Agency Consolidation - another small independent snapped up by growing firm

Lomond has snapped up another small lettings agency - its fifth acquisition in as many weeks.

It’s purchased Sussex-based Howard & Co and with it a lettings portfolio of 300 managed units, stretching from Chichester to Brighton, plus three staff.

These all transfer to Michael Jones, one of Lomond’s two long-established brands in the south of England. 

Lomond chief executive  Ed Phillips says: “This deal represents a highly-complementary geographical fit for our thriving Michael Jones brand. We have acquired a first-class lettings portfolio that mirrors the same South Coast footprint where Michael Jones has been a market leader for over three decades.

“As our acquisition strategy gathers further pace, I’d like to thank everyone across the Lomond team who has contributed to getting these five deals over the line in such a short period of time, and integrating them into our business.

“Securing this range of deals, from the South Coast to Scotland, is a feat of which we can all be proud, and we look forward to optimising other major opportunities in our pipeline.”

Paul Broomham - chief executive of both the Michael Jones and Brand Vaughan brands - says the latest acquisition takes Lomond’s south coast lettings portfolio to more than 4,200, and he insists the company is on the prowl for more.

“We’re keen to consolidate our presence and profile along the south coast with more acquisitions, as the region continues to grow in popularity as a place to live. The majority of properties we have inherited are based in and around Worthing, which provides the ideal geographical synergy for Michael Jones.”

In addition to the Howard & Co acquisition, since the start of November Lomond has announced the purchase of the lettings books of Royston & Lund and Paul Carr in the Midlands, as well as those of Garden Stirling Burnet and Eve Brown Property Services in Scotland.