Acquisition of letting agency
Lomond swoops again on Brighton market
Bruce Evans: ‘fresh push into new markets’
Lomond Capital, the rapidly-expanding property group, has announced the acquisition of one of Brighton’s most well-established letting agencies, Tanat-Jones & Co.
The deal marks Lomond’s second acquisition in the city after purchasing Brand Vaughan in March and brings its total number of properties under management in the south coast region to more than 1,500. Tanat-Jones & Co will trade as Brand Vaughan.
Lomond Capital secured £37.5 million in acquisition funding earlier this year and is now building its presence in the South of England.
It is in the latter stages of negotiations to enter the London lettings and sales markets for the first time with further deals planned across the UK. Lomond Capital aims to have more than £4 billion worth of properties under management by the end of 2018.
The group also recently restructured its senior management with the promotion of Bruce Evans to chief executive and the appointment of banking stalwart Pete Flockhart as chief financial officer. Stuart Pender moved from CEO to executive chairman.
Mr Evans said: “Bringing Tanat-Jones into our portfolio firmly establishes our presence in Brighton and provides us with a genuine anchor in one of the UK’s most active rental markets.
“This acquisition is the beginning of a fresh push into new markets, including London, which could dramatically change the value of our portfolio.”