Money

Boardroom shake-up at property investment group



The chief executive of property investment and lettings group Lomond Capital has left as it looks to return to the acquisition trail.  

Bruce Evans, a former managing director at Countrywide, departed the Edinburgh-based firm after two-and-a-half years at the helm during which he oversaw its move from a collection of regional businesses into a single organisation.

Chairman Stuart Pender has now become executive chairman at the company which is active in cities including Edinburgh, Aberdeen, Brighton and Birmingham.

The firm, which bought 38 businesses since 2010 and now manages over £2.75 billion worth of properties, has also signalled its return to its aggressive growth strategy after a period of consolidation.

Lomond said the abolition of tenant fees in England was a key driver of market consolidation as firms seek to evolve their business models to address lost revenue.

It said smaller players in particular have struggled to protect margins and these market conditions support further consolidation in the years ahead.

Pender said: “The recent process of consolidation marks an important stage in the evolution of Lomond Capital to one business operating across a number of regions rather than a collection of regional businesses.

“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.

“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.”

Lomond Capital has identified a number of target markets in the south of England as strategic investment priorities but is open to opportunities across the UK. It will focus initially on opportunities to expand existing regions.

Pender added: “Our strategy to consolidate the lettings market across the UK continues to offer both better value for tenants and fantastic opportunities for agents.

“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.”   



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