A Scottish factoring firm has completed a five-figure acquisition to buy out an Aberdeen competitor as it continues to expand its presence across the North.
Newton Property Management has acquired Robertson & Associates which includes the transfer of 400 residential properties across 12 city centre sites. The move has increased Newton’s Aberdeen stock level by 15% to more than 3000 units across the city.
The acquisition is part of Newton’s commitment to invest £1m in the north of Scotland over three years.
It is the second north acquisition in recent years by the Scotland-wide factoring firm which secured Inverness firm Allied, Souter & Jaffrey two years ago to expand into the Highlands and Moray.
Newton Aberdeen director, Ross Watt, said: “We took on one of Robertson & Associates sites a few months ago and that prompted a conversation with the owner who was looking to retire. The stock will certainly benefit from Newton’s approach to property management and we’ll be looking to make a range of improvements to the properties and the factoring service so the tenants will see some welcome changes following the acquisition.
“Our Inverness business has grown 20% since we acquired it in 2017 and we now look after properties as far north as Brora and as far south as Gretna, so we are focussed on continuing to expand the business across Scotland through organic growth and additional acquisitions.”
Newton also sold its lettings division last year in Aberdeen and the Central Belt as the firm, which has 40 staff across Scotland, including five in Aberdeen and three in Inverness, decided to focus entirely on factoring management of residential and commercial properties.
Newton, which has offices in Aberdeen, Inverness and Glasgow, manages factoring for 23,000 properties across Scotland.