The firm, which has offices in Glasgow, Dundee, and Edinburgh, will become part of the DJ Alexander brand and substantially increase the firm’s presence in Glasgow, Dundee and the wider Tayside area.

Ed Phillips, group chief executive of Lomond, said: “This acquisition highlights our continued commitment to the Scottish market and our determination to grow our network in the UK building a progressive group of national lettings and sales agencies.

“Scotland is an important part of our business, and we are determined to further build on our base in the coming months and years. We are always open to more opportunities among businesses wishing to sell in Scotland and elsewhere.”

Mr Phillips concluded: “We are keen to expand our footprint in Scotland as we develop our innovative, modern lettings and sales business, providing a seamless service for our clients across all parts of the country.

“The DJ Alexander brand is a well-respected and renowned brand across Scotland and growing this part of our business is an important factor in the growth of Lomond.”

David Alexander, chief executive of DJ Alexander Ltd, explained: “Tay Letting is an excellent business with a great reputation for delivering quality service to landlords and tenants.

“This acquisition will expand our presence in Glasgow and grows our business in Dundee and the surrounding area and complements our existing office in St Andrews.

“The lettings market in Scotland has proved to be particularly vibrant and dynamic, and we anticipate that this will continue for many years to come.”

Marc Taylor, who founded Tay Letting in 2009, added: “We are delighted to hand over the firm to Lomond to operate under the DJ Alexander brand which has an excellent reputation in the market, and I am confident our landlords and tenants are in safe hands.”