Monday, November 29, 2021
UK

James Gibb acquires residential division of FG Burnett

acquisition

The acquisition grows the number of properties under management by James Gibb by 3,000 units, taking its total number of managed properties to more than 50,000

Scottish factoring business James Gibb Residential Factors has acquired the residential factoring division of Aberdeen-based commercial property consultancy FG Burnett.

The acquisition grows the number of properties under management by James Gibb by 3,000 units, taking its total number of managed properties to more than 50,000.

Three additional staff will manage this new portfolio and the firm is also doubling its office space in Aberdeen.

Originally based in West Nicholson Street, the Company changed its name to James Gibb in 1892 and moved to the current location in 1963.

Over the last two years the firm has tripled the volume of properties under management in the city since 2019.

The firm has now grown more than 12-fold in the last ten years and is setting its sights on cities in England, such as Birmingham and Manchester.

FG Burnett is a Scottish Commercial Property Consultancy, based in Aberdeen and providing a nationwide reach.

CEO Douglas Weir said: We have been consolidating the factoring sector in Scotland carefully and this is another statement move as we aim to create genuine competition and differentiation in the market.

He said: This is an exciting time for our industry where consolidation of existing factoring businesses will lead to improved resources and enhanced technological capabilities. We have seen the lettings sector consolidate dramatically and we expect to see factoring go through a similar process of change.

Richard Noble, managing director at F G Burnett, added: It was important to FG Burnett that the portfolio transferred to a manager of real quality to the benefit of the developments we factored.

He said: This allows us to focus on growing our commercial property management portfolio together with our other core services.

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