The owner of a Brighton letting and estate agency has merged with another leading regional operator to form a £100 million business.
Lomond Capital, which owns Brand Vaughan, has joined forces with Linley and Simpson, a Yorkshire chain of agents.
Brand Vaughan was founded in 2007 and has offices in Western Road, Hove, St George’s Road, in Kemp Town, and Preston Road, in Preston Village, Brighton.
Its growth has included merging with Tom Ghibaldan’s award-winning Hove firm Cambridge Residential in 2015 and taking over Tanat-Jones in 2017 and the widely respected Bonett’s in 2018.
Bonett’s, based in Kemp Town, was founded by Paul Bonett about 30 years earlier and had grown to employ 50 staff by the time of the deal.
Brand Vaughan will continue to operate under its current name despite becoming part of a bigger business.
Lomond Capital said: “The new group unites two of the UK’s leading regional lettings and estate agencies.
“It has a combined portfolio of over 22,000 properties under management and major hubs in private rental hotspots including Brighton, Edinburgh, Leeds, Manchester, Aberdeen and Birmingham.
“The deal has the backing of leading private equity firm LDC (the private equity arm of Lloyds Banking Group).
“The new group will now look to strengthen its nationwide network through complementary acquisitions and organic growth.”
Lomond Capital chief executive Stuart Pender said: “Lettings and estate agents are facing an increasingly complex regulatory environment and challenging trading conditions.
“We have had significant success in bringing together and supporting good-quality regional agents under one operating model while maintaining a local ‘on the ground’ approach which together has delivered significant benefits to landlords and tenants.
“Market conditions in the private rental sector are well suited to continued growth through consolidation.
“We are looking to continue to consolidate regional markets while at the same time enhancing the proposition the sector offers to clients through our network of market leading regional agents.”
Linley and Simpson chief executive Will Linley, who co-founded the Yorkshire agency, will join the new board as group managing director.
His focus is expected to be the enlarged group’s “ambitious acquisitive growth strategy”.
Mr Linley said: “This transaction is a continuation of our approach to building our business while retaining our successful local approach.
“We are actively seeking fresh opportunities to grow within Brighton.”
Oh dear, another load of jobs down the toilet
Really? It seems to be a growing business despite the tough climate.
This ‘news’ is nearly four years old!
Deal was done in April 2017!
Still a vile company to deal with