Lettings agency acquisition firm adds to its portfolio

Lomond Capital, the lettings agent acquisition vehicle that has been busy north of the border but is also eyeing up England, has announced that its latest deal has made it Scotland’s largest property management group.

It has bought Alba Residential in Edinburgh which manages some 4,500 properties and employs over 100 staff in Edinburgh and Aberdeen.

The deal means that Lomond Capital has now made eight acquisitions in Scotland in the two years it has been going, as part of a £45m strategy to consolidate the UK lettings market.

Alba Residential is run by Paul and Kathleen Dickens, who will both remain with the business in the short term, prior to Paul joining the Lomond Capital Board in Edinburgh as a non-executive director and Kathleen leaving to focus on their other business interests.

Stuart Pender, chief executive of Lomond Capital, said: “The acquisition of Alba Residential, undoubtedly one of Scotland’s leading letting agents, is a signal that market consolidation is working.”

Alba Residential landlords and tenants will now benefit from the introduction of new products and services including insurance, financial services and rent guarantees available through Lomond Capital.

Lomond Capital is now actively working on planned acquisitions in Glasgow, Manchester and Birmingham.

Pender added: “We have built up real momentum now, with more and more agents and landlords coming our way.

“We have a vision for the lettings market that is shared by many letting agents who are struggling under increasing costs and who have little room for developing fresh revenue streams.

“We expect to make further announcements in relation to both Glasgow and Manchester in the very near future.”