Bowman Rebecchi Letting, operated by Andrew Bowman and Marco Rebecchi, will be jointly owned with Newton Lettings’ managing director Riccardo Giovanacci. It will tap into Newton’s “tried and trusted models, processes, and expertise”.
The new venture will focus on building a presence in the west coast of Scotland residential lettings market, with target areas including Greenock, Gourock, Inverkip, Kilmacolm, Bridge of Weir, Largs and beyond.
Bowman said: “This is an exciting natural development for Bowman Rebecchi, with many existing clients asking us to manage their commercial and residential portfolios.
“Partnering with Riccardo enables the business to hit the ground running and enables a seamless transition from the commercial to the residential market.
“Bowman Rebecchi has established a successful commercial property company in a short space of time, and we continue to look at new ways to grow the brand.”
Financial details surrounding the new venture have not been disclosed. Newton Letting’s portfolio stands currently at just over 600 units, let on behalf of some 400 landlords.
The firm said it had invested consistently in new staff and technology since its buyout in 2019.
Giovanacci said: “I am excited by this tremendous opportunity to enter a joint venture agreement with Bowman Rebecchi, which will offer our established expertise to the west coast residential marketplace.
“There are considerable opportunities to grow the business, and in Andrew and Marco, both of whom I have known for many years, I have the ideal, trusted partners.
“Their local presence and knowledge of the market, combined with our proven systems and processes, makes me highly confident that this initiative will prove a winner.”
Rebecchi added: “This is a smart move for both parties and enables us to utilise each other’s strengths to help to grow the new business.
“Bowman Rebecchi has built a fantastic reputation since its launch and continues to enjoy growth in its portfolio and client base.”
He added: “We always listen to our client’s feedback and believe strongly that this is a natural progression, which adds another string to our bow.”