JOHN PYE AUCTIONS APPOINTED BY PHONES 4U ADMINISTRATORS PWC TO AUCTION OVER £10M OF RETAILS STOCK
JOHN PYE AUCTIONS has been appointed by the Joint Administrators of Phones 4U to manage the remarketing and auction sale of approx. 600,000 items equating to £10.8m in retail value.
These items have been relocated to a secure John Pye Auctions holding facilities for processing.
The UKs fastest growing auction house will start drip feeding Phones 4U stock volumes through their online auctions, starting next week, which will be advertised nationally in what is the UKs biggest retail liquidation of 2014/2015
John Pye Auctions are expecting a huge wave of auction demand from both the UK and overseas, including the Far East for the stock.
Rob Hunt, Ian Green and Rob Moran from PwC were appointed as joint administrators of Phones 4u Limited on 15 September 2014.
John Pye Auctions MD Adam Pye said: We look forward to supporting PwC with this Administration process to achieve optimum realisations for Phone 4U creditors for such a high profile corporate insolvency.
John Pye Auctions Head Auctioneer Trevor Palethorpe said While it is always very sad to see such a huge national business go into Administration, it does provide a rare opportunity for the general public to purchase merchandise for a fraction of what they would pay on the high street .
John Pye Auctions MD Adam Pye added: Over the last 10 years John Pye Auctions has developed a market leading position for retail clearance resale and auction offerings on behalf of our national clients.
Our auction model is focused on the end user, providing accessible online auctions open to the public to achieve the highest realisations for our clients. We do not offer wholesale trade job lots.
John Pye Auctions are the UKs biggest commercial bricks and mortar auction house, working on behalf of 70% of the UKs Retail PLCs and Partnerships, including John Lewis, managing approx. 50,000 pallets of surplus and clearance stock to secondary market through online auction.
The company has grown considerably in the last three years, from one site to 12 auction sites across the UK and was voted as the UKs Insolvency and Business Asset Auctioneers of the Year 2014 by the UKs National Association of Valuers and Auctioneers, comprising of more than 300 members.
We anticipate this disposal will be followed closely by industry buyers and end users alike, both in the UK and overseas and we have the infrastructure, both digitally and in bricks and mortar, to be able to service such market demand.
John Pye Auctions is classed as a hybrid auction house, fusing the best of the old auction methods with the best of the new.
Adam Pye added: All of our auctions are online to make them more accessible but we still undertake saleroom preparation and viewing, so bidders can physically inspect all goods on-site to assess their suitability, in accordance with Auction Law.
John Pye Auctions have held 366 online auctions this year across 12 UK auction sites, managed by more than 130 full staff. The company has seen substantial growth over the last three years as it has rolled out a national expansion programme.
The number of annual bids lodged in John Pye Auctions has increased 496% over the last three years, to 2.5m a year from a growing database of bidders now totalling 80,000. Furthermore, the company receives 600,000 unique web visits a month to its auction website.