David Rowand

The acquisition marks the latest stage of Cairn’s ambitious expansion strategy that aims to double its turnover and property portfolio within five years.

Recent years have already seen Cairn acquire JJM Properties in Glasgow, Grange Letting in Edinburgh, and Stephen McIntyre Letting in Portobello, all of which have since been rebranded to Cairn.

This latest acquisition mean that Cairn now manages a portfolio of some 1,400 units, 200 of which are under HMO management, divided between Glasgow and Edinburgh.

David Rowand, managing director of Cairn Group, said: “We’re delighted to secure this latest acquisition and remain convinced that acquisition is the correct growth strategy to pursue given the present market dynamics.

“There are currently more landlords exiting than entering the market while the short-term lets licensing scheme, which is now mandatory for all short-term let accommodation across Scotland, has seen some former Airbnb properties return to longer-term letting.

“That said, we are convinced that there are many more opportunities for us to expand and, having secured funding, we are actively on the hunt to add to our property portfolio via further acquisitions.”

Rannoch Property’s Greg Dykes added: “With an increasing regulatory burden making the managing of overheads more challenging, we have taken the strategic decision to refocus our efforts and sell our letting operation in order to specialise in commercial sale and letting and are delighted to secure this deal with Cairn.”

Cairn now employs a staff of 25 and aims to double its turnover to £3 million and portfolio to 2,500 units under management within the next five years through its ongoing expansion strategy to acquire independent letting operators.

Mr Rowand said: “We are an independent reactive operation with loyal staff. Over 60% have been with us for more than six years, something we are very proud of in today’s transient workforce. We pride ourselves on our ability to service our expanding property portfolio with well-versed staff ensuring a smooth transition for both tenant and landlords.

“As such, while we presently concentrate on the central belt, the digitalisation of our operations means that we are now seeking to acquire more letting companies across Scotland.”