Lomond Capital continues its buying spree
The property group has acquired Tanat-Jones & Company as it enters the London market
Lomond Capital continues its spree to acquire estate and letting agencies across the UK, with Tanat-Jones & Company being the latest addition to the list.
The prominent Sussex firm will now trade as Brand Vaughan after it was acquired in March. Lomond Capital opened its London property acquisition initiatives in March as part of its strategy to create a UK-wide portfolio.
With this acquisition, the total number of properties under management in and around Brighton goes up to more than 1,500. Lomond Capital still remains almost under the radar in much of the industry, after launching its proposition from a standing start some seven years ago in Scotland. The company intends to buy agents in a number of towns and cities across the country for having a strong presence across the country.
The company started off in Aberdeen and started moving towards the south. It is not known much as it is not used as a high street agency trading brand. At present, the property group is strictly focused on high street acquisitions and not targeted any online businesses. Although, it began by snapping-up lettings-only businesses, later it snapped up agents with both sales and letting activities. It has secured £37.5m in acquisition funding earlier this year. The company aims to have properties worth more than £4bn under management by the end of next year and sell £1bn worth of property in 2018.
The company has also restructured its senior management recently as it appointed stalwart Pete Flockhart as chief financial officer and promoted Bruce Evans as the chief executive. Evans said that bringing Tanat-Jones into the Lomond Capital’s portfolio firmly establishes the company’s presence in Brighton and provides a genuine anchor in one of the UK’s most active rental markets.
The Tanat-Jones reputation is fantastic and this deal really complements the company’s approach to Brighton, which is delivered through Brand Vaughan. He added that the acquisition is the beginning of a fresh push into new markets, including London, which can dramatically change the value of the company’s portfolio. Evans further said that the company is targeting to sell over £1bn worth of properties next year in addition to building its portfolio to over £4bn and added that having a foothold in Brighton’s buoyant private rental sector is a crucial part of that strategy.