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Newton Property Management\u00a0has acquired\u00a0PMC Property Management, a factoring business headquartered in Oldmeldrum, Aberdeenshire.<\/p>\n
PMC manages a portfolio of more than 10,000 properties and generates annual revenues of around \u00a31.5 million.<\/p>\n
The transaction, which received FCA regulatory approval in June, strengthens Newton\u2019s presence in north-east Scotland and is expected to make it the region\u2019s largest property factor, with approximately 17,000 properties under management in the area.<\/p>\n
Across Scotland, the acquisition will increase Newton\u2019s portfolio from just under 40,000 to almost 50,000 properties under management, making it one of the country\u2019s largest property factors.\u00a0<\/p>\n
PMC Property Management will continue to trade under its existing brand, supported by Newton\u2019s wider operational resources and customer service standards.<\/p>\n
PMC co-owner, Neale Bisset, will join Newton working within the business development team led by board director, Rachel Littlejohn, while his co-owner, Annette Hudson, is retiring.<\/p>\n
Vincent Goldie, chief executive at Newton Property Management, said: \u201cThis is a landmark moment for Newton Property Management and, by a considerable margin, the largest acquisition we have ever completed.<\/p>\n
\u201cOver the past three years, we have grown from managing just under 30,000 properties to managing almost 50,000. This transaction represents another major step in our ambition to become both the biggest and the best property factor in Scotland.<\/p>\n
\u201cGrowth must never come at the expense of service. Existing Newton customers will continue to receive the high standards they have come to expect, while PMC customers will benefit from our clearly defined customer service commitments including our 24\/7 emergency helpline.<\/p>\n
\u201cOur increased scale should create opportunities to broaden our contractor network and improve procurement efficiency over time.\u201d<\/p>\n
The deal comes following a period of significant growth and improvement for Newton Property Management, with the acquisition expected to increase Newton\u2019s annual group revenue to approximately \u00a39.5m during the first year of ownership and the company having recently obtained a Customer Service Excellence accreditation.<\/p>\n
Neale Bisset, co-owner at PMC Property Management, said:\u00a0\u201cThe cultural alignment between our two organisations was an important factor in our decision to sell to Newton Property Management.\u201d<\/p>\n
Freeths advised on legal due diligence and the acquisition documents for Newton and Raeburn Christie Clark & Wallace for PMC, AAB on financial due diligence, with the Bank of Scotland providing financial support.<\/p>\n
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