Lomond Capital paid an undisclosed sum for the firm and has promised many similar deals are in the pipeline. Its aim is to quickly create one of the sector's biggest players through a combination of acquisitions and organic growth with an emphasis on customer service and highly competitive products.
Braemore currently manages over 800 quality properties and the whole of the current team is being retained. William Frame, majority shareholder, will retain a consultancy role and will work closely with the Lomond team going forward. The day-to-day management team of Karel Broughton and Collette Murphy is also staying in place – a vital ingredient in making sure that landlords continue to receive the high levels of service that Braemore is renowned for.
Lomond chairman Roger Lane-Smith said: “Braemore appealed to us as it is renowned for its client service excellence. This acquisition is the first stage of a clearly defined strategy that will see Lomond Capital look to significantly grow its presence in Edinburgh and other major UK cities. In difficult economic times, we’re delighted to be in a position to invest in the UK economy.
“We have painstakingly put together a management team that combines experience in the letting sector with an outstanding track record in financial services and successfully growing businesses. We are confident that this expertise coupled with a robust capital base and dedication to customer service will quickly see Lomond become a dominant force first in Scotland and then elsewhere in the UK.”
