HELLO and welcome to the AM Business Briefing, as the joining of two major companies is to create one the biggest property businesses of its kind in Scotland.
The Lomond Group claims it will be the largest lettings and estate agent in Scotland after acquiring DJ Alexander.
The move, which was supported by Lomond Group’s private equity partner LDC, brings Lomond Group’s portfolio of managed properties to 9,500 in Scotland, and strengthens its presence in the Scottish Central Belt.
It is the group’s 24th acquisition in 2021 and means it now manages more than 30,000 properties throughout the UK.
DJ Alexander will continue to trade under its existing name, with founder David Alexander leading the Lomond business in Scotland as chief executive.
Andrew Seldon will become chief executive for north and west Scotland responsible for the group businesses in Glasgow and Aberdeen, and reporting to David Alexander.
DJ Alexander’s 104 employees will join Lomond Group, bringing the total Group headcount to approximately 250 in Scotland and 1,000 across the UK.
As part of the acquisition, Lomond Group will also consolidate its Edinburgh and St Andrews-based agency, Braemore, as well as the Edinburgh branch of its recently acquired Fineholm business, into the DJ Alexander brand.
Stuart Pender, group chief executive of Lomond Group, said: “DJ Alexander is a highly respected agency in the Scottish central belt with a reputation for excellence in the industry
“We are delighted to bring the brand and its people into the Lomond Group, significantly strengthening our presence in Edinburgh and Glasgow.
“The acquisition emphasises our focus on consolidating fragmented regional markets to enhance the proposition our sector offers to clients while maintaining a local, on-the-ground approach which brings significant benefits to landlords and tenants.”
Managing director at DJ Alexander Mr Alexander said: “Anyone who has ever worked with me over the last 40 years knows how driven and passionate I am. I thank them from the bottom of my heart in helping to establish a trusted and recognisable brand across central Scotland.
“I will take the same drive and passion to the Lomond Group and look forward to playing my part in establishing it as the UK’S number one agent.”
Hotel overlooking Scottish golf links sold
The Wallace family, who own Pettycur Bay Holiday Park and the four star Bay Hotel in Fife, have bought the Old Manor Hotel in Lundin Links, which had been on the market with a guide price of £1.2 million.
They plan to put a “fresh stamp” on the 19th-century property, which overlooks Lundin Links golf course and became a hotel in 1994.
Opinion: How water can help communities combat climate change
Emma Ash: At this time of year, I think many of us are looking for signs of hope. Following COP26, where international leaders and organisations worked to reach agreements about how to reduce our carbon emissions and limit global temperature rises, I felt I needed to feel hopeful that we can respond to a changing climate.
It has been said that water will be the medium through which climate change will be felt across the world, and early impacts are already taking place.