Property group restructures
Lomond Capital unveils top team shake-up
Stuart Pender and Bruce Evans
Stuart Pender, chief executive of property group Lomond Capital is to become executive chairman under a management shake-up at the Edinburgh-based company.
Bruce Evans, group managing director, is promoted to CEO and veteran banker Pete Flockhart is appointed chief financial officer.
The restructure coincides with plans for acquisitions in London and the South of England.
Lomond Capital secured £37.5 million in acquisition funding earlier this year and is close to entering the London lettings and sales markets for the first time.
It also has deals in the pipeline across the South of England as its ongoing strategy to consolidate the lettings and sales market bears fruit. Lomond Capital aims to have over £4 billion worth of properties under management by the end of 2018.
Mr Pender said: “This restructure marks an important moment in our strategy. We are preparing for a major push into new markets, including London, which could dramatically change the value of our portfolio.
“We are targeting to sell over £1 billion worth of properties next year in addition to building our portfolio to over £4billion.”
Mr Flockhart joins from Bank of Scotland’s commercial banking division, where he was a regional relationship director while also leading the bank’s strategy for the housebuilding sector across the UK.
Mr Pender said: “Pete brings with him a wealth of experience having performed a variety of finance, M&A, commercial and strategic roles.
“Having secured acquisition funding and consolidated our position in the UK sales and lettings markets, Pete joins at an exciting time for the business and will work closely with Bruce and I to drive the business to the next level.”
Mr Evans joined the business at the beginning of this year and has been instrumental in managing Lomond Capitals’ transition from a collection of regional businesses into one.
Mr Pender said: “Bruce’s contribution to our business is already substantial. We are now moving toward being an integrated business with multiple regions.
“Bruce is the right leader for the group and his promotion will allow me to focus on managing our increasing number of funder relationships while still driving some of our key acquisitions.”
Roger Lane-Smith will remain a non-executive director of Lomond Capital and senior partner of Lomond Capital Partnership.