A merger deal which will create a combined portfolio of more than 22,000 properties under management across the UK has been announced.
Edinburgh-based investment firm Lomond Capital is joining forces with Yorkshire outfit Linley & Simpson.
Lomond Capital’s portfolio of residential estate and letting agency brands includes Birmingham-based John Shepherd, Thornley Groves in Greater Manchester and Braemore and Stonehouse in Scotland.
Linley & Simpson, which is headquartered in Horsforth, offers estate agency and letting services from nearly 20 bases across Yorkshire.
All local brands will continue to operate in their respective regions post-completion.
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The undisclosed deal has been backed by LDC, the private equity arm of Lloyds Banking Group.
Lomond Capital’s chief executive Stuart Pender said: “Lettings and estate agents are facing an increasingly complex regulatory environment and challenging trading conditions.
“We have had significant success in bringing together and supporting good quality regional agents under one operating model while maintaining a local, on-the-ground approach which together has delivered significant benefits to landlords and tenants.
“Market conditions in the private rental sector are well suited to continued growth through consolidation.
“We are looking to continue to consolidate regional markets while at the same time enhancing the proposition the sector offers to clients, through our network of market leading regional agents.”
Linley & Simpson, which was previously backed by LDC in 2018, has grown significantly by adopting an acquisition strategy across the Yorkshire region.
It has bought out 18 other companies and doubled its portfolio from 5,000 to 10,000 properties since welcoming LDC on board.
Co-founder and chief executive Will Linley will sit on the new-look board as group managing director with a focus on delivering the group’s acquisitive growth strategy.
His co-founder Nick Simpson will become Yorkshire chief executive and Martin Elliott is the new chief financial officer.
Mr Linley added: “This transaction is a continuation of our approach to building our business while retaining our successful local approach.
“We are actively seeking fresh opportunities to grow within Birmingham.
“We’re excited about the opportunities in each of the Lomond regions and I’m looking forward to working closely with Stuart, the Lomond team and LDC to help grow the new group.”