Lomond Capital prepares for 'major push' into new markets

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Scottish property management group Lomond Capital has overhauled its boardroom as it prepares for a "major push" into new markets in England through acquisitions.

The firm's group managing director, Bruce Evans, has replaced founder Stuart Pender as chief executive.

Mr Pender has become executive chairman, while a new chief financial officer has also been appointed.

Lomond secured £37.5m in funding for acquisitions earlier this year.

The Edinburgh-based firm currently manages residential properties worth about £2.5bn in the UK market, and aims to boost that to more than £4bn by the end of 2018.

The group said it was now "in the latter stages of negotiations" to enter the London lettings and sales markets for the first time.

It also reported that there were "deals in the pipeline" across the south of England.

image copyrightLomond Capital
image captionStuart Pender described the boardroom restructure as "an important moment in our strategy"

Mr Pender said: "This restructure marks an important moment in our strategy.

"We are preparing for a major push into new markets, including London, which could dramatically change the value of our portfolio.

"We are targeting to sell over £1bn worth of properties next year in addition to building our portfolio to over £4bn."

Lomond Capital has acquired 32 businesses in the sector since it was founded in 2010. It employs more than 400 people across the UK, with assets in Aberdeen, Edinburgh, Manchester, Birmingham and Brighton.

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