James Gibb Property Management Ltd. has purchased Life Property Management in a deal which increase James Gibb’s portfolio of properties to over 44k.
James Gibb Property Management Ltd. has aquired Life Property Management (LPM) to create what it said is Scotland’s second largest factoring business.
The move grows the number of properties under management by James Gibb by nearly 70% to more than 44,000. The new, enlarged business will have 88 staff across three cities. It said the two firms both have a strong presence in Edinburgh, Glasgow and Aberdeen.
It said LPM is the fastest growing factoring business in Scotland, currently managing more than 18,000 properties across Scotland, and has built strong relationships with major house builders. David Reid, owner of LPM, will become group managing director of James Gibb, reporting to chief executive officer Douglas Weir.
Weir said: “The factoring sector in Scotland is ripe for consolidation. We have looked carefully at the market and the acquisition of LPM is a statement move designed to create genuine competition and differentiation across Scotland.
“It brings together two of the best factoring firms in the country, which can only benefit our owners.”
James Gibb said that in the coming months, owners will benefit from the introduction of best practice, new technologies and market-leading professional development across the business.
It intends to roll out its e-learning platform across all staff and extend its customer service and compliance teams into the LPM client base to improve governance.
Reid added: “The factoring sector in Scotland can improve dramatically. By coming together with James Gibb, we can deliver the quality standards, technological innovations and commitment to service that owners expect.
“Our business has been on a dramatic journey of growth and this latest step will ensure we are part of exciting change for the better right across Scotland.
“Owners should expect transparency, high quality service and value for money from their factors, and our promise to deliver that has helped us to grow as quickly as we have.”
James Gibb said the acquisition marks a major milestone in its growth – it has now grown ten-fold in the last seven years.
In 2012, it had 4,000 units under management when it was acquired by Strathspey Capital, its parent company.
The business said is seeking further opportunities to grow through acquisition, including setting its sights on northern England.