Lomond Capital launches expansion drive
Property group Lomond Capital has launched an expansion drive by buying a Birmingham-based estate agency.
The deal sees John Shepherd Estate Agents merge with Birmingham-based Marwood Homes and John Shepherd Lettings, which are already in the Lomond stable.
The enlarged business will manage more than £250m worth of properties and sell more than £200m of property each year.
Lomond is planning a number of acquisitions in the south of England.
They include other "bolt-on" acquisitions in Birmingham.
Edinburgh-based Lomond already operates in Aberdeen, Birmingham, Edinburgh and Manchester.
Last year Lomond Capital launched a drive to develop its business in the south of England.
It is currently in negotiations with estate agents and lettings businesses in Bristol, Brighton, Reading, Oxford and Cardiff.
Chief executive Stuart Pender said: "The merger of John Shepherd Estate Agents with our existing businesses allows us to create a full service proposition for our clients under the leading estate agents brand in the region."
Lomond's announcement coincided with the appointment of a new chief financial officer and partner.
Hazel McIntyre joins the Lomond group at the start of April, having spent time with RBS, Green Highland Renewables and Giles Insurance.
Lomond Capital was started in 2010 and now manages residential properties worth more than £2.2bn. It also sells more than £450m of property per year and employs about 350 people.