Lomond extends English reach

Property group Lomond Capital has unveiled its second acquisition in two weeks with the purchase of a south Manchester sales and lettings agent as it prepares to enter the London market shortly.

The Edinburgh firm said snapping up Hallmark Residential, with terms of the deal not disclosed, sees it further its consolidation strategy.

It also said the transaction brings the value of properties under its management to £2.7 billion, adding that its strength in north-west England under the Thornley Groves brand is reinforced with 3,000 properties under its management.

The business pointed out that the deal follows the purchase of Tanat-jones & Company in Brighton and Hove as it continues its expansion in the south and plans its entry into the London market.

Chief executive Bruce Evans said: “We’re finishing off 2017 with two great deals that strengthen our position in two key regions – the south as we look to the London market, and the north-west where Hallmark Residential marks our seventh acquisition.

“We continue to look for quality business in key regions around the UK and are looking to push into new markets… Indeed, we aim to sell over £1bn worth of properties next year in addition to building our portfolio to over £4bn.”

Lomond started out in 2010 and has more than 400 staff. In April it said it secured £37.5 million in acquisition funding.