- Deal marks property group’s expansion into South Coast
- Acquisition comes after recent £37.5m capital announcement
Lomond Capital, the rapidly expanding property group, has announced the purchase of a majority stake in one of the South Coast’s leading estate agency and lettings groups, Brand Vaughan.
Lomond Capital recently announced the completion of a highly successful fund raising process which provided the group with £37.5 million of capital to fund expansion on the South Coast of England and London.
The acquisition of Brand Vaughan, which will continue to operate under the current name is the first of a number of acquisitions in this expansion across the region. It manages more than 1,250 properties and sells more than £175 million worth of property per annum throughout Brighton and the surrounding area.
Lomond will provide capital to fund the expansion of Brand Vaughan, both in Brighton and along the South Coast. The existing management team at Brand Vaughan will remain significant shareholders while Lomond Capital Chief Executive, Stuart Pender, will become Chairman.
Pender said: “Lomond has been interested in expanding the group into the South Coast of England for some time and Brighton was a key target. We are delighted to have the opportunity to acquire the majority stake in its leading property groups. We have got to know the experienced team at Brand Vaughan in recent months and very much look forward to working with them to secure other “bolt on” acquisitions, both within Brighton and across the broader market in the South Coast.”
Tom Ghibaldan, Chief Executive of Brand Vaughan, commented: “We are very proud of the business we have built and are delighted to be in a position where we can continue to service our dedicated client base. We were encouraged by Lomond’s expertise in other regions and are thrilled to be working with the team to deliver our plans for the next phase of growth as a business.”
Lomond Capital was started in 2010 and now manages residential properties worth in excess of £2.5 billion, sells more than £600 million worth of property per annum and employs more than 350 members of staff. It currently has businesses in Aberdeen, Birmingham, Edinburgh, St Andrews and Manchester and is planning further investments across the South of England and London.