Lomond, one of the UK’s largest acquirers of estate and letting agency businesses, has announced yet another purchase. This time expanding its presence across the south coast with the acquisition of Mishon Mackay.
The five-branch business of Mishon Mackay was originally established in 1987, covering Brighton, Hove and Mid Sussex, operating across the lettings, sales, land and new homes sectors.
To date, Mishon Mackay has more than 500 rental properties under management, with a 175 property sales instruction portfolio valued at an estimated £1.3m in commission value. In addition, Brand Vaughan will also see a boost of 100 new homes across nine new-build developments in East and West Sussex with a market value of £45m.
The acquisition of such a long-term competitor by Lomond will bring a sizable boost to its south coast operations, with Mishon Mackay absorbed into Lomond’s Brand Vaughan business. The acquisition includes all aspects of the Mishon Mackay business – lettings, sales and land and new homes. In doing so, Brand Vaughan is set to see the number of rental properties under management increase to over 4600.
The purchase of Mishon Mackay follows Lomond’s recent acquisition of Xact Lettings Ltd.
Lomond CEO, Ed Phillips, commented: “Having originally acquired the Brand Vaughan business in 2017, we’ve watched it go from strength to strength in what is an incredibly strong and diverse area of the market.
“The acquisition of an equally reputable and established brand in Mishon Mackay is one that we’ve had on our radar for some time now and we’re delighted that it has finally come to fruition.
“Both businesses already hold a very strong position within the regional market and so the acquisition of Mishon Mackay will help strengthen our south coast operations considerably.
The CEO of Brand Vaughan and Lomond’s south coast division, Paul Broomham, added: “We have been long standing admirers of the Mishon Mackay business and we’re delighted to have finally reached an agreement that will combine two formidable forces in the regional property market.
“In doing so, we are creating a one stop shop for landlords, sellers, tenants and buyers within the region, all of whom will benefit from the staggering level of local market experience that both teams possess.
“We can’t wait to welcome the Mishon Mackay team and their clients and we look forward to unifying two of the market leading teams over the coming weeks, with exciting growth plans for the future.”
