James Gibb has acquired the residential factoring division of Dundee-based J Reavley Factoring Limited.

The acquisition will increase the number of residential properties currently under management at James Gibb by 1,400 units, taking the number to well over 52,000 units. The news comes as the business appoints a new CEO, David Reid.

Reid had been operating as deputy chief executive, leading the restructure of James Gibb following its acquisition of Life Property Management (LPM) 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 ten 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, commented: “We are pleased to have completed the acquisition with James Gibb. It was important to J Reavley Factoring 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 a well-established presence in the Dundee, Tayside and Fife area with a regional office based in Prospect III Business Centre, Dundee. It is now seeking further growth opportunities through acquisition, including setting its sights on key cities throughout England, including Birmingham and Manchester.