Auction house bids to create 80 jobs with European expansion
Nottingham-headquartered auction house network John Pye & Sons has announced plans to expand across Europe, with Spain set to be the first location overseas.
The move, which will see the business acquire a 151,771 sq ft site in Zaragoza in a cash sale follows a 29.8% growth in revenue for John Pye since November.
Adam Pye, managing director at John Pye, said: “We’ve been eyeing up European expansion for some time, but with the economic climate limiting access for many of our brand partners overseas, as well as strong growth for our company over the past quarter, now felt the right time to press ahead with plans.
“Combined with the strength of our brands, our customers come to us knowing they can find a number of luxury retail pieces, white goods and off-the-shelf items that aren’t available elsewhere, and with the potential to secure them at a reasonable price. It only felt right to extend these values across Europe, and I look forward with great interest in developing the John Pye operation in new and exciting territories.”
The move into Europe is set to create 70-80 jobs at the business within the first 18 months of operation, with all bids to take place online.
Following the Spanish, it is expected the business will then buy space in Poland, with a new website set to be launched to accommodate European bidding.
John Pye currently receives online traffic from a number of European territories, with consumers attracted by the wealth of worldwide brands and lots the business has to offer.
The transition to Europe will be supported by HSBC, with John Pye set to bank with the worldwide organisation.
Liz Fuge, deputy head of corporate banking for HSBC said: “We’re pleased to be supporting John Pye as it expands its operations in Europe. It is great to see the continued growth and development of its team and we are committed to working with the company to help realise its ambitions.”