A property management and lettings firm is targeting turnover of £4m within five years after completing its first acquisition.
Dwello Property has acquired the lettings business of Thomson Residential as it looks to expand across Scotland’s Central Belt.
The company, which opened its Byres Road office in spring 2025 and expanded into Edinburgh earlier this year, has built a portfolio of more than 1,500 homes under management in around 15 months.
It now works with about 400 landlords and supports more than 2,000 tenants.
Following the acquisition, Dwello will continue to operate from Thomson Residential’s Clarkston Road office, strengthening its presence in Glasgow’s south side while providing continuity for existing landlords and tenants.
The deal will increase its headcount to 21, with further recruitment planned.
Bank of Scotland provided a £520,000 term loan to support the acquisition, alongside a banking switch.
Dwello is targeting turnover of £2.5m by 2028 and £4m within five years, as well as growing its portfolio to more than 2,000 homes.
Craig Syme, director at Dwello Property, said: “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.”
David Drylie, relationship manager at Bank of Scotland, said: “Dwello’s growth over such a short period has been impressive, and this acquisition is a strong example of a business scaling thoughtfully.
“We’re pleased to provide the funding to support Dwello’s recent acquisition, and we look forward to continuing to back the team as it grows and creates jobs in Glasgow.”
