Thornley Groves acquires Shepherd Gilmour

Thornley Groves Estate Agents has acquired Shepherd Gilmour, an independent sales and letting agent in Manchester.

The move means Thornley Groves now manages more than 2,900 properties in the city.

The deal marks the fifth acquisition in the North West by Thornley Groves owner, Lomond Capital, and the 23rd since it was formed in 2010. The company now manages a rental portfolio in excess of £1.75 billion across four cities - Aberdeen, Edinburgh, Birmingham and Manchester, and is continuing to build on its momentum in the UK's rapidly expanding residential rental property market.

Shepherd Gilmour manages over 280 predominantly Manchester city centre homes for buy-to-let landlords as well as conducting general estate agency business with sales and lettings. It was established in 1996 by Peter Gilmour and is currently run by his daughter Laura Smith-Gilmour.

In the coming months Laura Smith-Gilmour will work alongside the Thornley Groves management team, including founders, Michael Groves and Jason Watkin, to ensure a smooth transition for customers and clients. The Shepherd Gilmour team will be joining Thornley Groves.

It is expected that both landlords and tenants will benefit from the deal, not least because consolidation in the sector is proving to deliver more efficient property management services. Tenants enjoy improved response times from increased numbers of specialist property managers. Landlords are attracted to the greater coverage offered by a larger branch network both in Manchester and other cities as exposure to a larger audience reduces void periods and enhances rental yields.

Michael Groves said: Shepherd Gilmour has built its business by offering a personal service to clients, where the owners of the business have been involved with the day to day running of the business. Jason and I operate in the same way; we welcome the clients and customers of Shepherd Gilmour and look forward to offering them the same personal service.

We are proud to have built one of the region's most recognisable estate agency brands since founding Thornley Groves in 1991 and, since we joined forces with Lomond Capital in 2013, we continue to run the business today. We retain significant shareholdings and remain focused on providing a hands-on proprietor led service to our clients.

Lomond Capital acquired Thornley Groves in September 2013 and is funding its growth by a combination of planned new office openings and acquisitions of existing businesses.

Lomond Capital was established in 2010. It now employs over 270 personnel, manages over 8,600 residential properties worth over £1.75 billion and sells over £200 million of residential property a year.