‘Landmark’ deal expands property group’s portfolio

A property management company says it has completed its biggest acquisition to date after adding more than 10,000 properties to its portfolio.

Newton Property Management has bought full ownership of Aberdeenshire-headquartered PMC Property Management, which generates annual revenues of around £1.5 million.

The deal, which received FCA approval in June, is expected to make Newton the largest property factor in North East Scotland, with around 17,000 properties under management across the region.

Its Scotland-wide portfolio will increase from just under 40,000 to almost 50,000 properties, while annual group revenue is expected to reach approximately £9.5 million during the first year of ownership.

PMC will continue trading under its existing brand, supported by Newton’s wider operational resources.

PMC co-owner Neale Bisset will join Newton’s business development team, led by board director Rachel Littlejohn, while fellow co-owner Annette Hudson is retiring.

Vincent Goldie, chief executive at Newton Property Management, said: “This is a landmark moment for Newton Property Management and, by a considerable margin, the largest acquisition we have ever completed.

“Over 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.

“Our increased scale should create opportunities to broaden our contractor network and improve procurement efficiency over time.

“I’m looking forward to working with the Newton team as we build on the service our customers already receive and begin the next chapter for the business in North East Scotland.”

The acquisition follows a period of growth for Newton, which recently secured Customer Service Excellence accreditation.

Freeths advised Newton on legal due diligence and acquisition documents, with AAB providing financial due diligence and Bank of Scotland supplying financial support.

Raeburn Christie Clark & Wallace advised PMC on the transaction.

Stephen Owens, Bank of Scotland relationship director, added: “We’re delighted to be supporting such an ambitious Scottish business. 

“Newton has built a strong foundation with a clear vision, and we’re really pleased to have provided financial backing supporting this acquisition.”

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