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Major purchaser of agency businesses wins another £40m for further acquisitions

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A company which has bought 30 agency businesses since 2010 has secured a war chest of nearly £40m for more acquisitions.

Lomond Capital has announced £37.5m acquisition funding as it embarks on its latest expansion into new letting and sales markets, largely across the south of England.

Clydesdale Bank will provide an acquisition facility of up to £25m, while Tosca Debt Capital, a Manchester based debt fund, will provide up to £12.5m under the new agreement.

Lomond currently employs 350 people across the UK, manages residential properties worth in excess of £2.5bn and sells more than £600m worth of property per annum.

It began its spending spree in Scotland in 2010, before moving into the north of England, the midlands and southwards.

Its target regions include Brighton and London, although the group said it would continue to expand in existing markets including Aberdeen, Edinburgh, Manchester and Birmingham.

Headed by chief executive Stuart Pender, Lomond has also appointed a new managing director, Bruce Evans, who was previously the managing director of Countrywide’s operations in London and south of England.

Pender said: “The outcome of the fundraising process will enable us to further expand our geographical footprint in the south coast of England and London.

“We very much look forward to working with Clydesdale and Tosca in the months to come.”

Commenting on Evans’ appointment, Pender added: “Bruce has significant experience within the sector and a very strong reputation for developing and managing rapid growth within a multi-regional business.

“We are delighted to have attracted an individual of such a strong calibre and I very much look forward to working with Bruce over the next phase of growth with Lomond Capital.”

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Source:: Major purchaser of agency businesses wins another £40m for further acquisitions