Property consultancy Eddisons has strengthened its property auctions division with the acquisition of the UK’s largest auction house outside London.
Eddisons, which has offices in Huddersfield, has bought North West-based Pugh & Co, a £2m turnover firm, for an initial £2m cash sum.
Pugh & Co, founded in 1991, came under the control of managing director Paul Thompson in 2014 when he bought out the remaining 50% 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 Leeds-based Eddisons’ auction division and Pugh & Co – which together sold more than £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 Mr 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.”
Mr 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.”
The total deal value could reach £4.6m if the combined business achieves stretching financial targets over the next five years.
In 2015, Pugh & Co offered more than 1,000 lots – the highest total of all the UK commercial auctioneers – achieving an 80% success rate.