Two more independents acquired by Lomond Group brand

The Lomond Group has strengthened its position in Scotland by acquiring two more independent agencies and adding some 600 properties to its rental portfolio.

Stonehouse, a Lomond brand covering the Aberdeen and Aberdeenshire, has bought Geraghty-Gibb Property Management.

The deal takes the number of homes under its management past the 2,000-unit milestone for the first time, and increases its staff numbers to 40.

The second acquisition sees Lomond’s DJ Alexander brand bolster its portfolio by 330 properties after taking over the lettings book of Glasgow block management specialist Speirs Gumley. 

The latter will now focus exclusively on its core business of residential and commercial property management, and investing in its future growth.

Seven members of the Speirs Gumley lettings team are also transferring to DJ Alexander.

Aileen Merchant, Stonehouse’s managing director, says: “The sector is witnessing its busiest period in a decade or more. Students have returned, and crucially there is already greater optimism in the oil and gas sector with a large number of new licences in the North Sea poised for approval.

“This positivity has already started to filter through and there is excitement at the prospect of substantial job and wealth creation coming to an area which is very much a long-standing Lomond heartland.”

David Alexander, chief executive of DJ Alexander and head of the Lomond Group’s Scottish operations, comments: “Expansion has always been central to our plans, and this duo of deals marks yet another exciting step forward for our company.

“I believe there are excellent opportunities across all of our Scottish heartlands, and we will continue to grow in the coming years as landlords, property investors, and tenants welcome the growing range of services we offer and the quality of delivery we provide.”

The Lomond Group was launched at the end of 2020 when Yorkshire-based Linley & Simpson joined forces with Edinburgh-based Lomond Capital. The group now has a combined portfolio of over 37,000 properties, worth around £8 billion.

It operates mostly in the north of England and Scotland.