Lomond Capital buys Penny Ashton

LETTINGS agent Penny Ashton Property Management has been bought by Edinburgh-based Lomond Capital.

Lomond, chaired by former JJB Sports director and former chairman of DLA Piper Roger Lane-Smith, has £22m to buy up lettings businesses in Manchester, Leeds and Birmingham.

Penny Ashton, based in Manchester, is owned by Penelope Toulmin and Brian Hefferman and has net assets of £119,134, according to information at Companies House. The value of the deal was not disclosed.

Lomond’s chief executive Stuart Pender said: “We have ambitious plans for Lomond Capital and the addition of Penny Ashton brings with it a wealth of experience and strong relationships across the Manchester market, giving us a solid foundation on which to build.

“There is a high demand in Manchester for good quality rental property, and this has led to a high concentration of agents competing for business, and good, sustainable yields that provide investors with attractive returns. We are extremely excited about future opportunities for growth in Manchester.”

Lomond said, Penny Ashton who founded the business in 1985, will stay on as a consultant to assist with further acquisitions. Day-to-day management will pass to John-Paul Case who currently heads the lettings team.

She said: “This is the next stage of the evolution for Penny Ashton.  I have had enormous satisfaction from building a successful business and in order to take it to the next level, joining forces with Lomond Capital means that the business now has the capital strength to go on and become a key player in the Manchester lettings market.”