Strathspey Capital is set to become Scotland’s largest factoring business, after acquiring Glasgow-based Speirs Gumley.
The deal brings the total number of units managed by the Strathspey Group to more than 86,000 across Scotland.
Speirs Gumley is predominantly a factoring business, with 32,000 units under management in Glasgow and Edinburgh - the vast majority of which are in Glasgow. It manages around 4,000 properties in the capital, including the Quartermile development.
Strathspey aims to consolidate the factoring sector in Scotland to both improve professional standards and deliver better value to homeowners. It is the parent company of James Gibb Property Management, which operates in the central belt, Dundee and Aberdeen - and currently manages around 54,000 properties.
Stuart Pender, chair of Strathspey Capital, said: “We believe we now have the most experienced, knowledgeable and technically capable team in Scotland, which will ensure that we can maintain our market-leading position.
“With scale comes responsibility, so we will be looking to cement our reputation for strong customer service and innovation in everything we do.”
Speirs Gumley and James Gibb will continue to operate as separate businesses and brands, led by chief executives Lorraine MacDonald and David Reid, respectively.
MacDonald, the current owner of Speirs Gumley, will also join the board of Strathspey Capital.
Under the new ownership, there will be further investment in Speirs Gumley to both retain its culture and expand its operations, including its commercial management division.
MacDonald added: “If we were ever to sell, it had to be to a custodian that understood our values and was prepared to invest in our future.
“Strathspey brings a wealth of knowledge and experience to our business, which is a great opportunity for the Speirs Gumley team.”
Strathspey noted that it continues to actively seek out acquisition opportunities both in Scotland and further afield.
Pender added: “We remain open to future acquisitions and are actively seeking further opportunities to expand both in Scotland and south of the border.”
The company was created in 2011 as an acquisition and consolidation vehicle for residential property factoring and block management businesses, as well as holiday let management businesses in Fife.
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