Real estate factoring firm Newton Property Management reported a 9% increase in revenue in 2021 and is expected to increase its workforce and strengthen its management team.
With a turnover of £3.78m – up from £3.45m in 2020 – it now manages 28,000 properties across Scotland, with offices in Glasgow, Aberdeen and Inverness.
Newton also recorded transactional turnover of over £20 million during the year.
Stephen O’Neill, Founder and Chairman of Newton, said: “Our growth has been evenly split between acquisition businesses and we at Newton have acquired 12 factor businesses over the past 15 years – the other half of our business came organically through sales.
“This year, we invested a six-figure sum in improving customer service, and our goal in 2022 is to transform Newton’s customer experience, with our overall goal to be the best provider in the industry bar none. “
Newton plans to hire for a number of additional positions this year, growing the workforce from 45 to 50.
The property company has also hired a headhunter as it seeks to bolster its management team with the appointment of a chief executive – a change to a management structure that historically had joint chief executives in place.
Newton advises developers and owners across Scotland, and its Granite Tenement Management service in Aberdeen has operated since a merger with Watt & Co Property Management in 2015.
O’Neill said Newton continues to seek acquisitions to expand its portfolio and accelerate its growth over the next few years.
“Our ambition is to triple or quadruple the size of the company within 10 years.
“To date, about half of our growth has been organic, the other half through acquisitions, so we always have an eye out for opportunities to add to the portfolio.”
In terms of market trends, O’Neill added: “The Scottish housing market is receding to near boiling point and record highs.
“At the same time, housing standards are improving in part because of new construction coming onto the market.”
He previously founded O’Neill Letting in 1995, before selling the business in 2001.
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