The acquisition is part of Park PM’s strategic growth plan and brings the value of assets in its estate to over £1 billion under management, creating one of Scotland’s largest private factoring companies.

Founded by Raymond Lorimer, Lorimer Property Group is active in all aspects of residential and commercial property development and plans to now focus on building its retirement communities portfolio.

Its residential factoring division primarily managed property developments located in Ayrshire & Lanarkshire. Existing staff have been transferred to Park PM and initially will remain operational in offices in East Kilbride and further jobs have been created at Park PM’s head office in Glasgow.

Paul McDermott, managing director of Park Property Management, said, “This acquisition sits well with our ongoing growth strategy and further expands our reach across Scotland.

“Our organic growth rate has expanded us into new geographical areas and Lorimer’s factoring division which reflects our high customer service ethos, is a good fit.

“We’re delighted that the company’s staff team are on board and look forward to supporting their personal development with our expertise and training programmes.”

Park Property Management was advised by investment and advisory firm N4 Partners and funded by RBS Commercial.