Lettings giant Lomond, owner of Edinburgh's DJ Alexander, deepens Scottish footprint with acquisition of Glasgow-based Tay Letting

Buyer says deal “highlights our continued commitment to the Scottish market, and our determination to grow our network in the UK”.

A London-based, UK-wide sales and lettings agent is deepening its footprint in Scotland via its latest in a long line of acquisitions in recent years – and says it is eyeing more deals north of the Border.

Lomond has snapped up Glasgow-based Tay Letting, which also has offices in Edinburgh and Dundee, having completed more than 50 acquisitions since 2021. Previous recent transactions include last year buying the entire rental portfolio of Purplebricks in Scotland. Tay Letting will become part of the brand of Edinburgh-based DJ Alexander, which Lomond acquired in 2021 and continues to operate under its own name, managing more than 10,000 letting properties across Scotland.

Lomond said it is undertaking a rapid program of expansion across the UK and now has 1,200 staff across 12 brands from Aberdeen to Brighton, with more than 42,500 properties under management nationwide.

'Scotland is an important part of our business, and we are determined to further build on our base in the coming months and years,' says Lomond. Picture: Jon Savage.

Ed Phillips, group chief executive of Lomond, commented: “This acquisition highlights our continued commitment to the Scottish market, and our determination to grow our network in the UK, building a progressive group of national lettings and sales agencies. Scotland is an important part of our business, and we are determined to further build on our base in the coming months and years. We are always open to more opportunities among businesses wishing to sell in Scotland and elsewhere. The DJ Alexander brand is a well-respected and renowned brand across Scotland and growing this part of our business is an important factor in the growth of Lomond.”

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David Alexander, chief executive of DJ Alexander (and Scotsman columnist), said the acquisition of Tay Letting “will expand our presence in Glasgow and grows our business in Dundee and the surrounding area and complements our existing office in St Andrews”. He added: “The lettings market in Scotland has proved to be particularly vibrant and dynamic, and we anticipate that this will continue for many years to come.”

Marc Taylor, who founded Tay Letting in 2009, commented: “We are delighted to hand over the firm to Lomond to operate under the DJ Alexander brand... and I am confident our landlords and tenants are in safe hands.” Tay Letting itself in 2020 secured its foothold in Dundee with takeover of long-established rival Lickley Proctor.

Lomond was billed as becoming the largest lettings and estate agent in Scotland when it acquired major player DJ Alexander, in a move supported by LDC, the private equity arm of Bank of Scotland-owner Lloyds Banking Group. As part of the acquisition, Lomond consolidated its Edinburgh and St Andrews-based agency Braemore, as well as the Edinburgh branch of its Fineholm business, into the DJ Alexander brand. It also at the time said: “The acquisition emphasises our focus on consolidating fragmented regional markets to enhance the proposition our sector offers to clients while maintaining a local, on-the-ground approach which brings significant benefits to landlords and tenants.”

LDC also backed the creation of Lomond Group in December 2020, merging Lomond Capital and Linley & Simpson.”