Edinburgh’s Lomond in fresh push into south
● Fast-growing property group makes second Brighton deal
0 Lomond Capital was co-founded by Stuart Pender, who is now the firm’s executive chairman Property group Lomond Capital has continued with its expansion push south of the Border, acquiring one of Brighton’s most well established letting agencies.
The takeover of Tanatjones & Company by the Edinburgh-headquartered firm marks Lomond’s second acquisition in the city after it purchased Brand Vaughan in March.
The deal brings the total number of properties managed by the firm in the region to more than 1,500. Tanat-jones & Company will now trade as Brand Vaughan.
Lomond Capital secured £37.5 million in acquisition funding earlier this year and is now building its presence in the south of England. It is in the latter stages of negotiations to enter the London lettings and sales markets with further deals planned across the UK.
The firm aims to have in excess of £4 billion worth of properties under management by the end of 2018.
The scale of expansion under way at the group recently led to co-founder and chief executive Stuart Pender moving to an executive chairman’s role. His position has been taken by Bruce Evans, who was appointed managing director this year.
Pete Flockhart, who led the Bank of Scotland’s strategy for the housebuilding sector across the UK, has been brought in as chief financial officer.
Unveiling the latest English acquisition, Evans said: “Bringing Tanat-jones into our portfolio firmly establishes our presence in Brighton and provides us with a genuine anchor in one of the UK’S most active rental markets.
“The Tanat-jones reputation is fantastic and this deal really complements our approach to Brighton, which is delivered through Brand Vaughan.”
He added: “This acquisition is the beginning of a fresh push into new markets, including London, which could dramatically change the value of our portfolio.
“We are targeting to sell over £1bn worth of properties next year in addition to building our portfolio to more than £4bn. Having a foothold in Brighton’s buoyant private rental sector is a crucial part of that strategy.”