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Evans leaves as Pender unveils Lomond Capital plan
Stuart Pender (left) will take on a new role following the departure of Bruce Evans (right)
Bruce Evans has left his role as chief executive of property investment and lettings business Lomond Capital with co-founder Stuart Pender becoming executive chairman.
The move signals a shake-up in strategy that follows the abolition in England of tenant fees, a key driver of market consolidation.
The English lettings market has undergone substantial disruption as firms seek to evolve their business models to address the lost revenue caused by the scrapping of fees. Smaller players, in particular, have struggled to protect margins and Lomond believes these market conditions support further consolidation in the years ahead.
Lomond Capital has undergone a period of consolidation over the last 18 months. It has bought 38 businesses since 2010 and now manages over £2.75bn worth of properties on a single operating platform. It has also introduced common business practices across 325 members of staff in six cities, setting it up to support further growth.
Mr Evans oversaw the transition within Lomond from a collection of successful regional businesses to one business operating in a number of regions. Mr Pender will now oversee the next stage of the group’s development as it seeks out further acquisition opportunities and rolls-out plans for a series of new products for group clients.
Mr Pender said: “The recent process of consolidation marks an important stage in the evolution of Lomond Capital to one business operating across a number of regions rather than a collection of regional businesses.
“Bruce Evans played an important role during this consolidation phase of our development. We now act as one organisation with a single operating platform and a single management structure. The benefits of this will become clear as we return to acquisition mode, seek opportunities to further grow our regional presence and assets under management and roll out a series of new products to our clients.”
Lomond Capital has identified a number of target markets in the south of England as strategic investment priorities but is open to opportunities across the UK. It will focus initially on opportunities to expand existing regions.
Mr Pender added: “Our strategy to consolidate the lettings market across the UK continues to offer both better value for tenants and fantastic opportunities for agents. It is a challenging time for smaller lettings agents and coming into the Lomond family is one way to secure your future and guarantee a professional, nationwide approach to service for landlords and tenants.”