Lomond Capital has secured up to £37.5m for new acquisitions of sales and lettings agencies across the south of England - with a senior former Countrywide figure in charge.
Since its inception in 2010, Lomond has made 30 acquisitions and employs 350 people across the UK. It currently manages residential properties worth in excess of £2.5 billion and sells more than £600m worth of property per annum.
Now Clydesdale Bank will provide an additional acquisition facility of up to £25m while Tosca Debt Capital, a Manchester based debt fund, will provide facilities of up to £12.5m.
Lomond has appointed a new group managing director to spearhead the acquisition drive. Bruce Evans (pictured) was previously the managing director of Countrywide’s operations in London and South of England.
“Bruce has significant experience within the sector and a very strong reputation for developing and managing rapid growth within a multi-regional business. We are delighted to have attracted an individual of such a strong calibre” says Stuart Pender, chief executive of Lomond Capital.
This new finance deal has specifically been secured to support Lomond’s growth strategy in the south of England.
It follows previous private equity backing from MML Capital Partners in 2014 to accelerate growth in the UK residential rental property sector. The group says it will continue to expand in existing markets including Aberdeen, Manchester, Birmingham and Edinburgh.