The Fall of Independent Agencies – Lomond’s Second Takeover…

Private equity-backed Lomond Group’s ongoing acquisition programme continues with another acquisition announced today – its second this week.

Once again it is an independent company that disappears as Lomond expands its reach into Hampshire and Surrey

As part of the deal, Lomond will take over the lettings and sales division of Charters Estate Agents Ltd, with current owner Rob Mott remaining in a management role.

Charters has 10 branches spanning the full length of the M3 motorway from Southampton to Farnham and has an estimated portfolio of 2,800 properties.

Lomond intends to retain the Charters brand and the group says it intends to continue its expansion strategy across the south west.

Lomond Chief Executive Ed Phillips said: “Charters is a first-class business and the investment in the brand and its businesses in recent years has been clear, so we are delighted to finally be able to complete one of our largest acquisitions to date.

“With this we believe our presence in the area will increase significantly and this agreement will allow us to create an impenetrable base of operations from which to continue our expansion. I look forward to working closely with Rob Mott and welcoming the entire Charters team to Lomond and continuing their and our successful journeys together.

Meanwhile, Mott comments: “The Charters business has made some impressive acquisitions of its own in recent years and our hunger for growth through expansion aligns perfectly with Lomond’s vision. So we feel this was a natural path forward and we look forward to developing the business even further with Lomond’s support behind us.”