Property group Lomond Capital is continuing to buy up agencies the length of England and Scotland, from Aberdeen to the south coast.
It has just announced the acquisition of Bonett’s Estate and Lettings Agents in Brighton, bringing the number of properties under its management in the region to 1,650.
The deal follows Lomond’s purchase of SDL Group’s lettings portfolio in Birmingham last week – underlining what it calls its ongoing commitment towards consolidation of the UK residential property market.
Bonett’s was established nearly 30 years ago by Paul Bonett to become one of Brighton’s most respected property agents. It will now merge with and operate under the banner of Lomond’s local business, Brand Vaughan, which was itself acquired by Lomond Capital a year ago.
Bonett himself said he is staying with the business for a time.
The deal comes just over five months after Brand Vaughan acquired Tanat-Jones & Company last December.
Brand Vaughan chief executive Tom Ghibaldan said: “Paul Bonett is a champion of integrity in the Brighton estate agency and lettings market and it was that shared value that appealed to us.
“We were impressed by his operation in Brighton – its strong reputation for high standards within the local area. The firm will be a welcome addition to the growing Brand Vaughan business.”
Bonett said: “Brand Vaughan is a safe pair of hands and a good fit to take the Bonett’s business forward.”
Bruce Evans, Lomond Capital’s chief executive, 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.”