Lomond Capital, the rapidly expanding property group, has announced the acquisition of one of Brighton’s most well established letting agencies, Tanat-Jones & Company.
The deal marks Lomond’s second acquisition in the city since purchasing Brand Vaughan in March and brings its total number of properties under management in the region to over 1,500. Tanat-Jones & Company will trade as Brand Vaughan.
Lomond Capital secured £37.5 million in acquisition funding earlier this year and is now building its presence in the South of England. It is in the latter stages of negotiations to enter the London lettings and sales markets for the first time with further deals planned across the UK. Lomond Capital aims to have over £4 billion worth of properties under management by the end of 2018.
The group also recently restructured its senior management with the appointment of banking stalwart Pete Flockhart as Chief Financial Officer and promotion of Bruce Evans to Chief Executive.
Bruce Evans, CEO of Lomond Capital, said: “Bringing Tanat-Jones into our portfolio firmly establishes our presence in Brighton and provides us with a genuine anchor in one of the UK’s most active rental markets. The Tanat-Jones reputation is fantastic and this deal really complements our approach to Brighton, which is delivered through Brand Vaughan.
“This acquisition is the beginning of a fresh push into new markets, including London, which could dramatically change the value of our portfolio. We are targeting to sell over £1 billion worth of properties next year in addition to building our portfolio to over £4billion. Having a foothold in Brighton’s buoyant private rental sector is a crucial part of that strategy.”