MML backs property company Lomond Capital

Ian Wallis, managing partner at MML told unquote" that MML had taken a significant minority stake in the range of 25-50%, and that the investment would provide a substantial war chest for Lomond to pursue bolt-ons for its current portfolio of property services companies.

He said Lomond will use the investment to further the company's growth across the UK through a continuation of its buy-and-build strategy. The funding will also support previous plans to invest £45m in the market in the coming years.

With the fresh capital, Lomond plans to consolidate in its current markets, as well expand into other regions, specifically further into England, Wallis said.

The deal appealed to MML because of a combination of market opportunities and Lomond's management team, as well as the perceived attractiveness of the residential lettings market.

The managing partner noted that the average age of first-time buyers and the undersupply of housing in the UK were both factors he believes will mean that residential letting will grow as a proportion of overall housing supply over the coming years.

Previous funding
In September 2013, Investec Growth & Acquisition Finance provided between £10 and £15 in financing to fund Lomond's expansion.

Company
Founded in 2010, Edinburgh-based Lomond Capital operates in the private rental sector through a buy-and-build strategy of acquiring letting and estate agents and consolidating them.

The company has 11 offices across Aberdeen, Edinburgh, and Manchester, employing a total of 250 employees.

People
Ian Wallis, Luke Jones and Edward Baker led the deal for MML, and Stuart Pender is CEO of Lomond.

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• Topics
• Expansion
• UK / Ireland
• Real estate
• MML Capital Partners
• United Kingdom