In this episode, Nick and Steven sit down with Stephen O’Neill, founder of Newton Property Management, which now manages around 40,000 properties across Scotland. Stephen shares his fascinating journey from growing up in his family’s estate agency business, to launching and selling his own lettings company, and then scaling Newton into one of Scotland’s leading factoring businesses.

Known for his straight-talking approach, Stephen unpacks the challenges of reputation in the factoring industry, the realities of acquisitions, and the importance of culture in building a generational business. From surviving mistakes in early ventures to instilling a people-first ethos at Newton, this episode is packed with lessons in growth, resilience, and leadership.

🎙️ Episode Highlights:

🏁 Early Lessons in Business

• Growing up around his father’s Glasgow estate agency

• Watching the family firm lose control after rapid expansion

• Key lessons on ownership, shareholding, and capitalisation

💼 From O’Neils to Newton

• Founding O’Neils Lettings in 1995 and hustling for growth

• Selling the business in 2000 for ~£750k

• Why factoring, with its long-term recurring revenue, became his focus

📊 Scaling Newton Property Management

• How Newton grew to 40,000 properties and ~85 staff across 4 offices

• The “30/30/30” profit model that funded growth and acquisitions

• Buying competitors at rising multiples – and why Newton is “not for sale”

🏠 Factoring, Reputation & Regulation

• Why factoring has a bad public image and how Newton tackles it

• Robust credit control and chasing arrears through debt collection/legal routes

• Calls for stricter regulation and annual audits of client accounts

• Challenges with under-resourced tribunals

🌍 Culture, Leadership & Vision

• Returning from Bali to rebuild service quality after rapid growth

• Creating a people-first company culture: loans, therapy, office lunches, stocked fridges

• His ambition for Newton to be “the best employer in the country”

📈 Market Views & Next Steps

• Why Stephen is bullish on Aberdeen and sees “Park Circus prices” potential

• Reflections on being a manager, not a landlord

• Balancing growth ambitions with the goal of running a generational business

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