Property group Lomond Capital has unveiled a management shake-up as it prepares to announce its first move into the London market which will signal a step-change in the firm’s growth.
The Edinburgh-headquartered firm, which raised £37.5 million this year to fund its push into the English capital, is close to finalising its first acquisition of a lettings business in London, with a second deal also at an advanced stage. Together the two deals, which come after it moved into the Brighton area this year, would increase the firm’s turnover by 50 per cent.
The scale of expansion under way – which is expected to see the value of properties under management rise to more than £4 billion by the end of next year – has led to founder and chief executive Stuart Pender moving to an executive chairman role. His position will be taken by Bruce Evans, who was appointed managing director this year.
Pete Flockhart, who led the Bank of Scotland’s strategy for the housebuilding sector across the UK, has been brought in as chief financial officer.
“The three of us will work closely to drive the business forward in what is a step-change in terms of growth,” said Pender.
“Bruce will drive the business forward and I will spend time working with Pete on looking at future fundraising and some of the larger acquisitions.”
Although expansion into the London market will fuel much of the firm’s growth, Pender said that the other cities the company was in, including Aberdeen and Edinburgh, were all actively growing.
Lomond has made 32 acquisitions since being founded in 2010.