Property factoring firm Newton Property Management recorded a 9% increase in revenue during 2021 and is set to grow headcount and strengthen its leadership team.
Posting revenue 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 £20m during the year.
Stephen O’Neill, founder and chair of Newton, said: “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.”
Newton plans to hire for a number of additional roles this year, growing headcount from 45 to 50.
The property firm 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.
Newton advises developers and homeowners across Scotland, and its Granite Tenement Management service in Aberdeen has been running since a merger with Watt & Co Property Management in 2015.
O’Neill said that Newton continues to look for acquisitions to extend its portfolio and accelerate growth over the next few years.
“Our ambition is to triple or quadruple the size of the business over the next 10 years.
“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.”
In terms of market trends, O’Neill added: “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.”
He previously founded O’Neill Letting in 1995, going on to sell the business in 2001.
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