Lomond extends further into PBSA market with new acquisition

The acquisition of HOP Students also provides the firm with an opportunity to expand its student offering to the Leeds area, having already established a foothold within the student market in York.

Leeds city | PBSA News
Leeds. Image credit: Lad 2011, CC BY-SA 3.0 via Wikimedia Commons.

Lomond, one of the UK’s largest acquirers of estate and letting agency businesses, announced its latest acquisition. The deal in the Yorkshire region further bolsters the already established presence it has within the area. 

The acquisition of HOP Lettings and HOP Students is Lomond’s 54th acquisition since launching just three years ago. The purchase maintains the impressive momentum the firm has built as one of the nation’s leading estate agency businesses. 

“Lomond continues to show why an acquisitive growth strategy is such an effective way for businesses to expand their geographic footprint at pace. 

“We first invested in Linley & Simpson back in 2018, so it’s brilliant to see the now national lettings and estate agency group celebrate such an important milestone in Yorkshire. We’re looking forward to supporting Ed and the team as they build on this momentum in the months ahead.”  

Gareth Marshall, Head of the North East and Scotland, LDC

HOP Lettings

The move will see HOP Lettings operate as part of Lomond’s Linley and Simpson brand. They are a business that already has a significant foothold within the region with 23 branches. The direct acquisition of HOP Lettings will add 861 residential properties – around 300 of which are student properties. 

With Linley and Simpson already boasting 14,400 properties, the acquisition will push them beyond the 15,000 lettings property threshold. 

“Our aggressive growth strategy has focussed on acquiring some of the best regional businesses across the nation’s fastest growing property markets and this latest acquisition is no different. 

“The acquisition of HOP will allow us to further strengthen our Linley and Simpson brand, a brand which already has a sizable presence within the region.”

Ed Phillips, CEO, Lomond

However, the acquisition of HOP Students provides the firm with an opportunity to expand its student offering into Leeds. They established a foothold within the student market in York with the purchase of Sinclair Properties in 2021. 

The existing HOP Students business adds an additional 300 student properties to Lomond’s extensive national portfolio, and will continue to operate from the existing Leeds city centre office.

“Not only does the acquisition of the HOP businesses further build on our extensive residential lettings portfolio, but it also allows us to build on the existing foundations we’ve laid within the student rental market.

“Like York, Leeds is an extremely popular university town and one that is home to high demand for student lets. Establishing a student base within the city itself was an important part of our growth strategy; the acquisition of HOP Students allows us to do this immediately.”

Martin Elliott, CEO, Linley and Simpson

Remaining in Yorkshire, an office block could make way for a 20-storey Leeds PBSA scheme.

More than 700 students could be housed in a multi-storey city centre PBSA development in Leeds if planning permission is granted.