By Ian McConnell
Following his company’s merger with Yorkshire-based Linley & Simpson in a £ 100 million transaction, the chief executive of lettings and estate agency firm Lomond Capital has stressed his plans to grow further and build jobs.
As well as other companies in the business, including Thornley Groves in Manchester, Brand Vaughan in Brighton and John Shepherd in Birmingham, Lomond Capital owns Scottish lettings and estate agents Braemore and Stonehouse.
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Lomond Capital, headquartered in Edinburgh, noted that the combined group, which will operate under its name while keeping local brands, will have more than 22,000 operated assets and “major centers in private rental hotspots including Brighton, Edinburgh, Leeds, Manchester, Aberdeen and Birmingham.” The transaction was funded by LDC, Lloyds Banking Group’s private equity arm.
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In Edinburgh and St. Andrews, Braemore operates, and Stonehouse is located in Aberdeen. In 2010, Stuart Pender and Roger Lane-Smith founded Lomond Capital. 140 of its 325 staff are based in Scotland. The business currently operates residential property worth more than £ 2.75 billion and sells more than £ 750 million worth of property annually.
Created by Will Linley and Nick Simpson in 1997, Linley & Simpson operates more than 10,000 properties in 22 offices, including Leeds, York, Hull and Sheffield. The business also has a distribution offering and hires more than 260 individuals. Further acquisitions and organic growth are expected by the expanded company, which is equally controlled by LDC and management.
Asked if jobs will be retained in the acquisition, Mr. Pender responded, “Overall, we intend to create jobs rather than cut jobs as we grow our group into a national company.”
“The private rented sector is fragmented – Lomond has invested in some of the key PRS cities in the UK and the opportunity is to replicate the growth achieved by Linley & Simpson in Yorkshire in each of the Lomond regions.” he said of the reason for the contract.