NEWTON Property, one of Scotland’s leading providers of factoring and letting services, has purchased Glasgow-based property management company, Greenhome Property Management, in a substantial deal which sets a new high for business valuations in the property management sector.
The acquisition, which comes hot on the heels of Newton Property’s recent merger with Aberdeen based Watt & Co, will see an increase in the number of properties managed by Newton Property to 15,000 factored properties and 600 letting stock.
Commenting, Stephen O’Neill, managing director, Newton Property, says: “We are delighted to have purchased Greenhome, which takes Newton into the top five privately-owned property factoring companies in Scotland.
“We are also delighted that all members of the Greenhome management staff will join the Newton team and will assist with a seamless transition for Greenhome’s clients.
“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.
“Newton have always been trailblazers in this industry, our fresh, free thinking and personal approach to property factoring is something which will benefit our new clients and our market position will continue to put pressure on the established players to improve their services.”
Alex Middleton, CEO, Greenbelt Holdings Ltd, added: “Greenhome is all about customers and management. 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.”
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For further information or to arrange an interview with Stephen O’Neill please contact Jill Creighton at Headline PR jill@headlinepr.co.uk or call 07775 862552.
NOTES TO EDITORS
Newton Property has two strands to its business – Property Management (factoring ) and Residential Letting.
Stephen O’Neill launched Newton Property in 2001, working out of his home with the mission to reinvigorate the factoring and letting markets in and around Glasgow.
Fifteen years later, Newton now operates from a 4,000 sq ft head office on Port Dundas Road with a satellite office on Rosemount Place in Aberdeen.
Newton now has a board of five directors and a team of 25 property professionals who manage the factoring and letting needs of over £2 billion worth of residential properties throughout Scotland.
Through a series of mergers and acquisitions, Newton Property has achieved an impressive 87.5 per cent growth of their factored portfolio in 2015, and now manages over 15,000 units.
The firm also boasts a residential letting portfolio of 600 units with rents ranging from £400 to £4,000 per month.
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