finance

Growing property management business is on the acquisition trail



Scottish factor Newton Property Management says it is on the acquisition trail for 2021 following the successful takeover of Ayrshire’s largest factor Donald Ross.

The Glasgow-based company, which also has offices in Aberdeen and Inverness, now manages factoring for more than 25,000 properties across Scotland after adding around 1,500 Donald Ross customers to its portfolio.

The acquisition rounds off another successful year for Newton. Despite the effects of COVID-19, the business has continued to grow in Inverness, with Newton poised to move to bigger premises.

Meanwhile, in Aberdeen Newton continues to grow following its deal for Robertson & Associates which increased its portfolio in the city by more than 3,000 units – an increase of 15%.

Newton Property Management Chairman Stephen O’Neill said the company was in a very strong financial position and was looking to expand further.

He said: “We have no debt and our reserves are standing at seven figures. We want to spend some of that cash on acquisitions in 2021 and in addition we have secured significant additional facilities. “Over the last 15 years, Newton has purchased 11 factoring businesses throughout the country.

“This is part of our growth strategy – to acquire new businesses and change the face of factoring in Scotland, helping the industry recover from COVID-19.”

He said that last year the company had launched its 2020 Green Vision.

“It was an industry first, and was born from the fact that we at Newton want to see our customers’ homes fully fitted out in a way that makes a big contribution to meeting Scotland’s net-zero carbon targets.”

He added that Newton was open to further acquisitions throughout Scotland, especially in Aberdeen.

“We will pay whatever is required for the right business,” he said.



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