Nottingham-headquartered auction house, John Pye & Sons Ltd, is celebrating business success having exceeded £33 million turnover for its last financial year. The firm improved on the previous year’s turnover of £26.4 million by over 28 per cent, as it continues to realise its ambitious plans for growth.
Despite the impact of the pandemic, John Pye says it has enjoyed a consistent period of year-on-year growth thanks to its focus on innovation and ability to quickly implement changes. Over the past two years, the auction house has invested heavily in improving its 1 million square feet of auction sales space, implementing new technology and adapting its policies and procedures to mitigate the challenges of the pandemic, which have helped drive the whole business forward.
Investments have included the introduction of a delivery service across its entire UK network and a new client reporting and operations audit system. In addition, the auctioneer has introduced an app for internal stock management and inventory tracking, as well as a cutting-edge trade sales platform for bulk sales and converted all payments to online.
John Pye has also invested in its staff, expanding its team by over 20 per cent in the last year. Currently, around 720 staff are employed across more than 60 auction rooms throughout the auctioneer’s UK network. Last year, in recognition of the firm’s strong period of success, employees were rewarded with £1 million in bonuses, amounting to 40 per cent of the year’s profits. The same profit share is planned again this year – working out as £1.3 million to be paid before the end of the year.
Adam Pye, Managing Director at John Pye & Sons, says: “Reaching this momentous milestone is a huge success story for our business. We’ve invested heavily in our people and procedures over the past two years and to have this investment rewarded in such a significant way is incredibly humbling.
“Despite a fast-moving and transient business landscape, we are fully focused on expansion. Our next major milestone is meeting client needs in Europe, driven by our newly owned facility in Zaragoza, Spain. The launch of our in-house bespoke auction bidding platform will see a big movement in client reporting and customer bidding activity, while our new website will greatly enhance the customer journey.
“It’s an incredibly exciting time for the business and we look forward to building on this success to deliver an exceptional retail experience to every client across our growing network. I would like to say a huge thank you to our clients which have supported us over the last few years.”
