Lomond adds to lettings portfolio

Lomond Capital, owner of Thornley Groves Estate Agents in Manchester has acquired Vital Space, its fourth takeover in the city's lettings market.

Paul Whiteman, owner of Vital Space, will continue to operate in Urmston and Chorlton, but will no longer provide lettings services in Manchester city centre.

Thornley Groves will absorb Vital Space's city centre lettings business into its portfolio.

Lomond Capital acquired Thornley Groves in September 2013 and intends to grow the business through a combination of new office openings and acquisitions of existing businesses in an industry that is seeing rapid consolidation.

Stuart Pender, chief executive of Lomond Capital, said: "Manchester has a very attractive property market offering with the largest private rental sector outside London. It has been a key market for Lomond Capital for some time now and we are delighted to add Vital Space's Manchester city centre lettings business to that of Allison & Co's managed property portfolio and Penny Ashton Lettings both of which were integrated into Thornley Groves in the last eight months. We continue to look for opportunities to strengthen our offering in Manchester whilst working on a number of opportunities in other cities in England including Leeds and Birmingham."