The senior and subordinated financing package will provide significant additional firepower to assist Lomond as they continue their successful “buy & build” strategy, acquiring residential lettings and property management businesses in attractive regional markets.
Lomond is the largest letting agent in Edinburgh and Aberdeen, managing over 5,000 properties, and is also already active in the Manchester market through their most recent acquisitions of Penny Aston and Thornley Groves. Lomond intends to expand its current operations in these areas as well as introduce their distinct business model and high quality services to other regional centers across the UK.
Stephen White of Investec commented:
“We have been working with Lomond for over a year to ensure that we were able to tailor the most appropriate financing structure to support the company’s exciting expansion plans. Lomond is an excellent example of the type of entrepreneurial management teams that we at Investec are committed to supporting as they execute their growth strategies.”
Stuart Pender, Chief Executive Officer of Lomond Capital, commented:
“Working with Investec has enabled us to access flexible financing that is suitable for our business and allows us to maintain the strong growth momentum that we have seen already in 2013.”
