Letting agents group Lomond strikes £450m deal with ICG

Lomond Group, the chain of lettings agents owned by an arm of Britain's biggest high street lender, is to change hands in a deal worth about £450m.

Sky News has learnt that ICG, the London-listed investor, has agreed a deal to invest in Lomond after an auction lasting several months.

City sources said a deal was expected to be signed in the coming days.

A sale process for the business, which has been owned by LDC, the private equity division of Lloyds Banking Group, for years, has been running for months.

Lomond Group was created from the merger of Lomond Capital and Linley & Simpson in 2021, a deal which established a business with 22,000 properties under management.

The company has a particularly prominent presence in cities such as Aberdeen, Birmingham, and Leeds.

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It trades under brands such as Thornley Groves, Braemore and John Shepherd.

The prospective auction comes amid a flurry of corporate activity in the estate agency sector.

LDC has been advised by bankers from Clearwater International on the deal.

ICG declined to comment.

(c) Sky News 2024: Letting agents group Lomond strikes £450m deal with ICG