A SCOTTISH lettings firm has completed its second acquisition in six months by purchasing a long-established Stirling agency.
Even Property, which launched just two years ago in Glasgow, has bought Capital Letters in a £250,000 deal, resulting in the business more than doubling the number of managed properties on its books to over 500 across its offices in Glasgow, Stirling and Aberdeen.
As part of the deal, five members of staff will transfer across to the new business owner but will remain operating from the current office in Stirling’s Port Street. The move increases the Even Property team to 12 across Scotland.
Even Property owner, Steven Strachan, recently acquired the north residential leasing division of Newton Property Management in a five-figure agreement, which saw the launch of an additional office in Aberdeen a few months ago. Stirling is now the second largest Even Property operation next to the Glasgow headquarters.
Mr Strachan said: “Capital Letters is a fantastic business which has been trading for more than 20 years and with the owner retiring as we were looking for the right company as part of our continued expansion plan, the timing was ideal. The Stirling business will continue to operate from the same office, retaining all of the existing staff, but we will begin to modernise processes in line with our other bases to ensure that there is better digital interaction for our tenants and landlords.
“We have grown the business fairly rapidly in 2019 with two acquisitions in a short space of time but we have already seen organic growth in Aberdeen and have no doubt that the same will happen in Stirling. It’s been a rewarding two years since launch, but we are still set to consider further acquisitions in our three locations as we look ahead to 2020.”
Capital Letters was launched in 1996 by Janet Muirhead but after managing properties in Stirling and the surrounding areas for the past 23 years, the businesswoman has decided to retire early.
Mrs Muirhead said: “When I was approached by Even Property it was the right time for me to sell the business and, as independent businesses, we have the same approach and values. Steven is taking over with an excellent team behind him and clients will still have the same people working with them so it will be a very smooth transition. I’ve had a very positive response to the acquisition, and I have no doubt that the business will continue to go from strength to strength.”
Mrs Muirhead will continue to work with Even Property on a consultancy basis for the coming months to ensure a straightforward transfer and the Stirling business will still operate as Capital Letters.
Expanding into Stirling and Aberdeen is in line with Even Property’s plans to grow its private rented division across Scotland in future with further acquisitions in the pipeline in 2020.