Lomond Capital has acquired one of Edinburgh’s largest standalone Lettings Agents and becomes Edinburgh’s largest property management group. Lomond Capital has now made six acquisitions in Edinburgh and combined with recent acquisitions in Aberdeen has established Scotland’s largest property management group in under two years, as part of their £45 million strategy to consolidate the UK Lettings Market. Lomond Capital now manages approximately 4,500 properties and employs more than 100 staff across both Edinburgh and Aberdeen.
Alba Residential is one of Edinburgh’s largest and most successful agents and is run by Paul and Kathleen Dickens. Paul and Kathleen Dickens will both remain with the business in the short term, prior to Paul joining the Lomond Capital Board in Edinburgh as a non-executive director and Kathleen leaving to focus on their business in St Andrews. Alba Residential Landlords and Tenants will now benefit from the introduction of new products and services including insurance, financial services and rent guarantees available through Lomond Capital.
Stuart Pender, Chief Executive of Lomond Capital, said: “We are delighted to have acquired Alba Residential. We believe that Paul and Kathleen have built an excellent business and that the management team at Alba will add further strength to the team we are building in Edinburgh. We are also delighted that Paul has agreed to join Lomond Capital as a non-executive director in Edinburgh.”
Paul Dickens, Chief Executive of Alba Residential, said: “This is the next stage of the evolution for Alba Residential. We are very proud of the business and the management team and we are pleased to have secured the businesses our long term future with Lomond Capital. Alba Residential will continue to grow, and is now backed by one of the largest property management businesses in Scotland.”
“The Lomond model is proven to bring many benefits to landlords through the delivery of new services to our clients. I look forward to continuing to grow the business Under Lomond Capital’s ownership and to working with Lomond Capital to add further value to our clients.”
Lomond Capital has already become the fastest growing player in Scotland’s competitive lettings market and is actively working on planned acquisitions in Glasgow, Manchester and Birmingham.
Stuart Pender added: “Our strategy to consolidate the lettings market is progressing well. We are delighted with progress in Edinburgh and Aberdeen and expect to make further announcements in relation to both Glasgow and Manchester in the very near future.”