Residential factoring and lettings agency Newton Property has continued its expansion with the purchase of a Glasgow rival.
Newton, founded in 2001 by managing director Stephen O’Neill, has acquired Greenhome Property Management in a £650,000 deal.
The deal, which follows the firm’s merger in September with Aberdeen factor and letting company Watt & Co, will see an increase in the number of properties managed by Glasgow-based Newton to 15,000 factored properties and 600 letting stock.
O’Neill said the acquisition takes Newton into the “top five privately owned property factoring companies in Scotland”.
He added: “2015 is a great time for the property sector in Scotland and has been a particularly exciting year for Newton Property.
“The next stage in Newton’s development is to consolidate our growth, tuck in our new expanded portfolio and colleagues and to look forward to further growth in 2016 and beyond.”
Greenhome was acquired from property and land management group Greenbelt Holdings.
Alex Middleton, chief executive of Greenbelt, said: “The acquisition by Newton provides an excellent fit and I am sure both the customers and the new merged management team will benefit from greater opportunity. I wish them all the best going forward.”