A long-established lettings company in Scotland has acquired a three year old independent with a small portfolio of 45 properties.
Riccardo Giovanacci bought the lettings division of his family’s business Newton Property Management in April this year, and now he has snapped up Glasgow’s Kite Properties.
“This acquisition is right for our business and comes at the right time. When the opportunity came up to purchase Kite with cash reserves, I felt it was the smart move to reinvest some of our profits in continuing to grow our portfolio. Our business is already strong in Glasgow, so the properties that are moving over to us will give us increased geographical presence” explains Giovanacci.
He adds: “We have had an excellent start to the year, with business growing organically by around 10 per cent. We are looking to increase that year on year and with the Kite lettings business added, our portfolio will increase to almost 600 units let and managed on behalf of around 370 landlords.
“We have invested in extra staff since the buyout and this has allowed us to provide a better service to our clients, and in turn, has seen more landlords and tenants recommending our services.”