New acquisitions force set to hit UK lettings industry

A new force has arrived in the UK lettings industry, with ambitions to acquire and consolidate agencies and have a minimum of 5,000 properties under management in each major city.

Lomond Capital, established last year, has so far confined its acquisitions activities in Scotland but is now actively starting to scout in Manchester, although no deal south of the border is likely for some months.

The firm, headed by chief executive Stuart Pender who was chairman of Paymentshield until last month, has already bought two Scottish lettings agencies and has a pipeline of about six deals going through.

Its strategy is to acquire what it considers to be the best lettings agent in its patch, and then proceed to buy out the competition to merge the businesses as one.

Pender is no stranger to success. He joined Paymentshield in 2004 as chief executive and oversaw a ten-fold growth in the business over the next five years.

He became chairman in 2009 following the acquisition of Paymentshield by Towergate.

He has also won a personal battle with cancer over the last year and says he has now made a complete recovery and is moving forward apace with his plans for Lomond.

Lettings firms purchased by Lomond continue to operate under their own name.