Bevan sells City Residential to acquisitive property group
After 25 years, Alan Bevan has sold his Liverpool letting business to Lomond, which continues to gobble up regional property agencies at a rate of knots.
City Residential becomes the latest purchase for London-headquartered Lomond, which has bought FHP Living, a Nottingham-based property agency, and Ocean Property Services Group in Bristol in recent months.
Lomond is seeking to build the largest network of estate and lettings agencies across the country and has made more than 70 acquisitions of regional players since 2021, according to its website.
At present, it has a portfolio of around 50,000 units. The company’s acquisition spree is backed by £450m of financing from ICG.
The purchase of Bevan’s firm is Lomond’s second in Liverpool. In March, the company bought Homesure, which operates in the suburbs and has a portfolio of around 1,700 units.
Homesure will manage City Residential’s 700-strong portfolio going forward.
It has not yet been decided if City Residential will retain its branding in the long term.
David Alexander, chief revenue officer at Lomond, said: “We’re delighted to welcome City Residential into our growing network. Their reputation and quality make them a perfect fit, with real synergy alongside Homesure’s strength outside the city centre.
“We are continuing our expansion across Liverpool and beyond and we’re always looking for market leading agents who are eager to grow, innovate and be part of our ambitious plans.”
Since launching in 2021, City Residential has become a stalwart of the Liverpool lettings scene. At the time of the sale, it employed 15 staff. Bevan will remain at the business in a consultancy role.
Alan Bevan, founder of City Residential, said: “Over the past 25 years, our growth has been driven by our dedication to our clients and our deep knowledge of Liverpool City Centre. We are delighted to be passing the business on to Lomond – a company that shares our values, with the same commitment to client care, attention to detail and pride in what they do.”
DTM Legal advised City Residential.
