Midlands agency acquired
Lomond secures second deal in a month
Lomond Capital, the property group, has acquired Wolf’s Lettings and Estate Agency, a Birmingham business managing more than 750 properties.
It brings the number of properties managed by Lomond’s Birmingham operation, John Shepherd, to 2,000.
Additionally, Wolf’s fast growing ‘Estate Agency and Land & New Homes’ division complements the John Shepherd estate agency offering.
The deal is the second since Lomond Capital completed a fund raising process last month, providing the group with £37.5 million of capital funding to expand its existing regional network and extend its reach to the South Coast of England and London.
It follows the acquisition of south coast estate agent, Brand Vaughan in Brighton.
Lomond Capital chief executive, Stuart Pender said: “Not only is Wolf’s an excellent business bringing a strong lettings portfolio and high quality staff but it also fills in the remaining gaps in John Shepherd’s geographic coverage in the area.
“We are very excited about our new Birmingham city centre office. John Shepherd’s strength and depth now makes it the number one lettings and estate agency brand in Birmingham. We have a strong pipeline of further acquisitions across the country and more approaches every week.”
Lomond Capital launched in 2010 and now manages residential properties worth in excess of £2.5 billion, sells more than £600 million worth of property per annum and employs more than 365 members of staff.
It has businesses in Aberdeen, Birmingham, Edinburgh, St Andrews, Manchester and Brighton and is planning further investments across the South of England and London.