Brighton boost for Edinburgh’s Lomond

Property group Lomond Capital has inked its second key deal south of the Border in as many weeks.

The Edinburgh-headquartered group said it had acquired Bonett’s Estate and Lettings Agents in Brighton, bringing the number of properties under its management in the region to 1,650.

The latest deal follows Lomond’s purchase of SDL Group’s lettings portfolio in Birmingham last week.

Bonett’s was established nearly 30 years ago by Paul Bonett to become one of Brighton’s top property agents. It will now merge with and operate under the banner of Lomond’s local business, Brand Vaughan.

Lomond Capital was set up in 2010 by Stuart Pender and Roger Lane-smith. It now manages residential properties worth in excess of £2.6 billion, sells more than £600 million worth of property per annum and employs 365 staff.

Chief executive Bruce Evans said: “Whilst Lomond continues to grow, a variety of industry challenges are leading smaller, independent agents to consider their exit strategies and taking the opportunity to sell.

“Additional pressures to income levels such as increased competition, impending abolition of tenant fees, as well as costs associated with increased regulations, mean that many independent agents are looking to de-risk and release value from their businesses.”

Bonett’s founder and owner added: “Brand Vaughan is a safe pair of hands and a good fit to take the Bonett’s business forward.” 0 Bruce Evans: smaller firms facing challenges