Lettings acquisition firm goes on shopping spree

Tuesday 21st February 2012

Lomond Capital, the lettings agency acquisition vehicle, has bought James Gibb Property Management, one of Edinburgh’s oldest letting agencies, which has managed and rented properties in the capital since 1872.

Lomond is close to announcing further purchases in Glasgow and Manchester, and is also progressing discussions with a number of firms in Aberdeen and Newcastle.
 
The acquisition of James Gibb adds a further 500 properties to Lomond Capital’s portfolio, and positions the firm as the second largest player in Edinburgh’s competitive lettings market.
 
Stuart Pender, chief executive of Lomond Capital, said: “We have ambitious plans for Lomond Capital and the addition of James Gibb Property Management brings a wealth of experience and strong relationships across the property industry to our portfolio.

“Our strategy to consolidate the lettings market is progressing well and we are now looking to expand beyond Edinburgh, and indeed beyond Scotland.”
 
The deal also adds factoring to the range of services available to Lomond Capital clients. A holding company called Strathspey Capital will run and manage what was James Gibb’s Factoring Division as a sister business, and is majority owned by Pender.