Lomond has announced further strategic expansion with the acquisition of two prominent regional agencies.
The company is strengthening its presence in Scotland and South East of England through the acquisition of Margaret Duffus Leasing in Aberdeen, and the lettings book of Kent-based agency, Regal Estates.
DJ Alexander, Lomond’s flagship agency north of the border and the largest lettings business in Scotland, already covers the major cities and their surrounding areas, including Edinburgh, Glasgow and Dundee, and the purchase of Margaret Duffus Leasing increases its market share and geographic coverage in and around Aberdeen.
Established 27 years ago by the eponymous Margaret Duffus to meet the rental demands of the city’s booming oil trade, the agency has grown steadily as a family-run business.
It is now under the leadership of her daughter Sarah Harley, who said: “As a family enterprise founded by my mother, the business has always been close to our hearts. After careful consideration, it’s clear that DJ Alexander’s scale, resources and commitment to service, make it best placed to support the future needs of our clients amidst the changing lettings landscape.”
Kevin Fraser, managing director of DJ Alexander, commented: “Our acquisition strategy in Scotland focuses on identifying thriving businesses operating in the most attractive, high-growth markets. Margaret Duffus Leasing fits the brief perfectly, with a loyal client base and strong ties to Aberdeen and the surrounding areas. We look forward to welcoming them to DJ Alexander.”
David Alexander, chief revenue officer, added: “Having once built my business independently prior to joining Lomond, I can attest to the many benefits of being part of the Group, and I look forward to welcoming Margaret Duffus Leasing and its clients on board.”
Meanwhile in Kent, the group’s latest lettings portfolio purchase, of local agent Regal Estates, will be incorporated into operations at Miles & Barr, Lomond’s flagship brand in the region.
Regal Estates was established 25 years ago andhas operated from branches in Canterbury and Sandwich. Its future plans now focus on consolidating the sales arm of the business, which is being retained by founder and CEO Mark Pullinger, alongside his business partner Phillip Goddard.
This deal reflects an activity filled year for Lomond since its first forays into the ‘garden of England’, with the purchase of Miles & Barr taking place 9 months ago, closely followed by that of neighbouring Oakwood Homes mere months later.
John Ennis, chief revenue officer of Lomond, commented: “Our strategy consists of identifying strong businesses and portfolios in our target markets, and this acquisition of Regal’s portfolio in Kent is no different. We are confident we can provide an exemplary and enhanced service to Regal’s landlord clients, and we look forward to embarking on this professional journey with them.”
Mark Pullinger, founder and CEO of Regal Estates, remarked: “For 25 years we’ve put the best interests of landlords in the local area at the heart of our business. However, in this evolving legislative landscape, we believe their needs will be better met with the support of a larger organisation offering broader technologies and capabilities. We look forward to seeing our landlord clients thrive as we consolidate and focus on residential sales from our established office in Sandwich.”
