Lomond Capital, the rapidly expanding property group, has announced a senior management restructure as it prepares for fresh acquisitions in London and the South of England.
The group has appointed banking stalwart Pete Flockhart as Chief Financial Officer while also promoting Bruce Evans to Chief Executive. Stuart Pender, the current Chief Executive and Founder, becomes Executive Chairman.
Lomond Capital secured £37.5 million in acquisition funding earlier this year and is in the latter stages of negotiations to enter the London lettings and sales markets for the first time.
It also has deals in the pipeline across the South of England as its ongoing strategy to consolidate the lettings and sales market bears fruit. Lomond Capital aims to have over £4 billion worth of properties under management by the end of 2018.
Stuart Pender, Executive Chairman of Lomond Capital, said: “This restructure marks an important moment in our strategy. We are preparing for a major push into new markets, including London, which could dramatically change the value of our portfolio. We are targeting to sell over £1 billion worth of properties next year in addition to building our portfolio to over £4billion.”
Flockhart joins from Bank of Scotland’s commercial banking division, where he was a Regional Relationship Director while also leading the bank’s strategy for the Housebuilding Sector across the UK.
Stuart Pender commented: “Pete brings with him a wealth of experience having performed a variety of finance, M&A, commercial and strategic roles. Having secured acquisition funding and consolidated our position in the UK sales and lettings markets, Pete joins at an exciting time for the business and will work closely with Bruce and I to drive the business to the next level.”
Bruce Evans joined the business at the start of this year as Group Managing Director and has been instrumental in managing Lomond Capitals’ transition from a collection of high quality regional businesses into one, market-leading business.
Stuart Pender added: “Bruce’s contribution to our business is already substantial. We are now moving toward being an integrated business with multiple regions, Bruce is the right leader for the Group and his promotion will allow me to focus on managing our increasing number of funder relationships while still driving some of our key acquisitions.”
Roger Lane-Smith will remain a Non-Executive Director of Lomond Capital and Senior Partner of Lomond Capital Partnership.