A former Foxtons negotiator who returned to his home country of Scotland to work his way up the career ladder has taken over the lettings business of his family’s firm.
Riccardo Giovanacci (above, left) now lists himself as Managing Director and owner of Newton Lettings based in Glasgow and says he wants to expand the brand across Scotland. This includes plans to open an office in Edinburgh and to use technology to increase its potential customer base.
“There is a vibrant market out there for rented property and I see that only increasing in the future,” he says. “We want to have our new Edinburgh office up and running within the next two years.”
Newton Lettings is trading with the agreement of its parent company Newton Property Management, which has sold its 500-property portfolio, which includes some 350 landlords, to Mr Giovanacci’s venture.
Newton Property Management was established by William (above, middle), who is no longer a director, and Stephen O’Neil (above, right) in 2001 and offers both property management (or factoring) and lettings services from three branches run by over 20 staff.
Stephen O’Neil is Giovanacci’s uncle and before going to London his young family protégé worked at the company, as do several other members of the O’Neil clan.
“When Riccardo returned to Newton, it was clear he was very talented and ambitious,” says O’Neil.
“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.”