Newton Letting in Glasgow has rebranded as Rosevale Letting, following the conclusion of a licensing period which permitted former Newton employee, Riccardo Giovanacci, to acquire the lettings arm of the business four years ago.

Rosevale Letting, which is managing around 700 properties on behalf of some 400 landlords, is aiming to increase its portfolio to 1,000 properties shortly by maintaining its recent annual growth rate of ten per cent.

Giovanacci said: “It was always planned that a time would come when the Newton connection would come to an end, and with the expiry of our licensing agreement come early next year, that time has now arrived.

“With Rosevale Letting now trading, we are looking forward to an exciting, distinct future with a fresh, professional, and tailored approach to the lettings sector.

Giovanacci added: “As part of our re-branding exercise we have moved to new offices at 4 Newton Place in Glasgow, G3, where our seven strong staff are now happily settling in.

“We are grateful for the support and encouragement over the years from our former parent company and are delighted to see it continuing to thrive and prosper.”

Stephen O’Neill, chairman of Newton Property Management, commented: “Riccardo has done brilliant things with what was always a great lettings business. Rosevale is now near double the size it was when we agreed to sell our lettings arm to him.

“Newton Letting, now Rosevale Letting, has been completely transformed under Riccardo’s first-class tutelage – quite an achievement and almost certainly more to come.”