Lomond Capital continues growth trajectory after securing £37.5m acquisition funding
Lomond Capital, the rapidly expanding property group, has secured up to £37.5 million acquisition funding as it embarks on its latest expansion into new letting and sales markets across the South of England. Clydesdale Bank will provide an acquisition facility of up to £25 million while Tosca Debt Capital, a Manchester based debt fund, will provide 2nd lien facilities of up to £12.5 million under the new agreement.
Since its inception in 2010, Lomond, which owns leading Manchester City estate and lettings agent Thornley Groves, has made 30 acquisitions and employs 350 people across the UK. It currently manages residential properties worth in excess of £2.5 billion and sells more than £600 million worth of property per annum.
In preparation for this next phase of expansion, Lomond has appointed a new Group Managing Director, Bruce Evans. Previously the Managing Director of Countrywide’s operations in London and South of England, Evans rounds up the group’s extensive knowledge of the property industry across the UK. His previous experience will prove hugely valuable in its expansion into the South while he will play a vital role in Lomond’s growth in existing markets.
Stuart Pender, Chief Executive of Lomond Capital, said: “The outcome of the fundraising process will enable us to further expand our geographical footprint in the South Coast of England and London. We very much look forward to working with Clydesdale and Tosca in the months to come.”
David Henderson, Regional Head of Corporate & Structured Finance at Clydesdale Bank, commented: “We are very impressed by what Lomond has achieved to date and its ambition for further expansion into new markets. We are delighted to have had the opportunity to provide funding and be a part of this growing success story.”
Gary Davison, Partner of Tosca Debt Capital, added: “We are delighted to be able to support the management team of Lomond in pursuing their ambitious growth strategy. They are a strong team with a clear vision and are operating in a market sector with tremendous potential. Our funding will allow them to achieve step-change growth and ensure they are able to capitalise on opportunities as they arise.”
This new finance deal has specifically been secured to support Lomond’s growth strategy in the South of England. It follows previous private equity backing from MML Capital Partners in 2014 to accelerate growth in the UK residential rental property sector. The group will continue to expand in existing markets including Aberdeen, Manchester, Birmingham and Edinburgh.
Commenting on Evans’ appointment, Pender added: “Bruce has significant experience within the sector and a very strong reputation for developing and managing rapid growth within a multi-regional business. We are delighted to have attracted an individual of such a strong calibre and I very much look forward to working with Bruce over the next phase of growth with Lomond Capital.”