Auctioneer Pye eyes up UK expansion1 February 2010
Nottingham auctioneers and valuers John Pye and Sons plan to expand by opening two offices.
The company, based at the former Shipstones Brewery site, New Basford, wants to increase its geographical coverage following the successful opening of offices in Birmingham and Cheltenham.
The firm said it will open two more offices in the UK this year as part of its growth plan.
It said it did not want to identify where until the sites had been agreed.
"But we will tap into substantial disposal contract opportunities which are at advanced stages with clients," said Mr Pye.
The new offices will take Pye's satellite office count to four.
The Birmingham office has proved a success, said managing director Adam Pye, receiving 238 insolvency related instructions since opening in June 2009.
It brings the total number of insolvency instructions received by the company as a whole to 647 over the same period, a rise of more than 300% from 212 cases.
Mr Pye said the firm's expansion followed six years of sustained growth. The company says it is on course to make a net profit of more than £1m in the 12 months to July 31 2010.
Disposals from the satellite offices feed into the company's growing online auction platform on its website, now running fortnightly.
The internet auction turns over similar figures to the twice-weekly general auctions.
Bids come from across the UK and overseas such as Belgium, Poland, Dubai and Israel.
Many of the sales are fuelled by the strong euro against the weak pound.
The expansion of Pye has led to the number of staff doubling over the past four years and is set to top 50 this year. "More than 40% of those recruited were searching for employment after being made redundant," said Mr Pye.
The firm now has five trained full-time auctioneers on its books.