A fast-growing lettings and property management business has made its first-ever acquisition.

Dwello Property has purchased the lettings business of Thomson Residential Ltd – a deal that marks a major milestone for Dwello, which has grown quickly since opening two offices over the past 15 months. 

It now has a portfolio of more than 1,500 homes under management, work with some 400 landlords and supports more than 2,000 tenants .

Dwello, based in Glasgow, expects turnover to reach £2.5 million by 2028 and £4 million within five years, while growing its portfolio to more than 2,000 homes under management.

Following the acquisition, Dwello will continue operating from Thomson Residential’s office, while the deal will increase Dwello’s headcount to 21, with further recruitment planned as the company continues to grow.

Bank of Scotland supported the acquisition with a £520,000 term loan, alongside a banking switch. 

A statement says the finance will enable Dwello to pursue further carefully selected growth opportunities while continuing to invest in its people, systems and processes.

Agency director Craig Syme says:“This acquisition provides us with a fantastic opportunity to accelerate our growth in the south side of Glasgow, and is another step forward in our ambition to be the letting agent of choice across the Central Belt.

“For more than 12 years, Neil Thomson has built Thomson Residential into a trusted and highly respected firm, with a strong reputation for looking after its clients and supporting its people. We’re proud to have been entrusted with taking that legacy forward.

“As Dwello continues to expand, our focus remains unchanged – managing our clients’ properties as if they were our own.”