Auction plans expansion after landing extra funding

A Gloucester-based auction house has upgraded its facilities and increased the number of lots it can handle, after seeing a strong surge in demand for its goods and services.

Asset Management Services (AMS), which sells over £10mi worth of equipment each year, is embracing a new phase of growth, as more commercial buyers and contractors turn to auction houses to source products at competitive prices.

Now, the business, which is set to increase its annual turnover by more than 25 per cent to £15m this year, is celebrating after completing the move to a new purpose-built auction centre.

AMS specialises in the sale and disposal of large-scale assets including commercial and private vehicles, construction plant and agricultural machinery as well as machine tools. AMS’s most infamous asset sold at auction was a life size replica of Dr Who’s arch nemesis, the Dalek.

The expansion, which was supported by a £1m loan from Lloyds Bank, gives AMS the extra space it needs to roll out a much wider range of lots to its customers and support its bespoke online bidding platform.

Founded in 2001 by Rob York, AMS currently employs 12 people and has plans to recruit an additional four members to its team as part of the premises expansion.

AMS’s auction process allows domestic and international buyers to prioritise reliable second hand assets, which boosts the circular economy as opposed to investing in carbon rich new build equipment and machinery.

Rob York said: “Expanding our showroom was the first step in keeping up with a rapidly changing market and ensuring we’re able to provide our customers with the highest quality experience.

“Developing our own purpose-built facility hasn’t come without its challenges. Regenerating the site itself was an immense task, so once this completed we were keen to get up and running on the build process. Lloyds Bank’s speed and diligence allowed us to break ground quickly and have the facility up and running without delay.”

Alastair Andrews, relationship manager at Lloyds Bank, said: “The rise of the second-hand machinery market has presented huge opportunities for plant suppliers like Asset Management Services. Businesses like these are integral to keeping the construction industry in the UK moving, so we were proud to support them in the next stage of their expansion.

“We will continue to stay by the side of firms like Asset Management Services to help provide opportunities for growth across the region.”