The fast-growing real estate agency is finalizing its 54th acquisition in three years

Lomond has completed the acquisition of HOP Lettings in Yorkshire, marking its 54th acquisition since it launched just three years ago.

Following the move, HOP Lettings will operate as part of Lomond’s Linley and Simpson brand, which already has a significant presence in the region with 23 branches.

The direct acquisition of HOP Lettings will add a further 861 residential properties to the company’s leasing portfolio, of which approximately 300 are student properties.

Given that Linley and Simpson already has a leasing portfolio of 14,400 properties, the acquisition will exceed the 15,000 property mark.

However, the acquisition of HOP Students also provides the company with the opportunity to expand its student offering to the Leeds area, having already gained a foothold in the York student market with the purchase of Sinclair Properties in 2021.

Existing HOP Students adds an additional 300 student properties to Lomond’s extensive national portfolio and will continue to operate from its existing Leeds city center office, with the same team.

Lomond CEO Ed Phillips commented: “Our aggressive growth strategy has been focused on acquiring some of the best regional companies in the fastest growing real estate markets in the country and this latest acquisition is no exception.

“The acquisition of HOP will allow us to further strengthen our Linley and Simpson brand, which already has a presence in the region.”

Linley and Simpson CEO, Martin Elliott, said: “The acquisition of HOP not only represents a further development of our extensive residential rental portfolio, but also allows us to build on the existing foundations we have laid in the student rental market.

“Like York, Leeds is an extremely popular university city and has strong demand for student rentals. Establishing a student base in the city itself was an important part of our development strategy; The acquisition of HOP Students allows us to do this immediately.”

HOP owner and founder Luke Gidney added: “I have always had an excellent relationship with Linley and Simpson and great respect for what they do, so when the time came for me and my family to leave the company, we knew they would be a great fit for HOP.

“This strategic move will have a major impact on the wider market and will provide Linley & Simpson with an exciting opportunity to enter the thriving student accommodation sector in Leeds. We know our loyal customers and fantastic staff will be in good hands.

“I would like to say a huge thank you to the HOP team for all their hard work over the last 15 years. Without them, the company would not be where it is today. I wish them all the best for the future and look forward to continued success in the next chapter.”

LDC, the private equity group within Lloyds Banking Group, supported the creation of Lomond in December 2020, combining Lomond Capital and Linley & Simpson. The company continues to work closely with management to support Lomond’s successful buy and build strategy.

Gareth Marshall, head of the North East and Scotland region at LDC, commented: “Lomond continues to demonstrate why a growth through acquisition strategy is such an effective way for businesses to rapidly expand their geographical footprint.

“We first invested in Linley & Simpson in 2018, so it’s great to see the now national group of letting and property agencies celebrate such an important milestone in Yorkshire. We look forward to supporting Ed and the team as they build momentum in the coming months.”

The acquisition of HOP Lettings is the first since the Lomond estate agency group was put up for sale.

The rapidly growing Lomond Group real estate agency is up for sale