MML Capital Partners ("MML") backed Lomond Capital ("Lomond") has completed its latest acquisition of John Shepherd, one of Birmingham's most prominent estate agents. The deal consolidates the John Shepherd Estate Agents business with Marwood Homes and John Shepherd Lettings, already part of the Lomond group, which now manages over £250 million worth of properties for private landlords in Birmingham.
Lomond received private equity backing from MML in 2014 to accelerate its expansion into the UK’s residential property market. Founded in 2010, Lomond now manages properties worth in excess of £2.2 billion, sells more than £450 million of property per annum and employs more than 350 members of staff.
Stuart Pender, Chief Executive of Lomond Capital, said: “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. This is the first in a number of larger acquisitions planned in the south of England. Our aim is to build a full-service property management business in key UK markets that offer private and institutional investors a scale model with a range of offerings from lettings to maintenance, financial products and investment and block management.”
The Founder, John Shepherd, will retain a significant shareholding and join the Board of the newly enlarged business.
Ian Wallis, MML Managing Partner, comments, "The acquisition of John Shepherd Estate Agents consolidates Lomond's leading position in Birmingham and is another positive step forward for the business in establishing its presence across the UK."
The announcement of the John Shepherd acquisition coincides with the appointment of a new Chief Financial Officer. Hazel McIntyre joins the Lomond group at the start of April having periods of her career with RBS, Green Highland Renewables and Giles Insurance.
Lomond has operations in Aberdeen, Birmingham, Edinburgh and Manchester and is currently in negotiations with estate agents and lettings businesses in Bristol, Brighton, Reading, Oxford and Cardiff.