Strathspey Capital, the investment vehicle currently consolidating the factoring sector in Scotland, has extended its portfolio into the holiday lettings market with the acquisition of two businesses in the East Neuk of Fife.
Both Elie Letting and The East Fife Letting Company now operate as East Fife Holiday Homes Ltd, a new company set up by Strathspey. The new firm has around 150 holiday properties under management.
Debbie Rummens becomes a director of East Fife Holiday Homes and will run the business alongside the existing staff of the previous businesses, all of whom have transferred to the newly merged company.
Strathspey Capital’s Chief Executive, Douglas Weir, stated: “This is a strategic move into the holiday lettings market, which is growing and fragmenting each year. Our current businesses complement these acquisitions nicely, enabling us to apply our skills, knowledge and understanding of property management to holiday lettings.
“As we integrate these businesses into our portfolio, we will continue to seek out fresh acquisition opportunities as part of our wider plan to grow our presence in the holiday lettings space.”
The two previous owners of the businesses, Sally Pattullo of Elie Letting and Sue Griffiths of The East Fife Letting Company, have decided to retire after many years in their respective firms.
Sally Pattullo and Sue Griffiths, in a joint statement, said: “In selling our businesses we were determined to find a buyer who shared our customer service ethos. Our owners and guests have enjoyed total focus and commitment from us over the years, underpinned by honest, traditional values. We are delighted that Strathspey have taken them on.”
Debbie Rummens, director of East Fife Holiday Homes, said: “It is important that we maximise the occupancy of the properties we manage, in conjunction with our owners’ requirements, throughout the seasons. Local communities benefit enormously from holidaymakers in the area and we’re keen to ensure that we maximise these benefits not just at peak season but throughout the year. It is a great privilege to take on this role and I look forward to working with staff, owners and guests alike.”
Strathspey is looking to further expand its holiday lettings division by a combination of organic and acquisitive growth.