The Lomond estate agency group, backed by private equity, is to be sold off.
Sky News understands that LDC, the private equity arm of Lloyds Banking Group, has hired bankers from Clearwater International to oversee a sale of Lomond Group, which has expanded aggressively through a series of acquisitions.
A process is expected get underway in the coming months, and should value Lomond at well in excess of £100m, according to industry sources.
Lomond Group was created from the merger of Lomond Capital and Linley & Simpson in 2021, a deal which established a business with 22,000 properties under management.
Lomond, which has purchased more than 50 companies across the UK since forming, now has key locations in Scotland, Yorkshire, Manchester, Birmingham, Exeter, and the South Coast.
The group trades under several well-known brands, including DJ Alexander, Hardisty & Co., John Shepherd, Michael Jones & Co., Thornley Groves, Dale Eddison, Julian Wadden, Linley & Simpson and Matthews.
EYE contacted LDC but the company declined to comment.
Good time to sell, the industry seems to be going wonky and of course Labour.
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Good news for smaller agents as landlords will be squeezed even more and service worsen further, making them look elsewhere. Happens every time.
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Won’t sell. They’ve just burnt alot of pensioners money.
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This cannot be good for team morale, many of the firms were privately owned then sold to a national Leeds firm now to be sold again, maybe to an investment company? Is Countrywide or Connells interested?
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They’ve fattened the pig, so it’s time to take it to market. Makes sense.
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For anyone wondering, this is a complete surprise for those of who work for Lomond too!
A year ago we worked for a nice little independent firm, now we work for a corporate company that we know very little about and is apparently up for sale….
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