Property giant seals fresh Scottish deal
A London-based, Uk-wide sales and lettings agent is deepening its footprint in Scotland via its latest in a long line of acquisitions in recent years – and says it is eyeing more deals north of the Border.
Lomond has snapped up Glasgow-based Tay Letting, which also has offices in Edinburgh and Dundee, having completedmorethan50acquisitions since 2021. Previous recent transactions include last year buying the entire rental portfolio of Purplebricks in Scotland. Tay Letting will become part of Edinburgh-based DJ Alexander, which Lomond acquired in 2021 and continues to operate under its own name, managing more than 10,000 letting properties across Scotland.
Lomond said it is undertaking a rapid program of expansion across the UK and now has 1,200 staff across 12 brands from Aberdeen to Brighton, with more than 42,500 properties under management nationwide.
Ed Phillips, group chief executive of Lomond, commented: “This acquisition highlights our continued commitment to the Scottish market, and our determination to grow our network in the UK, building a progressive group of national lettings and sales agencies. Scotland is an important part of our business, and we are determined to further build on our base in the coming months and years. We are always open to more opportunities among businesses wishing to sell in Scotland and elsewhere. The DJ Alexander brand is a wellrespected and renowned brand across Scotland and growing this part of our business is an important factor in the growth of Lomond.”
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David Alexander, chief executive of DJ Alexander (and Scotsman columnist), said the acquisition of Tay Letting “will expand our presence in Glasgow and grows our business in Dundee and the surrounding area and complements our existing office in St Andrews”. He added: “The lettings market in Scotland has proved to be particularly vibrant and dynamic, and we anticipate that this will continue for many years to come.”
Marc Taylor, who founded Tay Letting in 2009, said: “We are delighted to hand over the firm to Lomond to operate under the DJ Alexander brand... and I am confident our landlords and tenants are in safe hands.” In 2020, Tay Letting secured a foothold in Dundee with the takeover of long-established Lickley Proctor.
Lomond was billed as becoming the largest lettings and estate agent in Scotland when it acquired major player DJ Alexander, in a move supported by LDC, the private equity arm of Bank of Scotland-owner Lloyds Banking Group. As part of the acquisition, Lomond consolidated its Edinburgh and St Andrewsbased agency Braemore, as well as the Edinburgh branch of its Fineholm business, into the DJ Alexander brand.