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The Lomond Group, a prominent chain of lettings agents owned by LDC, the private equity arm of Lloyds Banking Group, is poised to change ownership in a transaction valued at approximately £450 million.
ICG, a London-listed investment firm, has emerged as the new investor following a competitive auction process that spanned several months. The deal is anticipated to be finalised in the coming days, marking a significant milestone for the business.
The Lomond Group, established in 2021 through the merger of Lomond Capital and Linley & Simpson, manages a portfolio of 22,000 properties. Its operations are concentrated in key cities such as Aberdeen, Birmingham, and Leeds, positioning it as a significant player in the UK lettings market.
LDC has owned the business for several years, overseeing its expansion and the merger that created its current form. The upcoming investment by ICG represents a strategic shift for the group and signals continued confidence in the UK property market despite economic uncertainties.
Further details on the implications of the ownership change for tenants, landlords, and employees are expected to emerge after the deal's formal completion.
Source: Sky news
