Eddisons, the property advisory and transactional services division of Begbies Traynor Group, has acquired South East-based property auctioneer Network Auctions. Founded in 2005, Network Auctions has five staff and generates annual revenues of approximately £600,000. The company works with banks, asset managers, local authorities, solicitors, receivers, executors and private sellers.
The takeover, valued at £1m, brings Network Auctions into Eddisons’ existing property auctions team. Anthony Spencer, managing partner of Eddisons, said: “The acquisition of the Network Auctions business expands our existing property auctions team and enhances our coverage across the South East. I am very pleased to welcome the team to Eddisons and to the wider Begbies Traynor Group.”
Andrew Parker, head of Eddisons’ property auctions division, added: “We’re delighted to welcome the Network Auctions team to Eddisons. Over the past year, we have marketed more than 3,000 properties and plots of land through our auctions, generating over £330m for clients. Bringing Network Auctions into the business, with their established presence in London and the South, allows us to provide even broader national coverage and deliver greater choice and value to both buyers and sellers.”
Network Auctions will integrate with Eddisons’ existing auction business, which includes Pugh & Co, SDL Property Auctions and Mark Jenkinson. Toby Limbrick, partner at Network Auctions, said: “Becoming part of Eddisons marks an exciting new chapter for us and gives us a stronger platform for growth and the opportunity to deliver even more for our clients. We’re looking forward to bringing our expertise and energy to a larger national team and continuing to progress the way property auctions are delivered.”
