Newton Property Management posts strong revenue in 2021
Property factoring specialist Newton Property Management recorded a 9% increase in revenue in 2021, and is set to grow headcount and strengthen its leadership team in 2022.
Posting revenue of £3.78 million (2020: £3.45m), the firm founded in 2001 by chairman Stephen O’Neill now manages 28,000 properties across Scotland, with offices in Glasgow, Aberdeen, and Inverness. Additionally, Newton recorded transactional turnover of over £20m during the year.
Stephen O’Neill, founder and chair of Newton Property Management, said: “For us, it’s about having transformational standards of customer service in an industry which hasn’t moved on a great deal in decades. I call it an ‘Emirates style of service’, and that is in the DNA of our people which in turn leads to high levels of customer retention.
“Our growth has been split evenly between acquiring businesses and we at Newton have acquired 12 factors businesses over the last 15 years. The other half of our business has come organically through sales. This year we have invested a six-figure sum on customer service improvements, and our focus in 2022 is to transform the Newton customer experience, with our overall aim to be the best provider in the sector bar none.”
Newton plans to hire for a number of additional roles in 2022, growing headcount from 45 to 50. The property firm has also taken on a headhunter as it looks to strengthen its leadership team with the appointment of a CEO, a change to a management structure that historically has had joint managing directors in place.
Stephen O’Neill said: “We have demonstrated that a people-first business model underpinned by a values-driven culture can produce consistent year-on-year business growth. That’s a great proposition for an incoming CEO as we look to take the business to the next level.”
Newton Property Management advises developers and homeowners across Scotland, and its Granite Tenement Management service in Aberdeen has been running since Newton’s merger with Watt & Co Property Management in 2015.
Mr O’Neill says that Newton continues to look for acquisitions to extend its portfolio and accelerate growth over the next few years. He added: “Our ambition is to triple or quadruple the size of the business over the next ten years. To date, around half of our growth has been organic, with the other half by way of acquisition, so we’ve always got an eye out for opportunities to add to the portfolio.”
In terms of market trends, Mr O’Neill added: “The Scottish housing market is pulling away at near boiling point and record levels. At the same time, standards of housing are improving in part because of new build stock coming onto the market. As an adjunct to that, our industry needs to up its game to match those rising standards, we need to be doing an even better job for customers.”
Stephen O’Neill previously founded O’Neill Letting in 1995, going on to sell the business in 2001.