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Consolidation in lettings sector

Lomond Capital seals second English deal in two weeks

Bruce EvansProperty group, Lomond Capital, has acquired Bonett’s Estate and Lettings Agents in Brighton bringing the number of properties under its management in the region to 1,650.

The deal follows Lomond’s purchase of SDL Group’s lettings portfolio in Birmingham last week – underlining its commitment towards consolidation of the UK residential property market.

Bonett’s was established nearly 30 years ago by Paul Bonett. It will now merge with and operate under the banner of Lomond’s local business, Brand Vaughan.  The deal comes just over five months after Brand Vaughan acquired Tanat-Jones & Company.

Bruce Evans, Lomond Capital’s chief executive, said: “Whilst Lomond continues to grow, a variety of industry challenges are leading smaller, independent agents to consider their exit strategies and taking the opportunity to sell.

“Additional pressures to income levels such as increased competition, impending abolition of tenant fees, as well as costs associated with increased regulations, mean that many independent agents are looking to de-risk and release value from their businesses.”

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