The deal will see Lomond's Birmingham division, John Shepherd, take over more than 750 properties across the city managed by Wolf's, bringing the total number of properties managed by John Shepherd to 2,000 in total.
In addition, John Shepherd will extend its footprint into the key Harborne market by retaining and rebranding Wolf's Harborne branch and its nine-strong team. Wolf's city centre business, including its seven employees, will join the John Shepherd division at its new city centre branch once it opens in June.
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In addition, the deal is the second acquisition since Lomond received £37.5 million of capital funding to expand its existing regional network and extend its reach to the South Coast of England and London. Earlier this month, the company purchased Brand Vaughan in Brighton.
Lomond Capital Chief Executive, Stuart Pender said: "Not only is Wolf's an excellent business bringing a strong lettings portfolio and high quality staff but it also fills in the remaining gaps in John Shepherd's geographic coverage in the area. We are very excited about our new Birmingham city centre office. John Shepherd's strength and depth now makes it the number one lettings and estate agency brand in Birmingham. We have a strong pipeline of further acquisitions across the country and more approaches every week."
Radovan Vuckovic, the former owner of Wolf's, said: "The John Shepherd and Wolf's businesses are an excellent fit. I knew Lomond was the best option to take my business forward and continue its growth. I know the Wolf's team will relish the new opportunities that working with Lomond's local firm, John Shepherd will bring. I will continue growing the Wolf's block management business independently and look forward to working with John Shepherd in future."
(LM/MH)
