As part of a strategic view of the company's operations, Pagan Osborne has completed the sale of its property letting portfolio to Aberdeen’s largest property business, Stonehouse.
The move follows a decision to concentrate on developing the company's core offerings of estate agency and legal services work.
There will be no immediate change in day-to-day service for landlords and tenants and as all operational members of the team will continue in their current roles, points of contact will remain the same. Stonehouse will work with Pagan Osborne in a strategic alliance to provide continued excellent service for Pagan Osborne landlords and tenants.
Stonehouse Finance Director Ross Murray added: “An acquisition in St. Andrews isn't a typical one for us, but this is a signal of our intent by moving our sphere of influence into other cities in Scotland. St. Andrews is an excellent location and has a thriving property market.
“We will be continuing the great work that the Letting team at Pagan Osborne has delivered to date. We will be able to offer our new Landlords access to all the additional benefits that come with being with in the Lomond Capital Group, such as Mortgage and Insurance products. This really is an exciting acquisition for us."
Lomond Capital’s legacy brands including Stonehouse, Simpson Brebner, K.W.A.D., Bon Accord and Yvonne Moir will be consolidated along with the recently acquired Alex Hutcheon’s book of business, operating across three offices in Aberdeen.
Alistair Morris, Chief Executive of Pagan Osborne, said: “We are delighted to have agreed this deal with Stonehouse Lettings – it is a good move for landlords and tenants who will benefit from its unrivalled level of resource and expertise in letting and property management. We look forward to developing a strategic alliance with Stonehouse Lettings while we focus on developing our core business areas of estate agency and legal services for our clients in Fife and Edinburgh.”