Acquisitive lettings agent buyer Lomond snaps up its 20th purchase

Ambitious property management company Lomond Capital has announced three new acquisitions, as it seeks to consolidate the UK letting agency industry.

In Manchester, Lomond Capital has acquired Vital Space’s Manchester city centre lettings business.

This will be absorbed into its Thornley Groves operation in Manchester. The deal takes the total number of properties managed by Thornley Groves to 2,600. Thornley Groves was acquired by Lomond Capital in September last year and is funding the growth of the business. Vital Space will continue to be run by Paul Whiteman, who will still run its sales operation plus lettings in Urmston and Chorlton – but not in Manchester city centre.

In Aberdeen, Lomond has acquired Langley Serviced apartments, and the lettings book of Alex Hutcheon Legal & Estate Agency.

The Aberdeen lettings business, operating under the new Stonehouse brand, has 1,600 property assets under its management worth £365m and has a 38-strong property management team.

The new acquisitions bring the total number of deals to 20 that Lomond – headed by Stuart Pender – has done in the four years since it launched

All have so far been in Manchester, Edinburgh and Aberdeen, but Lomond says it will be launching into Birmingham and Leeds later this year, with a view to entering cities in the south of England next year.

Since it was set up in 2010, Lomond Capital has expanded from a standing start to employ over 240 staff.

The firm currently manages over 7,400 residential properties worth over £1.5bn and also expects to sell over £70m worth of residential property this year.

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