Lomond to merge John Shepherd Estate Agents with existing business to create full service property group in Birmingham
Deal signals move to expand rapidly in South of England
New Chief Financial Officer appointed
Rapidly expanding Scottish property group Lomond Capital has begun a series of UK-wide investments with the acquisition of John Shepherd Estate Agents in Birmingham.
The deal sees John Shepherd Estate Agents merge with Birmingham-based Marwood Homes and John Shepherd Lettings, which are already in the Lomond stable. The enlarged business will manage over £250 million worth of properties for private landlords and sell over £200 million of property each year.
Lomond will now acquire other ‘bolt on’ acquisitions across both lettings and estate agents in the city in order to facilitate further rapid growth. The Founder, John Shepherd, will retain a significant shareholding and join the Board of the business he originally founded in 1991.
Stuart Pender, Chief Executive of Lomond Capital, said: “This is the first in a number of larger acquisitions planned in the south of England. The merger of John Shepherd Estate Agents with our existing businesses allows us to create a full service proposition for our clients under the leading estate agents brand in the region.”
The announcement coincides with the appointment of a new Chief Financial Officer and Partner. Hazel McIntyre joins the Lomond group at the start of April having spent periods of her career with RBS, Green Highland Renewables and Giles Insurance.
Stuart Pender added: “Hazel has significant experience in both seeing through acquisitions and managing growth in a rapidly expanding group, with profit increasing in Giles Insurance from £8 million to £24 million during her five-year period as Mergers and Acquisitions Director.”
In 2015 Lomond Capital appointed Ivor Dickinson, ex-Chief Executive Officer of Douglas & Gordon in London, to develop the business in the South of England. Lomond is currently in negotiations with estate agents and lettings businesses in Bristol, Brighton, Reading, Oxford and Cardiff.
Lomond Capital was started in 2010 and now manages residential properties worth in excess of £2.2 billion and sells more than £450 million of property per annum, employing more than 350 members of staff. It currently has businesses in Aberdeen, Birmingham, Edinburgh and Manchester and is planning investments across the South of England and Wales.