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Agency hunting acquisitions vows to return to 'aggressive growth strategy'

A national letting agency has vowed to return to an 'aggressive growth strategy' as it looks to make several acquisitions.

Lomond Capital says the ban on tenant fees will be a key driver of market consolidation as 'smaller players' will struggle to 'protect their margins'.

Following a period of huge growth since 2010, in which it has bought 38 businesses, Lomond has itself undergone a period of 'consolidation' over the last 18 months.

The firm's return to a growth strategy coincides with the appointment of Stuart Pender as executive chairman, with chief executive Bruce Evans departing the business.

Evans oversaw Lomond's transition from a collection of regional businesses to one business operating in a number of regions. 

Pender will now manage the next series of acquisitions and plans for a series of new products for group clients.

"Bruce Evans played an important role during this consolidation phase of our development. We now act as one organisation with a single operating platform and a single management structure," Stuart Pender explains.

"The benefits of this will become clear as we return to acquisition mode, seek opportunities to further grow our regional presence and assets under management and roll out a series of new products to our clients."

The agency says it has identified a number of target markets in the South of England, but will initially focus on opportunities to expand existing regions.

The agency lists Bristol, Cardiff, Leeds, Liverpool, Oxford, Reading and London as target locations on its website.

The company currently manages assets in Aberdeen, Edinburgh, Manchester, Birmingham and Brighton.

"It is a challenging time for smaller lettings agents and coming into the Lomond family is one way to secure your future and guarantee a professional, nationwide approach to service for landlords and tenants," adds Pender.

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