The senior executive who has bought out the lettings side of a Glasgow agency business says increased use of PropTech is high on his agenda.

Riccardo Giovanacci has taken over the lettings book from Newton Property Management which manages more than 500 properties for around 350 landlords; the rest of Newton’s sales activities continue unchanged.

The firm has five full-time and two part-time employees who have transferred over to a new company, which will retain the Newton Lettings brand and premises.

Giovanacci (pictured left) started his career with Newton Property Management 13 years ago and returned to the company after working at rival firms in London and Glasgow. 

It’s something of a family affair as his uncle established Newton in 2001, while his grandfather has worked in the industry since the 1950s, running of the first estate agencies in Glasgow’s west end.

Giovanacci says: “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.”

An Edinburgh office is likely to be set up within two years.