Lomond Capital merges with Linley & Simpson
Stuart Pender: ‘looking to consolidate’
Lomond Capital, the owner of Scottish lettings & estate agents Braemore and Stonehouse, is merging with Yorkshire firm Linley & Simpson to create a national lettings and estate agency group.
The new group will have more than 22,000 properties under management and major hubs locations across the UK, including Aberdeen, Birmingham, Brighton, Edinburgh, Leeds and Manchester. All local brands will continue to operate in their respective regions.
The deal is backed by private equity firm LDC. The new group will now look to strengthen its nationwide network through complementary acquisitions and organic growth.
Stuart Pender, group CEO of Lomond Capital, said: “Lettings and estate agents are facing an increasingly complex regulatory environment and challenging trading conditions.
“We have had significant success in bringing together and supporting good quality regional agents under one operating model whilst maintaining a local, on the ground approach which together has delivered significant benefits to landlords and tenants.
“Market conditions in the private rental sector are well suited to continued growth through consolidation. We are looking to continue to consolidate regional markets, whilst at the same time enhancing the proposition the sector offers to clients, through our network of market leading regional agents.”
Linley & Simpson has been backed by LDC since 2018 and has made 18 acquisitions and doubled its portfolio to 10,000 properties.
Co-founder Will Linley, will join the board as group managing director. Nick Simpson will become CEO of Yorkshire and Martin Elliott CFO.
Mr Linley said: “This transaction is a continuation of our approach to building our business while retaining our successful local approach. We are actively seeking fresh opportunities to grow within Scotland.
“We’re excited about the opportunities in each of the Lomond regions and I’m looking forward to working closely with Stuart, the Lomond team and LDC to help grow the new group.”