A Birmingham lettings agency with a £250 million housing portfolio has been snapped up by property management company Lomond Capital.
The takeover of John Shepherd Lettings gives the expanding group a significant foothold in Birmingham, adding 1,050 managed properties to its empire.
Lomond is now responsible for managing a residential property portfolio of 8,700 properties worth £1.8 billion across four 海角视频 cities.
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It is the 22nd deal undertaken by Lomond in four years, and follows the recent announcement of a funding injection from private equity firm MML Capital.
The Birmingham deal sees Lomond take on both the John Shepherd Lettings and Marwood Homes Ltd Estate Agents brands across four branches in the city whilst retaining the local expertise of Richard Crathorne and Gary Black.
Richard and Gary will remain as shareholders and joint chief executives of the business in Birmingham.
Stuart Pender, Chief Executive of Lomond Capital, said: “Birmingham has a very attractive property market and has been a key target for Lomond Capital for some time. We have been looking for a high quality, ambitious firm with a strong brand to act as the ‘hub’ of our growth strategy in Birmingham and have found it in John Shepherd Lettings.
“We look forward to working in partnership with Richard and Gary to strengthen their current market leading position further in Birmingham as we have done in Manchester with Thornley Groves, in Edinburgh with Braemore and in Aberdeen and St Andrews with Stonehouse.
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“We already have 50 properties within our own investment portfolio in Birmingham and we see this as major growth opportunity for the private rental sector with good returns for investors.”
Richard Crathorne said: “This is a fantastic opportunity to grow our business across Birmingham.
“It will enable us to embark on a period of expansion through acquiring other businesses and will allow us to offer other related, added-value services to our existing customers.”
Lomond Capital plans to extend into Leeds later this year and the South East of England early in 2015.