James Gibb Property Management Ltd, which trades as James Gibb residential factors, has acquired the factoring division of Graham and Sibbald, expanding its business into Dundee.
The acquisition marks another milestone in James Gibb’s expansion plans after its recent acquisition of Life Property Management Ltd. It aims to consolidate the factoring sector in Scotland to both improve professional standards in the industry and deliver better value to tenants and landlords.
Douglas Weir, CEO of James Gibb said: “This is an important step for James Gibb as the factoring services offered by Graham and Sibbald are centred in the Dundee region, where we are keen to increase our presence and visibility.
“This acquisition gives us the potential to open an office in Dundee in order to complement our existing premises in Glasgow, Edinburgh and Aberdeen. This will allow us to offer a truly local service to the area.”
Calum Campbell, Managing Partner of Graham and Sibbald, said: “The acquisition of our factoring arm by James Gibb allows us to focus on the core functions within our business. Our factoring division has grown over the years and now requires a dedicated team, focused on this industry, to deliver the level of customer service our owners expect. We are confident that James Gibb has the required infrastructure and support to take this to the next level.”
When the business was acquired in 2012 by Strathspey Capital, James Gibb had a portfolio of 4,000 units. It is now the second largest registered factor in Scotland with around 45,000 properties under management. The business is planning to continue its acquisitive strategy in Scotland and is also looking at moving into the block management market south of the border.