A factoring firm has acquired a property management business that was founded in the early 19th century.

Newton Property Management said it has completed the acquisition of historic Greenock-based Morison Walker Property Management.

The transfer of responsibilities took place after Morison Walker directors Florence Gallacher and Gordon Macphail announced they were to retire from property management.

Morison Walker was founded in 1825 by John Morison and has been based in Greenock since. In 1980 it acquired Welsh Walker Factoring to become Morison Walker and Company, before a reorganisation in 1993 saw it renamed Morison Walker Property Management.

The acquisition means Newton, a member firm of the Property Managers’ Association Scotland, continues to expand its presence in the west of Scotland. Formed in 2001, it is based in Glasgow, with further offices in Inverness and Aberdeen and now manages factoring for 34,000 properties across the country.

Staff at Morison Walker, which has 3,544 properties under its management, have transferred over to Newton, and will maintain an office presence in Greenock for customers. Newton will also continue to use local contractors wherever possible, for example for cleaning and gardening, general maintenance and upkeep.

Ross Watt, Newton Property Management commercial director, said: “Everyone at Newton Property Management wishes Florence and Gordon well in their retirement. Morison Walker is a historic property management company with deep roots in the Greenock community.

"Through this acquisition, they have ensured that it is very much business as usual for their customers. We will make sure that the transition is as seamless and possible, and will continue to uphold the values of local service as best value."

He added: "This is also a significant moment for Newton, which during my eight years with the company has now quadrupled in size from 8,000 properties to 34,000 properties. It shows that our Newton brand of management continues to be one of the most trusted in Scotland.

"I can assure all customers we aim to make this as smooth as we can, and for those who want to discuss anything with us, our door is always open."

Florence Gallacher said: "Both myself and Gordon have been proud to serve as directors of Morison Walker Property Management, but following nearly three decades each we believe the time is right to retire.

"We wanted to ensure all our customers’ properties continue to be professionally managed to a high standard, and in reaching this arrangement with Newton we believe that they will continue to receive the very best service."

The value of the acquisition was not disclosed.

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