A SCOTTISH factoring firm has expanded its business after completing a five-figure acquisition to buy an Aberdeen competitor.
Newton Property Management has taken over Robertson & Associates.
The move includes the transfer of 400 residential properties across 12 city centre sites and has increased Newton’s Aberdeen stock level by 15% to more than 3000 units.
The acquisition is part of Newton’s commitment to invest £1million in the North of Scotland over three years.
Ross Watt, Newton Aberdeen director, 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 in Aberdeen and the Central Belt last year 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.