Property factoring business James Gibb has acquired the residential factoring division of Dundee-based J Reavley.
The acquisition will increase the number of properties currently under management at James Gibb by 1,400 units, taking the number to well over 52,000 units.
The moves comes as the business appoints a new chief executive, David Reid.
He had been operating as deputy chief executive, leading the restructure of James Gibb following its acquisition of Life Property Management in 2019.
Reid said: “The acquisition of J Reavley Factoring marks another milestone in the development of our portfolio, which has grown ten-fold in the past 10 years – it is another step towards ensuring that our customer base has a local presence in every major city in Scotland.
“We have spent the past number of years investing in systems and process developments to provide the highest levels of service to our customers.
“J Reavley Factoring will help us to continue to build our service proposition; provide a culture of high value to our customers and teams and create genuine competition and differentiation in the marketplace.”
James Gibb will increase its office space in Dundee to accommodate the three colleagues moving from J Reavley, and also expects to further expand its staffing levels in the city, through the creation of multiple jobs to meet growing demand.
Jack Reavley, managing director at J Reavley Factoring, said: “It was important that the portfolio transferred to a manager of real quality – it will assist in bringing investment as well as employment opportunity in the area.
“We will now focus on delivering our lettings business.”
James Gibb already has an established presence in the Dundee, Tayside and Fife area, with a regional office based at the Prospect III Business Centre in Dundee.
It is now seeking further growth opportunities through acquisition, including setting its sights on key cities throughout England, including Birmingham and Manchester.
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