The family owned lettings business of Glasgow headquartered Newton Property Management has been sold to a management executive, Riccardo Giovanacci.

The business manages over 500 units for 350 landlords in Glasgow, employing five full-time and two part time staff. All will transfer to the new company, at its premises in Glasgow’s Port Dundas Road, continuing to trade as Newton Lettings.

Joint Managing Director, Stephen O’Neill, Riccardo’s uncle, started the Newton business in 2001.

Ricciardo started his career with Newton 13 years ago then held senior positions in estate agencies in London and Glasgow before returning, said, “I am delighted that we have been able to reach a win-win agreement with the shareholders.

“My priority is to reassure our landlord clients that the same high-quality service they have enjoyed will continue and by increasing use of technology we will be able to build on this solid base.

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.”