MML backed Lomond Capital, the rapidly expanding property group, has secured up to £37.5 million acquisition funding as it embarks on its latest expansion into new letting and sales markets across the South of England.
Lomond has made an immediate impact with its investment in Brighton based Brand Vaughan announced this month. Brand Vaughan operates from three offices in Brighton, managing more than 1,250 properties throughout Brighton and the surrounding area.
Stuart Pender Chief executive of Lomond 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 group. "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."
In preparation for this next phase of expansion, Lomond has appointed a new Group Managing Director, Bruce Evans. Previously the Managing Director of Countrywide’s operations in London and South of England, Evans adds to the group’s extensive knowledge of the property industry across the UK. His previous experience will prove hugely valuable in its expansion into the South while he will play a vital role in Lomond’s growth in existing markets.
Since its inception in 2010, Lomond has made 30 acquisitions and employs 350 people across the UK. It currently manages residential properties worth in excess of £2.5 billion and sells more than £600 million worth of property per annum.