The Lomond Group, already reported to be in talks to buy London agency Chestertons, has revealed it’s snapped up another leading property firm.
Lomond has become the largest lettings and estate agent in Scotland after acquiring DJ Alexander.
The move, which was supported by Lomond Group’s private equity partner LDC, brings Lomond Group’s portfolio of managed properties to 9,500 in Scotland, and to 30,000 across the UK.
It is the Group’s 24th acquisition in 2021.
DJ Alexander will continue to trade under its existing name, with founder David Alexander leading the Lomond business in Scotland as chief executive.
DJ Alexander’s 104 employees will join Lomond Group, bringing the total group headcount to approximately 250 in Scotland and 1,000 across the UK.
As part of the acquisition, Lomond Group will also consolidate its Edinburgh and St. Andrews-based agency, Braemore, as well as the Edinburgh branch of its recently acquired Fineholm business, into the DJ Alexander brand.
Stuart Pender, group chief executive of Lomond Group, says: “DJ Alexander is a highly respected agency in the Scottish central belt with a reputation for excellence in the industry. We are delighted to bring the brand and its people into the Lomond Group, significantly strengthening our presence in Edinburgh and Glasgow.
“The acquisition emphasises our focus on consolidating fragmented regional markets to enhance the proposition our sector offers to clients while maintaining a local, on-the-ground approach which brings significant benefits to landlords and tenants.”
Managing director at DJ Alexander, David Alexander, adds: “Anyone who has ever worked with me over the last 40 years knows how driven and passionate I am. I thank them from the bottom of my heart in helping to establish a trusted and recognisable brand across central Scotland. I will take the same drive and passion to the Lomond Group and look forward to playing my part in establishing it as the UK’S number one agent.”
Lomond Group has major hubs in private rental markets including Aberdeen, Birmingham, Brighton, Edinburgh, Glasgow, Leeds and Manchester.
LDC, the private equity arm of Lloyds Banking Group, backed the creation of Lomond Group in December 2020, merging Lomond Capital and Linley & Simpson. The private equity firm says it continues to work closely with the management team to support Lomond Group’s buy and build strategy.