A SCOTS property business has been rebranded after it was acquired by a former employee.
In an amicable parting of the ways, long-established Glasgow property business, Newton Letting, is rebranding as Rosevale Letting.
This follows the conclusion of a licensing period which permitted former Newton employee, Riccardo Giovanacci, to acquire the lettings arm of the business four years ago.
Rosevale Letting is currently experiencing its busiest ever quarter and manages around 700 properties on behalf of some 400 landlords with aims of a ten per cent increase per annum in the Scots property sector.
Speaking today, Riccardo Giovanacci said: “It was always planned that a time would come when the Newton connection would come to an end, and with the expiry of our licensing agreement come early next year, that time has now arrived.
“With Rosevale Letting www.rosevaleletting.co.uk now trading, we are looking forward to an exciting, distinct future with a fresh, professional, and tailored approach to the lettings sector.
He continued: “As part of our re-branding exercise we have moved to new offices at 4 Newton Place, Glasgow, G3 7PR where our seven strong staff are now happily settling in.
“We are grateful for the support and encouragement over the years from our former parent company and are delighted to see it continuing to thrive and prosper.”
Stephen O’Neill, chairman of Newton Property Management, said: “?Riccardo has done brilliant things with what was always a great lettings business. Rosevale is now near double the size it was when we agreed to sell our lettings arm to him.
“Newton Letting, now Rosevale Letting, has been completely transformed under Riccardo’s first-class tutelage – quite an achievement and almost certainly more to come.”
Mr Giovanacci concluded: “Despite gloomy media coverage, this is a great time to be a Buy-to-Let investor, with many properties, certainly in the West End of Glasgow, offering annual returns of around 10 per cent.
“Just a couple of years ago returns were only five to six per cent but the sheer scale of demand for rental properties has almost doubled those figures.”
