At the start of October, APL transferred all common management responsibilities for 1,400 factored properties to Newton. The deal followed APL’s decision to focus on their core letting services, having just acquired a lettings portfolio themselves.

APL was founded in 1992 and offers a variety of property services such as lettings, maintenance, serviced apartments and block factoring. The business made the strategic decision to divest from the block factoring sector and Newton was delighted to be able to take on the factoring duties for a well-maintained portfolio in the North East of Scotland.

The deal sees Newton continue to expand its presence in Aberdeen, and the company now manages factoring for 40,000 properties across Scotland.

Newton Property Management CEO Vincent Goldie said: “Working with the team at APL was a breath of fresh air.

“A professional, hardworking, pragmatic team that made this transaction seamless for our staff and the new customers we have onboarded. We look forward to continuing our relationship with APL, utilising their other services to complement our own.”

A spokesperson for APL said: “With the retirement of our director in charge of factoring, and the recent acquisition of a local firm’s lettings portfolio, the offer to work together with Newton was perfect timing. APL will concentrate on growing our letting portfolio to remain Aberdeen’s leading independent letting agency.”

Mr Goldie finished by stating he wished to thank his internal team who were involved in and assisted with the acquisition, his external legal advisors Freeths and software provider CPL Software for their hard work on the data migration.