EYE NEWSFLASH: Equity firm agrees to sell Leaders Romans Group

Bowmark Capital, the mid-market private equity firm, has signed a binding agreement to sell Leaders Romans Group (‘LRG’) to Platinum Equity.

LRG was formed from the merger of two Bowmark portfolio companies, Leaders Lettings and Romans Group, in 2016. It specialises in residential property lettings, sales and associated professional services including planning and surveying. The group has a nationwide network of 210 branches and offices, and manages over 62,000 properties across the UK.

Under the stewardship of Bowmark, which originally invested in Leaders Romans in 2010, and LRG’s executive team, revenues have approximately trebled to £165m, the number of employees has increased from 960 to 2,500, and the business has completed a total of 132 bolt-on acquisitions of branches and lettings portfolios.

Whilst pursuing this successful expansion strategy, the company says it has continued to deliver the highest standard of service for both tenants and landlords, complemented by a focus on product and service innovation.

Peter Kavanagh, LRG’s chief executive officer, commented: “Our partnership with Bowmark has been instrumental in building LRG into one of the leading property services groups in the UK. As a result of the investment in people, operations and new services, the business is well-positioned to capitalise on the exciting opportunities that lie ahead – both from organic growth and the continuation of our successful acquisition strategy. I look forward to working with Platinum in the next stage of LRG’s development.”

Bowmark partner Tom Shelford said: “We are delighted to have supported LRG to become the leading consolidator in the sector. The exceptional calibre of LRG’s people, and its focus on service excellence through digital transformation and product innovation, will ensure its continued success with its new investment partner.”


OPINION: Connells will struggle while Leaders Romans’ future is thrown into doubt



Email the story to a friend


  1. Neil Robinson

    Always said that LRG was not in the business of making a profit, but simply buying market share to enable them to achieve an exit.

    The new owners will no doubt see a load of areas where they can rationalise, so expect to see a load of closures and redundancies.

    1. JohnJames

      I read here recently that LRG has staggering levels of debt – so the interest payments alone must be eyewatering.

      1. Mike Robson

        Much of it in loan notes to current and previous executive directors. Presumably there will be dancing in the streets of Finchampstead tonight…..


    2. Mrlondon52

      The new owners need to double or triple the business for it to be worth their while. I imagine they’ve done their DD and will try and buy Lomond in the next 24 months. No point owning 62,000 managed contracts on their own; probably only gets interesting for them at 150K or 250K contracts. Bear in mind that only roughly 1.5m rental properties are fully managed. So Platinum need to take huge marketshare.

  2. JohnJames

    Paul Smith’s prediction coming true?

    1. aSalesAgent

      It’s been no secret that LRG was looking for a buyer.

      I feel for the employees.

  3. Southie

    You’re right the cuts are going to be huge.  There are still lots of places where Romans and leaders directly compete

    1. aSalesAgent

      + Oulook vs Portico


You must be logged in to report this comment!

Comments are closed.

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.