Consolidation within the Scottish property management sector has taken a step forward following the acquisition of Aberdeen firm FB Burnett’s factoring arm by competitor James Gibb for an undisclosed sum.
FB Burnett says it has signed the deal so it can concentrate on its commercial property management activities.
This latest deal means James Gibb, which has five branches across Scotland’s key cities, now has over 50,000 properties under management up from 4,000 nine years ago, and has taken on three new staff to help manage the addition units added by the deal.
Douglas Weir, CEO of James Gibb (main pic), says: “This is an exciting time for our industry where consolidation of existing factoring businesses will lead to improved resources and enhanced technological capabilities.
“We have seen the lettings sector consolidate dramatically and we expect to see factoring go through a similar process of change.”
The company also says it also now has its sights on England, including Birmingham and Manchester.
The company has been growing its presence in Aberdeen and has tripled the number of properties under management during the past three years.: “We have been consolidating the factoring sector in Scotland carefully and this is another statement move as we aim to create genuine competition and differentiation in the market.
“It brings together two significant residential factoring portfolios in the North of Scotland, which can only benefit property owners. With a professional central services team assisting local operations, we are well placed to deliver superb customer service.”
Richard Noble (pictured), Managing Director at FG Burnett says: “It was important to FG Burnett that the portfolio transferred to a manager of real quality to the benefit of the developments we factored.”
In 2012 James Gibb began its expansion after being bought by Strathspey Capital.
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