Lomond in Aberdeen property takeovers

Deputy Business Editor

Thursday 20 September 2012

AMBITIOUS property firm Lomond Capital Partnership has made its first move into Aberdeen by snapping up two businesses.

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GREIG CAMERON DEPUTY BUSINESS EDITOR

The company is aiming to build up a substantial letting portfolio across the UK and has bought Braemore Property Management, James Gibb Property Management, The Letting Service and Slater Hogg & Howison in Edinburgh in the past 20 months.

Now Lomond has acquired Simpson Brebner and KWAD Property Managers in the north-east for undisclosed sums.It gives Lomond 900 properties across the region and 20 staff but the company is still considering further acquisitions in Aberdeen.Richard Dixon, chief operating officer, said: "We were looking for people with a good quality book of business and delivering good customer service as you don't want to be buying something getting a lot of complaints."There is activity going on which will lead to another deal or deals in the next few months. We want to get to a reasonable size in Aberdeen quite quickly and build some scale."The letting market in Aberdeen is really hot with great demand for property. I experience that when I come up here and can't get a hotel room."Simpson Brebner, set up in 1989, describes itself as the largest family-owned letting business in Aberdeen.Co-founder Bill Brebner becomes chairman of Lomond Aberdeen while his daughter Lisa becomes managing director of Simpson Brebner.Lomond said its Aberdeen acquisitions would have insurance, financial services and rent guarantees added.Mr Brebner said: "This is the next stage of the evolution for Simpson Brebner and we are pleased to have secured our long-term future. "Simpson Brebner will continue to grow, and is now backed by one of the largest property management businesses in Scotland."I look forward to continuing to grow the business with both strategic acquisitions and organic growth that will add value to the Lomond portfolio here in Aberdeen."Lomond, which has its main office in Edinburgh, is also working on further deals across the UK with the letting market strong in most cities. It expects to fund the next round of acquisitions through a bank debt facility.Mr Dixon added: "The demand is huge. We have got three tenants for every property and the biggest problem is on the supply side and getting landlords and properties."We are at an advanced stage of discussions with two businesses in Manchester and would hope to see those come to conclusion in the next four to six weeks."In Glasgow we are not quite so far on but we are in detailed discussions and would hope to be completing something before Christmas. "We have exchanged information and are active on a deal in Birmingham and have had some early discussions in Leeds. We are also expecting to have some more completions in Edinburgh in the next six weeks." Lomond has suggested it would look to have around 5000 properties on its books in the larger cities it operates in.

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Lomond in Aberdeen property takeovers

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