An East Midlands auctioneer is planning to share £1.3 million in bonuses among hundreds of staff before the end of the year.
Management at Nottingham headquartered John Pye & Sons said they will be making the additional payments to eligible staff after celebrating their best ever year of business.
It comes a year after the same company shared out more than 40 per cent its annual profits – some £1,030,000 – to workers who had been part of its growth.
Turnover at the national auctioneer topped £33 million over its latest financial year, more than a quarter up on the previous figure of £26.4 million.
The consistent year-on-year growth was put down to a focus on innovation and the ability to make quick changes – crucial after two years of on/off lockdowns.
Over the past two years, the business has invested heavily in improving its 1m sq ft of auction sales space, bringing in new technology and adapting its policies and procedures to mitigate the challenges of the pandemic.
Investments have included a UK-wide delivery service and an app for internal stock management.
John Pye has also invested in staff, expanding its team by more than 20 per cent in a year to around 720 people, working at more than 60 auction rooms.
Managing director Adam Pye said: “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.”
In 2019, John Pye was listed ninth in a top 50 fastest-growing companies report, compiled by accountancy and business advice group BDO LLP.
The Nottinghamshire Growth Report highlighted the business’ rapid expansion and year-on-year revenue growth, setting it out as a major local player within the manufacturing, retail and hospitality sectors.
On a national scale, it has most recently been appointed by administrators PricewaterhouseCoopers to handle the sale of 30,000 items of stock from Made.com through its auction network.
ENDS
