Scots factoring firm on hunt for CEO and more staff after revenue rise

Scottish factoring firm Newton Property Management has recorded a 9 per cent increase in revenue and set out plans to up its headcount, including the appointment of a chief executive.

The firm, which was founded in 2001 by chairman Stephen O’Neill, now manages 28,000 properties across Scotland, with offices in Glasgow, Aberdeen and Inverness.

Results for 2021 reveal that revenue rose to £3.78 million, from £3.45m a year earlier. Additionally, Newton recorded transactional turnover in excess of £20m during the year.

The business plans to hire for a number of additional roles in 2022, growing headcount from 45 to 50. It has also taken on a headhunter as it looks to strengthen its leadership team with the appointment of a chief executive - a change to a management structure that historically has had joint managing directors in place.

O’Neill said: “For us, it’s about having transformational standards of customer service in an industry which hasn’t moved on a great deal in decades. I call it an ‘Emirates style of service’, and that is in the DNA of our people which in turn leads to high levels of customer retention.

“Our growth has been split evenly between acquiring businesses and we at Newton have acquired 12 factors businesses over the last 15 years. The other half of our business has come organically through sales.

“This year we have invested a six-figure sum on customer service improvements, and our focus in 2022 is to transform the Newton customer experience, with our overall aim to be the best provider in the sector bar none.”

He added: “We have demonstrated that a people-first business model underpinned by a values-driven culture can produce consistent year-on-year business growth. That’s a great proposition for an incoming CEO as we look to take the business to the next level.”

Newton Property Management was founded in 2001 by chairman Stephen O’Neill. Picture: Stewart Attwood

The firm advises developers and homeowners across Scotland, and its Granite Tenement Management service in Aberdeen has been running since Newton’s merger with Watt & Co Property Management in 2015.

O’Neill previously founded O’Neill Letting in 1995, going on to sell the business in 2001.

He said that Newton would continue to look for acquisitions to extend its portfolio and accelerate growth over the coming years, in what is a competitive marketplace.

“Our ambition is to triple or quadruple the size of the business over the next ten years,” he added. “To date, around half of our growth has been organic, with the other half by way of acquisition, so we’ve always got an eye out for opportunities to add to the portfolio.

“The Scottish housing market is pulling away at near boiling point and record levels. At the same time, standards of housing are improving in part because of new build stock coming onto the market.

“As an adjunct to that, our industry needs to up its game to match those rising standards, we need to be doing an even better job for customers.”

Last month, rival factoring business James Gibb increased the number of properties under management to well over 52,000 after sealing a Dundee takeover deal.