Cairn boosts portfolio with Rannoch Property deal
Cairn Group, the fast-growing lettings business, has acquired rival Glasgow company Rannoch Property as part of a plan to double its turnover and property portfolio in the next five years.
The deal follows recently acquired JJM Properties in Glasgow, Grange Letting in Edinburgh, and Stephen McIntyre Letting in Portobello. All have been rebranded under the Cairn name.
With the addition of Rannoch Property, Cairn now manages a portfolio of approximately 1,400 units, including 200 under house in multiple occupation management.
David Rowand, managing director of Cairn Group, noted that there are currently more landlords exiting the market than entering, and the mandatory short-term lets licensing scheme in Scotland has led to some former Airbnb properties returning to longer-term letting.
However, Cairn Group remains confident that there are still many opportunities for expansion. With secured funding, the company is actively seeking further acquisitions to grow its property portfolio.
Rannoch Property’s director, Greg Dykes, said the increasing regulatory burden has made managing overheads more challenging. As a result, Rannoch Property has decided to refocus its efforts and specialise in commercial sale and letting.
The deal with Cairn Group allows Rannoch Property to streamline its operations and concentrate on its core business of commercial property sales and letting.
Cairn Group currently employs 25 and aims to double its turnover to £3 million and expand its portfolio to 2,500 units under management through acquiring independent letting operators.
While Cairn Group presently focuses on the central belt, the digitalisation of its operations allows for expansion across Scotland.