The letting business of Glasgow firm Newton Property Management has been bought out by management executive Riccardo Giovanacci.
The family-owned letting business manages more than 500 units on behalf of around 350 landlords in Glasgow and Edinburgh.
Its five full-time and two part-time employees will transfer to the new company at its premises in Port Dundas Road. The new company will continue to trade as Newton Lettings.
The rest of Newton Property Management, including the factoring service, will continue to operate as normal under joint managing directors Stephen O’Neill and Derek Macdonald.
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O’Neill, who is Giovanacci’s uncle, started the Newton business in 2001, after successfully selling-off his first letting business, O’Neill Property.
Giovanacci’s grandfather William O’Neill had worked in the industry since the 1950s, running one of Glasgow’s first estate agents in the city’s west end.
Giovanacci, who started with Newton 13 years ago then held senior positions in estate agencies in London and Glasgow before returning to the company, said: “I am delighted that we have been able to reach a win-win agreement with the shareholders of Newton Property Management.
“My priority is to reassure our landlord clients that the same high-quality service they have enjoyed in the past will continue. I anticipate that by increasing use of technology we will be able to build on this solid base over the coming months and years.
“It is also my firm intention to expand and develop the lettings business throughout Scotland. There is a vibrant market out there for rented property and I see that only increasing in future. We want to have our new Edinburgh office up and running within the next two years.”
Stephen O’Neill said: “When Riccardo returned to Newton, it was clear he was very talented and ambitious. This led to a conversation on his acquisition of the lettings business. I am very pleased that we have concluded the transaction and that the company, its employees and clients are now under his highly capable management.”
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Joint managing director Derek MacDonald said, “Riccardo will continue to trade as Newton by agreement.We would not have granted permission for this unless we were convinced that Riccardo can not only maintain standards, but enhance the Newton reputation and brand.
"I wish Riccardo great success in future and I am convinced that he will go on to make Newton Lettings an even more formidable presence in Scotland’s property lettings sector.”
