A Glasgow-based property management and lettings firm has completed its first acquisition, setting a target of £4m in turnover within five years as it expands across Scotland’s Central Belt.
Dwello Property has acquired the lettings business of Thomson Residential, adding to a portfolio that has grown to more than 1,500 homes under management in approximately 15 months of operation. The company now services around 400 landlords and over 2,000 tenants.
The firm opened its Byres Road office in spring 2025 and entered the Edinburgh market earlier this year. Following the acquisition, Dwello will maintain operations from Thomson Residential’s Clarkston Road office in Glasgow’s south side.
Funding and growth targets
Bank of Scotland provided a £520,000 term loan to support the acquisition, alongside a banking switch. The deal increases Dwello’s headcount to 21 employees, with further recruitment planned. This type of acquisition financing follows similar patterns in the sector, as property firms increasingly turn to specialist lending to fund expansion.
The company has set a turnover target of £2.5m by 2028, rising to £4m within five years. It also aims to grow its portfolio beyond 2,000 properties under management.
Craig Syme, director at Dwello Property, said the acquisition would accelerate growth in Glasgow’s south side and support the firm’s ambition to expand across the Central Belt. He noted that Thomson Residential had built a strong reputation over more than 12 years.
David Drylie, relationship manager at Bank of Scotland, described Dwello’s growth trajectory as “impressive” and characterised the acquisition as “a strong example of a business scaling thoughtfully.”
Market context
The expansion comes as Scotland’s lettings sector faces ongoing regulatory changes and market pressures. The acquisition-based growth strategy reflects broader consolidation trends in the property management sector, where established firms are seeking scale to navigate changing economic conditions and compliance requirements.
The deal preserves continuity for existing landlords and tenants of Thomson Residential while providing the acquiring firm with an established client base in Glasgow’s south side market.
