Lomond Capital has purchased a majority stake in one of the south coast of England’s major estate and letting agency groups, Brand Vaughan.
Brand Vaughan, which will continue to operate under its current name, manages more than 1,250 properties and sells more than £175m worth of property annually in Brighton and the surrounding area.
Lomond will provide capital to fund the expansion of Brand Vaughan, both in Brighton and along the south coast. The existing management team at Brand Vaughan will remain significant shareholders while Lomond Capital chief executive Stuart Pender will become chairman.
Lomond Capital recently announced it had raised £37.5m to fund expansion on the south coast and in London.
“Lomond has been interested in expanding the group into the south coast of England for some time and Brighton was a key target. We ... very much look forward to working with them to secure other “bolt on” acquisitions, both within Brighton and across the broader market in the south coast” says Pender.
Lomond Capital was started in 2010 and now manages residential properties worth in excess of £2.5 billion, sells more than £600m worth of property per annum and employs more than 350 members of staff.
It currently has businesses in Aberdeen, Birmingham, Edinburgh, St Andrews and Manchester and is planning further investments across the South of England and London.