Property lettings firm Bowman Rebecchi has acquired residential lettings agency Castle Estates in a six-figure deal.
Castle Estates manages a stock of nearly 350 properties across Glasgow, Renfrewshire, Ayrshire, and Inverclyde.
Its four staff will transfer across to Bowman Rebecchi’s new offices in Gourock’s Kempock Street.
The business, established for 20 years, is being sold by owner Neil Woodhead, who is retiring and relocating.
He said: “I have had several offers for the business, but elected to complete the sale with Bowman Rebecchi Letting.
“I look forward to watching the business development under the stewardship of Bowman Rebecchi Letting and would like to thank our loyal clients for their support over the past two decades.”
As a result of the sale, the Castle Estates name will cease to trade and its website for all its properties will transfer to Bowman Rebecchi’s site.
Bowman Rebecchi Letting, established in December 2020, is operated by Andrew Bowman and Marco Rebecchi as a collaborative venture, jointly owned by Newton Letting’s Managing Director, Riccardo Giovanacci.
Giovanacci, managing director of Glasgow-based agency Newton Lettings and a director in the Bowman Rebecchi Letting joint-venture, said: “Castle Estates has a successful track record across the west coast of Scotland and delivers a significantly greater reach to our residential letting arm.
“There is a high demand for rental properties throughout towns and villages across the central and west of Scotland, and we look forward to meeting our new landlords to support their investment aims.”
Rebecchi said: “Across our group of businesses, we now manage 1,100 properties, both commercial and residential, and this acquisition makes us one of the largest independent letting agencies in Scotland.
“We look forward to further growth, both in our core area of Inverclyde and beyond and continue to welcome new clients.”
Bowman added: “Our focus in the next few weeks is on integrating our existing and new portfolios, and we look forward to getting to know our new employees and clients.
“Like Marco, we look forward to a lengthy period of growth, both organically and through future acquisition.”
Giovanacci acquired Newton Lettings, the lettings arm of his family’s long-established business, Newton Property Management, in 2019.
He started his career with Newton Property Management 14 years ago, then held senior positions in an estate agency in London and Glasgow, before returning to the company.
Joint managing director Stephen O’Neill, who is Giovanacci’s uncle, started the Newton Property Management business in 2001, after selling off his first letting business O’Neill Property.
Giovanacci’s grandfather, William O’Neill, had worked in the industry since the 1950s, running one of Glasgow’s first estate agents in the city’s West End.
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