Ten-site independent South Coast business bought by Lomond

Lomond has made one of its largest acquisitions to date, buying the 10-site independent agency Charters across Hampshire and Surrey.

Although the purchase price was not disclosed, it was certainly quite substantial – in its last full year of trading, Charters achieved a turnover of £10.9m, a pre-tax profit of £3.5m and a net profit of £1.2m.

Its chairman and founder Rob Motto (main image), which founded the Winchester-based company 16 years ago, announced just two weeks ago that it had bought rival Honey Lettings from Fleet, taking Charters’ total number of let properties to 2,285, the latest tally a series of recent acquisitions.

Mott said at the time that the purchase made Charters one of the largest independent property rental companies in the region.

Hunger

“Charters has made some impressive acquisitions in recent years and our commitment to growth through expansion aligns perfectly with Lomond’s vision,” said Mott, who will remain with the company in a leadership role.

“We therefore feel this was a natural progression and look forward to growing the business even further with Lomond’s support.”

Lomond General Director Ed Teutonic Knight says the purchase is one of its largest acquisitions to date. “We believe our presence in this area will be significantly expanded and this agreement will allow us to create an unparalleled base of operations from which we can continue our expansion.

“I look forward to working closely with Rob Mott and welcoming the entire Charters team to Lomond as we continue our successful journey together.”

Charters has ten offices across Hampshire and Surrey as well as a head office, a commercial property division, a lettings management centre and a land and new homes business.