An estate agency group backed by the private equity arm of Lloyds Banking Group is being put up for sale in the latest sign of corporate activity in the sector.

Sky News understands that LDC has hired bankers from Clearwater International to oversee a sale of Lomond Group.

A process is expected to kick off in the coming months, and should value Lomond at well over £100m, according to industry sources.

Lomond Group was created from the merger of Lomond Capital and Linley & Simpson in 2021, a deal which established a business with 22,000 properties under management.

The company has a particularly prominent presence in cities such as Aberdeen, Birmingham and Leeds.

It trades under brands such as Thornley Groves, Braemore and John Shepherd.

The prospective auction comes as speculation grows about a potential bid for Foxtons, the London-listed estate agent.

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Foxtons was recently reported to have added bankers at Rothschild as financial advisers in anticipation of a bid.

A number of other chains are also expected to change hands in the coming months.

A spokesman for LDC declined to comment.

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