Lomond Capital has announced its second acquisition in two weeks by acquiring south Manchester lettings and sales agency Hallmark Residential.
The deal brings the value of lettings properties under Lomond’s management to £2.7 billion; in the north west, where Lomond trades under the Thornley Groves brand, it now has 3,000 properties under its management.
This deal follows the purchase of Tanat-Jones & Company in Brighton and Hove - an acquisition aimed at expanding the company’s activities in the south of England ahead of what it claims is an imminent entry into the London market.
“We’re finishing off 2017 with two great deals that strengthen our position in two key regions. We continue to look for quality business in key regions around the UK and are looking to push into new markets which could dramatically change the value of our portfolio. Indeed, we aim to sell over £1 billion worth of properties next year in addition to building our portfolio to over £4 billion” says Bruce Evans, Lomond’s chief executive.
The firm secured £37.5m 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 with further deals planned across the UK.