“This acquisition is a strong example of a business scaling thoughtfully” – David Drylie, Bank of Scotland
A Glasgow lettings and property management firm is on track for record revenue after sealing its first acquisition.
Dwello Property has snapped up the lettings business of Thomson Residential in a “milestone” deal as it accelerates its expansion across the Central Belt.
Dwello has grown rapidly since opening its Byres Road office in spring 2025 and its Edinburgh office earlier this year. In around 15 months, the business has built a portfolio of more than 1,500 homes under management.
The fledgling firm works with some 400 landlords and supports in excess of 2,000 tenants. It expects turnover to reach £2.5 million by 2028 and £4m 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 Clarkston Road office in Glasgow, giving the business a stronger foothold in the city’s south side while maintaining continuity for existing landlords and tenants.
The acquisition will also increase the firm’s headcount to 21, with further recruitment planned as the business continues to grow.
Bank of Scotland supported the acquisition with a £520,000 term loan, alongside a banking switch. The finance will enable Dwello to pursue further “carefully selected growth opportunities” while continuing to invest in its people, systems and processes.
Director Craig Syme 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.”
David Drylie, relationship manager at Bank of Scotland, added: “Dwello’s growth over such a short period has been impressive, and this acquisition is a strong example of a business scaling thoughtfully. It’s particularly positive to see the team retaining a local presence in Glasgow’s south side, helping it stay close to the landlords, tenants and communities it serves.”