LOMOND Capital has swooped on a second property firm in Aberdeen in less than a month as chief executive Stuart Pender continues to spend his £45 million war chest by consolidating the UK lettings market.
Buying Stonehouse Property Management & Leasing will take the total number of flats that Lomond manages in Aberdeen past the 1,500 mark.
The group has now bought four letting agencies in the Granite City in the past six months, having taken over Bon Accord Leasing, KWAD Property Managers and Simpson Brebner.
Managing director Ross Murray will remain with the Stonehouse business, which will retain its brand name.
Murray and business partner Steven McKenzie sold Stone-house to Lomond, which refused to reveal how much it had paid for the company.
Following the latest deal, Stonehouse’s maintenance division will be expanded to service all of Lomond’s properties in Aberdeen.
Pender said: “Aberdeen has a very attractive property market, offering the highest rental yield in Scotland.
“The Stonehouse portfolio comprises very high-quality residential properties and complements the properties we already manage in the city.
“Our strategy to consolidate the lettings market is progressing well and we see Aberdeen as a critical part of that evolution. This acquisition helps enhance those services further with the maintenance division.”
Last month, Lomond beefed up its senior team by hiring Stephen Curran, the former chief executive and chairman of Candover Investments, as a non-executive director and investor and Direct Line director Bryan Robertson as a partner.
Anna Morgan also joined the business from “big four” accountancy firm Deloitte as assistant acquisition director.
News of the appointments came as Lomond completed a string of acquisitions, including the purchase of Woodstar Property Management, taking its total number of properties in Edinburgh to about 4,000.
Lomond also bought Loanhead-based Alastair Macdonald, Midlothian’s largest insurance broker, marking its first move into the sector.
Pender launched Lomond – which also owns letting businesses in Birmingham and Manchester – in 2010 alongside chairman Roger Lane-Smith, one of the founders and former chairman of international law firm DLA Piper.
Pender, who started his career as an actuary with Scottish Amicable, led the management buyout of insurance firm Paymentshield in 2004 with backing from Bank of Scotland, growing profits to £45m from £4m within four years.
He stood down as chairman of Paymentshield in 2009 to concentrate his efforts on Lomond.
Towergate bought Paymentshield in 2009.