Fast-expanding estate agency completes double acquisition

Lomond has expanded its Scottish footprint with the acquisition of two estate agencies in the central belt.

Lomond, which has made nearly 50 acquisitions since 2021, has shown its commitment to expansion in the Scottish market with the purchase of the lettings portfolio of Garden Stirling Burnet in North Berwick and Eve Brown Property Services in St Andrews.

Both lettings businesses will become part of the DJ Alexander brand and mark an increase of three new offices for the company in Scotland over the last month following a recent new opening in Peterhead.

Lomond is undertaking a rapid programme of expansion across the UK. The estate agency group now brings together a team of 1,100 people across a network of 12 well-established brands from Aberdeen to Brighton, with over 40,000 properties under management nationwide.

Ed Phillips, group chief executive of Lomond, commented: “These two acquisitions highlight our commitment to the Scottish market and our desire to continue our programme of expansion across the UK, creating a progressive group of national lettings and sales agencies.

“Scotland is an important part of our business, and we are determined to further build on our base in the coming months and years. We are always open to more opportunities among businesses wishing to sell in Scotland and elsewhere.”

He added: “This expansion of our footprint in Scotland will continue as we develop our innovative, modern lettings and sales business, providing a seamless service for our clients across all parts of the country. The DJ Alexander brand is a well-respected and renowned brand across Scotland and growing this part of our business is an important element in the growth of Lomond.”

DJ Alexander Ltd manages over 10,000 letting properties across Scotland and has a thriving sales market, having recorded its most successful month in May of this year with sales in excess of £15m.

David Alexander, chief executive of DJ Alexander Ltd, saidd: “The acquisition of these two businesses consolidates our presence in St Andrews and opens up new opportunities in East Lothian. These areas have experienced enormous price growth over the last three years, with both recently reaching their highest ever monthly average sales price, and we anticipate this continuing.

“Scotland has proved to be particularly vibrant and dynamic, with the lettings and sales markets proving to be extremely buoyant and resilient in the last three years and I anticipate further growth in the future.”