At the start of the week Lomond Capital announced that they have received capital funding from the Clydesdale bank and Tosca Debt Capital. The funding from these two companies should help Lomond to finance their new growth strategy that will focus on the markets in London and the South Coast of England. As well as the new funding, Lomond has also revealed that they have appointed a new Group Managing Director.
Lomond Capital is a fast growing property group that has been operating since 2010. Over this period of time the property company has managed to make 30 acquisitions and now employs 350 people around the UK. The company currently works to manage residential properties and it is thought that the company assets are worth over and above £2.5 billion. It is thought that Lomond Capital sells over £600 million worth of property each year.
This new acquisition funding that has been secured by Lomond from the Clydesdale Bank and Tosca Debt Capital is estimated to be around £37.5 million as they start to expand the company in to new markets across the south of the country. It is thought that Clydesdale will provide £25 million as an acquisition facility. The Manchester based debt fund, Tosca Debt Capital will be offering 2nd Lien facilities of up to £12.5 million as part of the new agreement with Lomond.
In order to prepare for its new expansion, Lomond has appointed a new Group Managing Director. Bruce Evans will fill this role after being the Managing Director of Countrywide’s operations which took place in London and the South of England. This means that Evans will have a good knowledge of the markets that Lomond is wanting to break in to. This knowledge and experience will be invaluable as Lomond begin to put their expansion plans in to action.