An Edinburgh-based lettings firm has moved into the Aberdeen market in a huge way – with the acquisition of two businesses in the city.
Lomond Capital has completed the purchase of Simpson Brebner lettings agency and KWAD property management. Both companies are well-established in Aberdeen, with extensive portfolios.
Announcing the deals, Stuart Pender, Chief Executive of the company, said:
“Aberdeen has a very attractive property market offering the highest rental yield in Scotland.”
Pender on to say:
“We are delighted to have acquired two very well-run companies with great experience and local knowledge.”
The move, which will see Bill Brebner of Simpson Brebner become Chairman of Lomond Capital Aberdeen, now sees the firm manage over 900 Aberdeen premises.
The firm is one of a number of Scottish companies merging with and acquiring rivals in recent years, with the economic climate largely the trigger. Many are funding this through strategies such as asset based lending, while others are looking to invoice finance such as factoring.
Other companies too are using such commercial finance methods to ward of hostile approaches.
The move from Lomond is part of an active £45m strategy. Already saying there are plans for further local buyouts, Lomond hopes it will consolidate a large portion of the UK lettings market over the next few months.
Deals are close to being struck in a number of major cities across the nation.
The firm says that conversations are already being “actively worked” on in Birmingham and Manchester in England, and Glasgow in Scotland.