Begbies snaps up £4.6m auction group

INSOLVENCY firm Begbies Traynor has acquired a £4.6m auction business which operates in Leeds and Manchester. Pugh Auction Group, based in Newton-le-Willows, employs 25 which will be integrated into the group’s Eddisons property services division, itself a Leeds company acquired in 2014.

Pugh & Co was established in 2000 and is the largest firm of commercial property auctioneers operating outside of London. It’s integration with Eddisons will allow it to become the third largest firm in its sector nationally.

In the financial year ended 31 March 2016, Pugh & Co reported annual revenue of £2.0 million and pre-tax profits of £0.8 million, and Begbies has acquired the business for a consideration of £2.0m, with an additional £2.62m payable upon achieving financial targets in the coming five-year period.

Eddisons managing director Richard Roe said: “Pugh & Co is the perfect fit for Eddisons’ own property auctions division and together we now have the capacity to run the largest commercial property, residential property and land auctions in the North.

“The popularity of auctions as a speedy, transparent and reliable method of buying and selling property continues to grow and this acquisition, of a successful and highly respected auctions business, will be a massive boost to Eddisons’ capability in this area.”

Paul Thompson, managing director of Pugh & Co, said: “It’s great news that our firm is now part of Eddisons. Combining our strengths will enable us to offer an unrivalled service to clients, with an excellent geographic spread and depth of professional expertise and experience.”