Fast-expanding property group Lomond Capital has announced a restructure of its top tier as it prepares to make long-awaited acquisitions in London and the south of England.
The group has appointed Pete Flockhart as Chief Financial Officer while also promoting Bruce Evans to Chief Executive. Stuart Pender, the current Chief Executive and founder, becomes Executive Chairman.
Lomond Capital secured £37.5 million in acquisition funding earlier this year and says it is “in the latter stages of negotiations” to enter the London lettings and sales markets for the first time.
It also has deals in the pipeline across the South of England as its ongoing strategy to consolidate the lettings and sales market bears fruit.
Lomond Capital aims to have over £4 billion worth of properties under management by the end of 2018.
Since its inception in 2010, Lomond has made 32 acquisitions and employs more than 400 people across the UK.
“We are preparing for a major push into new markets, including London, which could dramatically change the value of our portfolio. We are targeting to sell over £1 billion worth of properties next year in addition to building our portfolio to over £4 billion” says Pender.
Flockhart joins from Bank of Scotland’s commercial banking division, leading the bank’s strategy for the housebuilding sector across the UK.
Evans joined the business at the start of this year as Group Managing Director and has been instrumental in managing what the company describes as “transition from a collection of high quality regional businesses into one, market-leading business.”