Windfall for auction house staff after turnover tops £40m

Nottingham-headquartered auction house, John Pye & Sons, is set to reward it workforce by allocating 40% of its profits to staff bonuses, having exceeded £40m turnover for its latest financial year.

John Pye has consistently rewarded the team for their hard work. Over the last three years, the firm has paid out over £4m to employees in bonuses.

The firm improved on its 2021/2022 comparable trading year by over 30%.

Adam Pye, John Pye’s managing director, said: “While posting our highest ever revenue total last year, it was far from a usual trading year, due to some major insolvency projects including handling the sale of assets from homeware and furniture designers MADE.com and cycling specialist Moore Large. This year’s results are really positive against our most recent like for like trading year.

“We’ve invested heavily in recent years in new sites, digital innovation and the customer experience. New bidder registrations are now approaching one million and we’re continuously onboarding major retail clients. We’re looking ahead to another exciting year for the business, including the launch of a new blended commerce model. However, we know this wouldn’t be possible without the team that contributes so hugely to our success – each of them is so deserving of this reward.”