Eddisons continues on expansion path
The Yorkshire-headquartered firm will become one of the UK’s largest auction houses by volume following a deal, potentially worth £3.25m, to purchase Nottingham-based SDL Property Auctions.
The deal will increase the number of auction lots offered annually by Eddisons, part of the Begbies Traynor group, to more than 3,000.
Initially, the deal is worth £2.5m, with a potential earn-out of £750,000 dependent on maintaining revenue over the next 12 months.
Led by managing director Andrew Parker, Nottingham-based SDL Property Auctions sells residential and commercial properties across the UK, offering around 2,000 lots for sale annually.
The firm is particularly active in the South East, Midlands and Scotland, complementing Eddisons’ property auction strengths in Yorkshire and the North West.
The acquisition builds on Eddisons’ auction business, which trades under the Pugh and Mark Jenkinson brands, with SDL Property Auctions set to integrate with the Eddisons team post-acquisition.
Eddisons managing partner Anthony Spencer said: “I am very pleased to welcome the SDL Property Auctions team to Eddisons.
“The acquisition significantly increases the scale of our auction business and I look forward to working with Andy and the team in the future.”
He added: “This is the fourth acquisition of the year for Eddisons and we continue to seek further opportunities for expansion across the UK.”
Eddisons said that its strategy of increasing the scale and quality of its business, both organically and through acquisitions, has seen the firm increase turnover from £20m in 2020 to more than £40m this year.
The SDL Property Auctions deal follows previous acquisitions this year of Sheffield auctioneer Mark Jenkinson in March, Lincoln-based consultancy Banks Long & Co in May and last month’s acquisition of Andrew Forbes Surveyors in Bristol.
Andrew Parker, SDL Property Auctions’ managing director, said: “Through our team of talented people who place our clients’ interests at the forefront of everything we do, SDL Property Auctions has developed an award-winning reputation for selling property by auction.
“We are excited to be joining Eddisons and I look forward to working with like-minded individuals to develop the opportunities that the deal presents.”
Leeds-headquartered Eddisons, established in 1844, now employs more than 400 people across a network of 30-plus offices.