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Property management company Lomond Capital has secured a substantial foothold in Birmingham with the purchase of leading agency John Shepherd Lettings for an undisclosed sum. 
 
With offices in Sutton Coldfield, Birmingham City Centre and Solihull, John Shepherd Lettings has 1,050 properties under management worth £250m.
 
Elsewhere, Lomond’s Aberdeen-based Stonehouse team carried out a deal to expand into St Andrews by taking the rental portfolio from solicitors and estate agents, Pagan Osborne. As a result, Stonehouse now has 2,000 property assets under management with a shared value of around £445m.
 
Collectively, Lomond now manages a residential property portfolio of 8,700 properties, across four UK cities, and worth a total of £1.8 billion.
 
The above deals, the 21st and 22nd carried out by Lomond in just four years, come after the recent funding injection from private equity firm MML Capital at the end of July. This further highlighted Lomond’s ambitions to expand quickly into the UK’s fast-growing private rental property market. 
 
The Birmingham deal sees Lomond take on both the John Shepherd Lettings and Marwood Homes Ltd Estate Agents brands across four branches in the city. They are retaining the local expertise and leadership of Richard Crathorne and Gary Black, who are staying on as shareholders and joint Chief Executives to run the Birmingham operation.
 
“This is a fantastic opportunity to grow our business across Birmingham,” Richard said. “It will enable us to embark on a period of expansion through acquiring other businesses and will allow us to offer other related, added-value services to our existing customers such as insurance, mortgages & property investment management via the wider Lomond Group.” 
 
Stuart Pender, Chief Executive of Lomond Capital, believes that Birmingham has a very attractive property market and has been on Lomond’s radar for quite some time. “We have been looking for a high quality, ambitious firm with a strong brand to act as the ‘hub’ of our growth strategy in Birmingham and have found it in John Shepherd Lettings,” he commented. “We look forward to working in partnership with Richard and Gary to strengthen their current market leading position further in Birmingham as we have done in Manchester with Thornley Groves, in Edinburgh with Braemore and in Aberdeen and now St Andrews with Stonehouse.”
 

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