- Deal marks second acquisition since Lomond received £37.5m capital funding boost
Lomond Capital, the rapidly expanding property group, has announced the purchase of Wolf’s Lettings and Estate Agency, a well-respected Birmingham property business operating in both Harborne and the city centre.
Wolf’s manages more than 750 properties, bringing the number of properties managed by Lomond’s Birmingham operation, John Shepherd, to 2,000 in total. Additionally, Wolf’s fast growing ‘Estate Agency and Land & New Homes’ division compliments the John Shepherd estate agency offering.
The acquisition sees John Shepherd extend its footprint into the key Harborne market by retaining and rebranding the busy Wolf’s Harborne branch and its nine-strong team of experienced employees. Wolf’s city centre business, including its seven employees, will join the John Shepherd offering at its new city centre branch when it opens in June.
The deal is the second since Lomond Capital completed a fund raising process last month, providing the group with £37.5 million of capital funding to expand its existing regional network and extend its reach to the South Coast of England and London. It follows the acquisition of leading South Coast Estate Agent, Brand Vaughan in Brighton.
Lomond Capital Chief Executive, Stuart Pender said: “Not only is Wolf’s an excellent business bringing a strong lettings portfolio and high quality staff but it also fills in the remaining gaps in John Shepherd’s geographic coverage in the area. We are very excited about our new Birmingham city centre office. John Shepherd’s strength and depth now makes it the number one lettings and estate agency brand in Birmingham. We have a strong pipeline of further acquisitions across the country and more approaches every week.”
Richard Crathorne and Gary Black, joint chief executives of John Shepherd Lettings and Estate Agents said: “We have admired the Wolf’s business for many years and we are therefore delighted to welcome it and the Wolf’s staff into the John Shepherd family. Wolf’s brings with it a high quality lettings and sales operation and a reputation for strong customer service.”
Radovan Vuckovic, the former owner of Wolf’s commented: “The John Shepherd and Wolf’s businesses are an excellent fit. I knew Lomond was the best option to take my business forward and continue its growth. I know the Wolf’s team will relish the new opportunities that working with Lomond’s local firm, John Shepherd will bring. I will continue growing the Wolf’s block management business independently and look forward to working with John Shepherd in future.”
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 365 members of staff. It currently has businesses in Aberdeen, Birmingham, Edinburgh, St Andrews, Manchester and Brighton and is planning further investments across the South of England and London.