Factoring business James Gibb has acquired the residential division of Dundee-based J Reavley, taking the number of properties under management to more than 52,000.
The move comes as James Gibb appoints a new chief executive, David Reid, who steps up from his previous post of deputy chief executive. Mr Reid was the owner of Life Property Management, which was acquired by James Gibb in 2019, and led the restructuring of the business following that deal.
Mr Reid said the deal marks another milestone in the development of the company’s portfolio, which has grown ten-fold in the past 10 years. With offices in Glasgow, Edinburgh, Dundee and Aberdeen, James Gibb is now eyeing expansion opportunities in Birmingham and Manchester.
“We have spent the past number of years investing in systems and process developments to provide the highest levels of service to our customers,” Mr Reid said. “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.”
The company will expand its existing office space in Dundee to accommodate the three colleagues joining from J Reavley, which has 1,400 units under management. Managing director Jack Reavley said his firm will now focus on developing its lettings business.
“It was important to J Reavley Factoring that the portfolio transferred to a manager of real quality,” he said. “It will assist in bringing investment as well as employment opportunity in the area.”
Originally set up in 1872 in Edinburgh by John Gibb, the business was family-owned until the retirement of the fifth generation Gibb brothers in 2012 when it was acquired by Strathspey Capital.