Lomond Capital grew its portfolio further in Edinburgh with the acquisition of the lettings division of Charles White, Edinburgh’s longest established lettings agent, which has managed residential property in the Edinburgh area since 1840.
Lomond has acquired the lettings division of Charles White, now Charles White Lettings, while the company’s block management division will continue to trade as Charles White Ltd.
The acquisition of Charles White Lettings will add 700 properties to Lomond Capital’s portfolio, bringing the total number of properties it has under management to 2,500 in Edinburgh and 3,400 across Scotland, strengthening its position as one of the biggest players in Scotland’s competitive lettings market.
Stuart Pender, Chief Executive at Lomond Capital said: “We are delighted to have acquired such a well-established lettings division. Charles White will bring a wealth of knowledge and experience to our lettings business and we look forward to working with the team.”
The move to take over Charles White’s lettings business will see 12 staff transfer to Lomond and the business will remain at its current location on Morningside Road. Head of Lettings at Charles White Caroline Elgar, will continue to run the lettings team on a day to day basis.
Edwin Backler, Managing Director at Charles White Ltd, said: “This is an exciting strategic move for Charles White. We are keen to continue developing the block management division of the business both here in Scotland and in Northern Ireland, and by working with Lomond Capital we can ensure that the lettings business continues to grow in the hands of a lettings specialist.”