Glasgow-based Strathspey Capital 'to become Scotland’s largest factoring firm' with purchase of rival Speirs Gumley
Strathspey, which is also based in Scotland's largest city, says its newly acquired asset is predominantly a factoring business with 32,000 units under management, mainly in Glasgow as well as Edinburgh, and managing around 4,000 properties in the Scottish capital, including the Quartermile development.
Consequently, Strathspey said the deal, terms of which were not disclosed, brings the total number of units it manages to more than 86,000 across Scotland. It added that it aims to consolidate the factoring sector in Scotland “to both improve professional standards in the industry and deliver better value to homeowners”.
The firm is the parent company of James Gibb Property Management, which operates in the Central Belt, Dundee and Aberdeen, and currently manages around 54,000 properties. Speirs Gumley and James Gibb will henceforth continue to operate as separate businesses and brands, led by chief executives Lorraine MacDonald and David Reid respectively. Ms MacDonald, current owner of Speirs Gumley, will also join the board of Strathspey Capital.
Strathspey, which was created in 2011 as an acquisition and consolidation vehicle for residential property factoring/block management businesses, as well as holiday let management firms in Fife, said it believes the combined strengths and scale of Speirs Gumley and James Gibb will elevate its capabilities “and enable the delivery of market-leading services to clients and staff throughout Scotland”.
Stuart Pender, chairman of Strathspey Capital, said: “This transaction unites two of the strongest businesses and management teams in the sector. We believe we now have the most experienced, knowledgeable, and technically capable team in Scotland, which will ensure that we can maintain our market-leading position. With scale comes responsibility, so we will be looking to cement our reputation for strong customer service and innovation in everything we do.
"This is good news for homeowners and good news for our people. We [also] remain open to future acquisitions and are actively seeking further opportunities to expand both in Scotland and South of the Border.”
Speirs Gumley said it has developed a strong brand and family culture in Glasgow, and will, under the ownership of Strathspey, be given further investment to both retain its culture and expand its operations, including its commercial management division.
Ms MacDonald said: “I am very proud of the business and culture we have built at Speirs Gumley. [We had believed that] if we were ever to sell, it had to be to a custodian that understood our values and was prepared to invest in our future. Strathspey brings a wealth of knowledge and experience to our business, which is a great opportunity for the Speirs Gumley team. I look forward to working with Stuart and the team at James Gibb to harness the power of the group for both businesses.”
Previous deals in the sector include James Gibb Residential Factors in 2019 taking over Life Property Management in a deal creating what was described as the second-largest factoring business in Scotland, and in 2021 snapping up Aberdeen-based commercial property consultancy FG Burnett.
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