £175m worth of property a year.
Lomond will fund the expansion of the business and Lomond’s chief executive Stuart Pender will become chairman alongside the existing management team.
Mr Pender said Brighton and the south coast had been on Lomond’s radar for some time.
“Taking a majority stake in a market leader in the area has certainly created interest in our plans in the area and we are having a lot of positive discussions there currently,” he said.
Lomond hopes to secure its first deal in London by the end of the year.
The company received £37.5m in acquisition funding from Clydesdale Bank and Tosca Debt Capital.
It employs more than 350 staff across businesses in Aberdeen, Edinburgh, St Andrews, Birmingham and Manchester.