Lomond has expanded its presence along the South Coast after agreeing yet another another acquisition deal – the fifth it has announced in as many weeks.
The estate agency group has purchased the sales and letting business of Sussex-based Howard & Co. The deal sees a lettings portfolio of 300 managed units, stretching from Chichester to Brighton, plus a team of three staff transfer seamlessly to Michael Jones, one of Lomond’s two long-established High Street brands on the South Coast.
The properties will be managed by the Michael Jones team based at its flagship office in Worthing – the same coastal town where Howard & Co is based.
Lomond’s CEO, Ed Phillips, said: “This deal represents a highly-complementary geographical fit for our thriving Michael Jones brand.
“We have acquired a first-class lettings portfolio that mirrors the same South Coast footprint where Michael Jones has been a market leader for over three decades.”
He added: “As our acquisition strategy gathers further pace, I’d like to thank everyone across the Lomond team who has contributed to getting these five deals over the line in such a short period of time, and integrating them into our business.
“Securing this range of deals, from the South Coast to Scotland, is a feat of which we can all be proud, and we look forward to optimising other major opportunities in our pipeline.”
Paul Broomham, CEO of both Michael Jones and sister business Brand Vaughan, which has offices across neighbouring Brighton and Hove, said the latest acquisition propelled Lomond’s South Coast lettings portfolio to more than 4,200.
“We’re keen to consolidate our presence and profile along the South Coast with more acquisitions, as the region continues to grow in popularity as a place to live.
“The majority of properties we have inherited are based in and around Worthing, which provides the ideal geographical synergy for Michael Jones.
“It’s a perfect example of a fast-growing commuter town that is becoming a magnet for tenants and buyers alike thanks to its location, transport links and lower average property prices than other coastal locations.”
In addition to the Howard & Co acquisition, since the start of November Lomond has announced the purchase of the lettings books of Royston & Lund and Paul Carr in the Midlands, as well as those of Garden Stirling Burnet and Eve Brown Property Services in Scotland.
Howard & Co will now focus on its block management business.
