Huge lettings book snapped up in deal set to ‘transform’ agency

Lomond has consolidated its growing foothold in the lettings sector after sealing its biggest acquisition to date in the Midlands.

In what Lomond chief Ed Phillips calls a “transformational” deal for its John Shepherd brand has bought the entire rental portfolio of rival business Paul Carr.

Around 1,000 properties spanning North Birmingham and South Staffordshire will transfer to John Shepherd, propelling the total number of homes under management to 5,500.

The agency will retain Paul Carr’s letting office headquarters in Sutton Coldfield, increasing its Midlands branch network to seven. 

It will also employ Paul Carr’s centralised lettings team of 20. 

The deal comes just a fortnight after John Shepherd launched a dedicated office in Nottingham for the first time, when Lomond acquired the 600-strong lettings portfolio of Royston & Lund as a springboard to extend its reach across the East Midlands counties of Nottinghamshire, Derbyshire and Leicestershire.

Phillips says: “It cements John Shepherd’s standing as the market-leading brand in the Midlands, as well as firmly establishing it as the region’s biggest lettings specialists.

“This strategic deal is another clear signal of our ambitions to expand further at pace and scale across the UK. Our acquisitions pipeline will continue to see Lomond launching in new target areas as well as strengthening our presence in existing prime locations.”

John Shepherd chief executive Richard Crathorne adds: “Paul Carr is a respected sector stablemate whose rental portfolio is rich in quality and quantity. Its lettings arm has been a long-standing target for us, as we continue to leverage our operations across the Midlands. 

“The former Paul Carr lettings base and team of people talent we have inherited will continue to play a key role in meeting the needs of our new clients. The office will also work in close partnership with the existing John Shepherd branch in Sutton Coldfield.

“John Shepherd and the wider Lomond group are looking forward to another year of success in 2024, as we step up our search for potential acquisitions, launch a series of initiatives to take customer service levels to new heights, and further develop our pool of people talent as part of our ambitions to be a great place to work.”