By Business CNCT
Property group Lomond has acquired Liverpool-based City Residential after 25 years under founder Alan Bevan, continuing its nationwide expansion through the purchase of regional estate and lettings agencies.
City Residential has become the latest addition to Lomond’s growing property portfolio as the London-headquartered group continues to strengthen its presence across the UK.
The acquisition follows Lomond’s recent purchases of Nottingham-based property agency FHP Living and Bristol’s Ocean Property Services Group. Since launching in 2021, the group has completed more than 70 acquisitions of regional property businesses as it works towards building one of the country’s largest networks of estate and lettings agencies.
Lomond currently manages a portfolio of approximately 50,000 properties, with its expansion supported by £450 million in financing from investment firm ICG.
The City Residential deal marks Lomond’s second acquisition in Liverpool. In March, the group purchased Homesure, a lettings business operating across the city’s suburbs with a portfolio of around 1,700 properties.
Following the latest deal, Homesure will take over management of City Residential’s portfolio of approximately 700 properties. A decision on whether City Residential will retain its existing brand in the longer term has yet to be made.
David Alexander, chief revenue officer at Lomond, welcomed the acquisition, highlighting City Residential’s strong reputation and the potential to complement Homesure’s established presence outside Liverpool city centre.
He said the group would continue pursuing expansion opportunities in Liverpool and other markets, with a focus on partnering with leading agencies that share its ambitions for growth and innovation.
Founded by Alan Bevan, City Residential has established itself as a prominent player in Liverpool’s lettings market over the past 25 years. At the time of the sale, the business employed 15 people.
Bevan will remain involved with the company in a consultancy capacity following the acquisition.
Reflecting on the sale, Bevan said the agency’s growth had been built on its commitment to clients and its extensive knowledge of Liverpool city centre. He added that Lomond shared the same emphasis on customer service, attention to detail and professional standards, making it a suitable business to take City Residential forward.
DTM Legal acted as legal adviser to City Residential on the transaction.
The acquisition further strengthens Lomond’s position in Liverpool’s property market and forms part of its broader strategy to expand its national network through strategic regional acquisitions.
