BOWMAN Rebecchi Letting has acquired Castle Estates, an independent residential lettings agency based in Inverclyde, in a six-figure deal.
Castle Estates manages a stock of nearly 350 properties across Glasgow, Renfrewshire, Ayrshire and Inverclyde. Its four staff members will transfer to Bowman Rebecchi’s new offices in Gourock.
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 believe its operation is the best fit for Castle Estates’ current customers, staff and the future potential of the organisation.
“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 www.bowrebletting.com.
Riccardo Giovanacci, MD of Glasgow-based agency Newton Lettings, and a director in the Bowman Rebecchi Letting joint venture, said, “We are delighted to have acquired Castle Estates and its current clients and tenants. Neil has been very supportive, and we thank him for his collaboration to complete the deal. We wish him a happy and well-deserved retirement. 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 Architectural and Bowman Rebecchi director, Marco Rebecchi, added, “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.”
Andrew Bowman, director of Bowman Rebecchi, commented, “This is a significant investment for a well run and successful operation, and it is exciting to watch the business grow since its launch. We have strategically invested into our systems and processes to ensure the highest quality of service and we believe this provides an outstanding customer proposition to the letting market. 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.”