2.4 C
Alba Iulia
Friday, January 24, 2020

Property firm sells letting division to North-east newcomer

Subscribe to our newsletter

We will never spam , sell or share your details

A Scottish property management firm has sold off its North-east leasing division in a five-figure deal as it sets to focus on growth in factoring.

Newton Property Management has finalised an agreement with central belt firm, Even Property, in a £70,000 acquisition of its residential leasing book which will see around 100 properties being moved across.

Newton, which has offices in Aberdeen, Inverness and Glasgow, manages factoring for 23,000 properties across Scotland, which accounts for 78% of the firm’s turnover, with leasing only a fraction of the business.

With around 60 staff, including seven in Aberdeen, the firm is now set to focus entirely on growing the factoring book.  Newton has also sold its letting book in the central belt to another buyer.

Newton Aberdeen director, Ross Watt, said: “We had a number of potential buyers for the North leasing division but we were specifically looking for the best option for our landlords and our tenants and Even Property clearly had a very similar business ethos and delivery of service to Newton, therefore it was the perfect fit.

“We still manage commercial lettings in the Highlands but our main motivation is factoring, so the deal will allow us to utilise our resources as we begin to look into acquisitions in the factoring market to continue growing the business across the whole of Scotland.”

Even Property, which launched in Glasgow two years ago managing around 200 lets, has set up a new office in Aberdeen’s Queen’s Road following the acquisition. 

Managing director, Steven Strachan, who is originally from Aberdeenshire, founded the business following a career in joinery and property development and has a team of six.

He added: “Securing Newton’s north letting business has given us a strong starting position in Aberdeen as we look to grow here and in Glasgow in the coming months, with further acquisitions in the pipeline for both cities.

“With my trade background, Even Property has a diverse knowledge which ensures we can fully support our tenants and landlords and the entire team is qualified, registered letting agents.  This allows us to continue offering the same service to Newton clients ensuring a smooth transition across.”

Ross Watt will support Even Property on a consultancy basis for the next six months as the clients and business is transferred.  The move has not affected any Newton staff, who will continue to work in the business under the factoring division.

Advertisement
Aberdeen
scattered clouds
7.7 ° C
8 °
7.2 °
70 %
3.1kmh
40 %
Fri
7 °
Sat
8 °
Sun
8 °
Mon
6 °
Tue
6 °

Follow Us

Our Other Titles

Aberdeen Foyer announces new chair of the...

LOCAL CHARITY Aberdeen Foyer announces the appointment of Sheila Sansbury as the new Chair of the Board of Directors. Ms Sansbury succeeds Susan Elston...

Steve Innes reflects on car sales through...

VETERAN businessman and motor trade expert, Steve Innes, is gearing up for greater heights in 2020 as he looks to build upon the company’s...

Transition event to aid graduates in starting...

AN ABERDEEN-based organisation that promotes diversity and inclusion in the energy sector has announced the return of a signature event that helps graduates prepare...

North-east surveying firm celebrates seven-figure turnover

AN ABERDEEN-based specialist surveying company, Survey 3D international (Survey 3Di), is celebrating a bumper first year in business with a seven-figure turnover, major investment...

More Articles Like This