REACTION

Lomond Capital, the Edinburgh-based property investor and consolidator, has bolstered its presence south of the Border with the acquisition of a Midlands lettings and estate agency.

Wolf’s manages more than 750 properties, bringing the number of units managed by the Scottish group’s Birmingham operation, John Shepherd, to about 2,000.

The deal is the second since Lomond Capital completed a recent fund raising process that provided the group with £37.5 million of financial firepower to expand its existing regional network and extend its reach to the south coast of England and London. It follows the acquisition of Brighton-based agent Brand Vaughan.

The Birmingham deal – announced yesterday – will see the John Shepherd business extend its footprint into the key Harborne market by retaining and rebranding Wolf’s branch in the area. Wolf’s city centre business, meanwhile, will join with John Shepherd’s new central branch when it opens next

0 Lomond chief executive Stuart Pender is eyeing further expansion

RADOVAN VUCKOVIC month. The staff will also transfer over to the new owner.

Lomond Capital chief executive Stuart Pender said: “Not only is Wolf’s an excellent business bringing a strong lettings portfolio and high quality staff but it also fills in the remaining gaps in John Shepherd’s geographic coverage in the area.

“We are very excited about our new Birmingham city centre office. We have a strong pipeline of further acquisitions across the country and more approaches every week.”

Lomond Capital, which was set up less than seven years ago, has built up a £2.5 billion portfolio of residential assets, sells more than £600 million worth of property per annum and employs some 365 staff. It currently has businesses in Aberdeen, Birmingham, Brighton, Edinburgh, Manchester and St Andrews and is planning further investments across the south of England and London.

Richard Crathorne and Gary Black, joint chief executives

“I know the Wolf’s team will relish the new opportunities that working with Lomond’s local firm, John Shepherd, will bring”