Strathspey Capital, the investment vehicle aiming to consolidate the factoring sector in Scotland, has moved into the holiday lettings market after swooping on two businesses in the East Neuk of Fife.
The Edinburgh firm has acquired Elie Letting and The East Fife Letting Company, which it has merged to operate under the name of East Fife Holiday Homes.
All five existing staff of the previous businesses have transferred to the newly created company, while previous owners Sally Pattullo of Elie Letting and Sue Griffiths of The East Fife Letting Company have decided to retire.
Debbie Rummens, former operations director at factoring heavyweight James Gibb Residential Factors, which is owned by Strathspey, will become a director of East Fife Holiday Homes.
The new firm currently has around 150 holiday properties under management.
Strathspey said it is looking to further expand its holiday lettings division through a combination of organic growth and acquisitions.
Chief executive Douglas Weir said: “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.
“We will continue to seek out fresh acquisition opportunities as part of our wider plan to grow our presence in the holiday lettings space.”
Rummens added: “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.”