Newton Property Management has invested in the North of Scotland through the acquisition of a division of one of the area’s most respected property firms.
The company, which has offices in Glasgow, Aberdeen and Inverness, has acquired Allied Souter & Jaffrey’s factoring division, further expanding the business in the Highlands.
Allied Souter & Jaffrey is the trading name of the former Souter & Jaffrey partnership, originally formed in 1951, providing professional property services throughout the Highlands and Islands. The company has offices in Inverness, Elgin, Dingwall and Fort William and has been working as one of the area’s main property factors for more than 30 years.
Newton currently has 45 members of staff and manages 18,000 factored and 600 leased units across the whole of Scotland. Through the acquisition, the firm will manage an additional 2,500 factored units in the North, including 67 private estates, seeing its national coverage span as far north as Tain and as far south as Gretna Green.
As part of the deal, Allied Souter & Jaffrey’s property management staff will join Newton to assist with operations at the firm’s new Inverness base situated in the Longman area, with plans in place to quadruple the number of employees in the next five years.
In addition, through Newton’s extensive property portfolio, the acquisition will offer local contractors the opportunity to extend their reach to other parts of the country through work with the firm.
Joint managing director of Newton Property, Derek MacDonald, said: “We are delighted to make the acquisition with such a well respected company. We believe strongly in the region and feel it is essential that we have a permanent base and that we continue to invest in the area to ensure our clients are offered a top quality service at all times.
“At Newton we challenge the traditional approach to factoring and provide a modern, customer focused service that offers our customers excellent value for money and peace of mind.
“We are proud to be in the top five privately owned property factoring companies in Scotland, and work hard to be number one for customer service.
“Newton is committed to providing the best value for our clients, and with our extensive residential expertise in factoring we look forward to continuing to invest and offer new services to our new client base in the North of Scotland.”
Allied Souter & Jaffrey, managing director, Richard Smith, added: “We have been the main factors in the North of Scotland for more than 30 years, and highly value all of our clients.
“We wanted the new owners of the factoring division to be the right fit for our customer base, and it took a lot of time to make the final decision about selling the department.
“Our business, under Allied Surveyors Scotland, still continues for Commercial Valuation and Agency with Residential Home Reports and Valuations, EPCs and Building Surveying.
“Newton Property Management is one of the largest and most successful specialist property factors in the country, and we are confident of their commitment to client care and satisfaction.
“We have no doubt that they will continue to provide a first class service.”