An independent estate agency in Bristol and North Somerset has been acquired by Lomond, one of the UK’s largest networks of lettings and sales agents. FRP Corporate Finance successfully advised on the sale.
Founded in 1983 by Paul Harris, Ocean Property Services Group has grown from a single branch into a regional leader.
Today, operating out of 12 branches across Bristol and the surrounding area Ocean provides a full service offering.
It spans residential sales, lettings, conveyancing, property management and financial services.
The acquisition was said to enable Lomond to build out its presence in the west, anchored by a business with a strong existing presence.
It also represents another significant milestone in Lomond’s strategic expansion plan, which has seen it make more than 70 acquisitions across the UK.
Led by partner Bilal Hasan, FRP Corporate Finance acted as lead adviser to Ocean on the sale. The team prepared the business for sale, identifying Lomond as the ideal partner and led on all commercial negotiations through to a successful completion. The company’s legal advisor was Simon Thomas at Clarke Wilmott.
Founder Paul Harris will exit the business as part of the deal. He leaves it well positioned for its next phase of growth with Lomond providing the platform to build on its strong brand, deep local roots and service-led approach.
Bilal Hasan, partner at FRP Corporate Finance, said: “The market for high-quality regional property businesses remains strong, particularly for established brands with local expertise and a proven reputation for quality service.
“With a 40+ year heritage, exceptional team and a loyal client base, Ocean is the standout business in Bristol and fits this mould well.”
“In an ever-changing market landscape, I am delighted to have advised on another success story, our tenth in the sector!”
Paul Harris, founder of Ocean, added: “After founding the business over 40 years ago, I am extremely proud of what Ocean has become. I leave behind a business with a strong brand, great people and valued clients and wish everyone well on the next chapter.
“I’m grateful to Bilal and the team at FRP for their advice and commitment throughout the transaction. Their sector knowledge was instrumental in not only crafting the right strategy but also overcoming any hurdles that came along during the process.”
Rob Mott, chief revenue officer at Lomond, said: “We are delighted to welcome the Ocean team and clients into the group and look forward to supporting their continued growth.
“This is our first transaction with FRP; having an advisor on the other side who understood the market dynamics ensured issues were overcome pragmatically and efficiently throughout the process.”