FACTORS Direct, the property factoring company launched earlier this year by Glasgow-headquartered Cairn Group, has acquired Clyde PM, the factoring arm of estate agent Clyde Property, and the Scottish arm of Glasgow-based Nationspaces Developments which operates across all aspects of property management.
The latest acquisitions follow Cairn Group’s purchase last month of Rannoch Property, the Glasgow-based estate agency offering a range of property management, buying, and selling services.
Marking the latest stage of Cairn’s ambitious expansion strategy that aims to double its turnover and property portfolio within five years, these deals mean that Cairn now manages a portfolio of 1400 units, 200 of which are under HMO management, divided between Glasgow and Edinburgh.
David Rowand, managing director, Cairn Group, said: “We’re delighted to secure these two acquisitions which, from a standing start earlier this year, put Factors Direct firmly on the map for dedicated residential property management services throughout Scotland’s central belt.
“Homeowners in the west of Scotland will be very familiar with Clyde Property, so it is something of a coup to secure its property management division, while Nationspaces Developments is a long-established firm which is seeking to refocus its operations south of the border, presenting us with the opportunity to snap up its Scottish arm.”
The acquisitions mean that there are now 220 units under the management of Factors Direct.
Gemma Waters, managing director, Factors Direct, added: “Our goal is to have a positive impact on the central Scotland property factoring market and give owners direct input into the management of their building. These deals will enable us to do just that.
“Although Factors Direct was only established this year, our management team has over two decades of experience in owning, operating, and managing residential properties across the central belt and is well-versed in the challenges and opportunities unique to Scotland’s real estate sector.
“It is our extensive experience in property renting and selling that unveiled an urgent need for an enhanced factoring experience for our clients, leading to the inception of Factors Direct.”
Recent years have seen Cairn acquire JJM Properties in Glasgow, Grange Letting in Edinburgh, and Stephen McIntyre Letting in Portobello, all of which have since beenrebranded to Cairn.
Cairn now employs a staff of 25 and aims to double its turnover to £3 million and portfolio to 2500 units under management within the next five years through its ongoing expansion strategy.