Lomond Group has completed the multi-regional acquisition of a major online letting agency.
The company has purchased Manchester-based Property Hub Lets, which specialises in the rental and management of properties owned by portfolio investors.
More than 700 properties across Manchester, Liverpool, Leeds and Birmingham will transfer to the Lomond Group as part of the deal, in addition to three staff members.
They will no longer be managed online and will be integrated within the existing High Street branches of three of the Lomond Group’s major brands – Thornley Groves in Manchester and the North West; Linley & Simpson in Yorkshire; and John Shepherd in the Midlands.
Will Linley, managing director of the Lomond Group, commented: “This is the first time we have acquired an agency that operated exclusively online, and are thrilled with the high-quality portfolio we have inherited.
“It represents a perfect synergy for us as we already have a strong presence across the majority of major cities that Property Hub Lets covers. We now look forward to transferring all these properties smoothly and speedily into a number of our local branches.”
“This deal is our first multi-regional one in England – and a model we are looking to mirror in future acquisitions.
“It underlines the unique proposition of Lomond Group and the strength of our network of regional brands, where they are able to link together across huge swathes of the country to accommodate a diverse geographical portfolio.”
He added: “The deal also extends our portfolio reach into Liverpool for the first time, where lets will be managed by our Thornley Groves team.”
Property Hub Lets is part of the London-headquartered Property Hub, founded by Rob Bence and Rob Dix, which has an online community of more than 60,000 property investors.
The deal will see the duo and their team of more than 50 people focus on their core business of helping more people change their lives through property investment. This includes its portfolio-building service called Property Hub Invest and its growing programme of new build tailored specifically for property investors.
Bence, said: “When we started Property Hub Lets in 2014, we had the vision of creating the letting agency that we wanted as investors ourselves.
“It’s been an incredible journey with lots of ups and downs and plenty of learnings along the way. We now believe that the best way to fully realise that vision is for Property Hub Lets to become part of Lomond Group.
“The Property Hub Lets team will immediately benefit from Lomond Group’s established infrastructure and greater resources, and we’re confident that our clients will immediately experience and enhanced level of service.
“We will partner closely with Lomond Group to ensure that our Property Hub Invest clients continue to benefit from a seamless experience from purchase through to property management.”