Stonehouse, part of the fast-growing Lomond Group, has strengthened its market position in Aberdeenshire following another strategic acquisition.

The group’s Stonehouse brand, which operates throughout its key heartland of Aberdeenshire, has bought the independent agency, Grant Fairbairn Property Leasing, for an undisclosed sum.

The deal adds almost 200 rental properties to the Stonehouse portfolio, which is now in excess of 1,750.

It further strengthens Lomond’s standing as the largest estate agency group in Scotland – a status it achieved after completing the “transformational” acquisition of Edinburgh’s DJ Alexander less than six months ago.

Andrew Seldon, Lomond Group’s CEO for North and West of Scotland, said: “Our latest acquisition brings together two home-grown Aberdeen success stories.

“It also underpins the Lomond Group’s market-leading profile across Scotland. After a year of sustained growth, we have propelled the number of properties under the management of our Scottish brands to approaching 10,000.

“This deal represents a perfect strategic, geographical and people fit – and we thank Grant Fairbairn, who founded the agency five years ago, for entrusting Stonehouse and the Lomond Group to build on the platform he has created.

“As a company proud of our Scottish roots, this will help us to unlock the rental potential that exists in Aberdeen – a district which consistently tops the tables of the best places to live, work and study.”

He added: “Both agencies have strong local roots, enjoy the same traditional values, and share a passion for properties and the people who live in them.”

Stonehouse became part of the Lomond Group at end of 2020 when Lomond Capital and Linley & Simpson joined forces to co-create a new national lettings and sales business. It had previously been a key strand of Lomond Capital’s business since 2012.

The group now has a combined UK portfolio of over 35,000 properties, worth around £8bn, under management; and operates major hubs in private rental hotspots including Aberdeen, Birmingham, Brighton, Edinburgh, Glasgow, Hull, Leeds, Manchester, Sheffield and York.

It has brought together a number of high-profile letting and estate agency brands, including Linley & Simpson across Yorkshire and the Humber; Thornley Groves in Greater Manchester and Cheshire; John Shepherd in its Birmingham and Midlands hub; Brand Vaughan plus Michael Jones and Company in the South East; as well as DJ Alexander and Stonehouse in its Scottish heartlands

The Lomond Group is eyeing further growth thanks to the backing of private equity firm LDC, with access to further acquisition investment provided by LGT Capital Partners.