The private equity division of Lloyds Banking Group is backing the combination of two residential lettings companies to form a new national group with ambitions to grow.
The merger brings together Linley & Simpson, which is focused on Yorkshire and already backed by Lloyds’ LDC division, with Lomond Capital, which owns a series of letting and estate agent brands across Britain.
LDC, which first invested in Linley & Simpson in 2018, said that the combined group would have an enterprise value of £100 million and would manage 22,000 residential properties.