Eddisons has strengthened its property auctions division with the acquisition of the UK’s largest auction house outside London, North West based Pugh & Co.
Established in 1991, £2m turnover firm Pugh & Co came under the control of managing director Paul Thompson in 2014 when he bought out the remaining 50 per cent stake in the business. Hosting auctions in Leeds and Manchester, Pugh & Co offer more lots for sale than any other commercial auction house outside the capital.
The acquisition will see Eddisons’ auction division and Pugh & Co, who together sold over £100m of property at auction last year, run monthly auctions in Leeds and Manchester under the Pugh brand, with a combined team of 36 staff led by Thompson.
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.”
Richard joined Eddisons in 2003 and has been the Managing Partner since 2012, a role that sees him lead the strategic direction and development of the business under the ownership of Begbies Traynor Group plc. Richard has been instrumental in the growth of the business which has seen turnover more than double since 2008.
In addition to his role as Managing Partner, Richard continues to play a vital role with key clients, particularly in the banking sector, where he is a trusted adviser to major high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on many high profile properties and assists in the recovery of distressed loan portfolios.
Prior to joining Eddisons, Richard worked in the real estate division of a 'Big Four' firm where his notable assignments included the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.