John Pye is investing and expanding its Business Assets department to meet growing demand from insolvency and restructuring clients, following a record spike in instructions during the first quarter of 2018.
Nottingham-headquartered John Pye manages over 30,000 asset instructions in the UK per year and provides valuations, logistics, marketing and sales to help clients maximise returns to creditors.
Over the course of the first quarter, the business has seen a near 50% spike in insolvency instructions, which it attributes to consumers being squeezed by a landscape of increasing interest rates, certain market sector saturations and Brexit.
This increase in instructions has led to a number of major assignments for household name companies, including high street restaurants and retailers. As a result, John Pye Auctions’ latest and largest site, a 316,000 sq. ft. 13-acre facility in Port Talbot, South Wales, has been utilised to support many nationwide insolvency clearances.
The company has doubled its staff in both its Business Assets and Property departments over the last 12 months and continues to recruit to grow both areas of the business.
To further meet the increased demand for its specialist services, the auction house has invested in ongoing training of its team with four employees recently gaining National Association of Valuers & Auctioneers (NAVA) Propertymark accredited qualifications, as well as four of its trainee valuers becoming student members of NAVA.
John Pye has been a member of NAVA Propertymark for 30 years, and national head of corporate valuations, Trevor Palethorpe, has recently been appointed a committee member.
Trevor said: “In 2017, 47% more large retailers ended up in financial distress compared to 2016. We have recently seen major players like Prezzo and Carluccio’s bring in restructuring experts, having been adversely affected by the weakening consumer market demand, Brexit vote and the subsequent weakening of the pound, making buying produce from the continent more expensive.
“We have seen a spike in insolvency instructions not seen since 2008 recession levels and anticipate greater market activity as the year progresses. We have invested in further support and development of our team members, as well as continuing to recruit, to ensure we continue to support our insolvency sector clients with an award-winning service and infrastructure during this busy period.
“Since its inception, John Pye has championed the work of NAVA Propertymark and the standard which it sets. I am pleased and proud so many of my colleagues have chosen to be a part of NAVA, both for their own career development and for the continued development of John Pye as a whole.
“Insolvency instructions begin with appraisals and valuations in accordance with stipulations required by NAVA, which is why it’s so important for our staff to have the relevant NAVA training.”
Anna Hall, senior valuer, Hayley Riley, national property auction supervisor, and Helen Bingley, property administration supervisor, have all become members of NAVA, following the successful completion of their examinations and received the Propertymark Technical Award in Chattels Auctioneering.
Valuer, Steve Richardson, has also become an associate member of NAVA having gained the five years of experience required in the auction industry. The new student members include Ben Ernstzen, Addison Pye and Robin Smith.
John Pye, which celebrates its 50th anniversary this year, is the UK’s largest commercial auction house and operates across 23 UK sites across England, Scotland and Wales, including Headquarters in Nottingham and offices in Mayfair, London.
The company has five trading departments; John Pye Retail, John Pye Luxury Assets, John Pye Property, John Pye Business Assets and John Pye Vehicles, all supply stock and assets for sale.
Last year John Pye made history by being crowned ‘Asset Valuer/ Auctioneer’ of the Year in the UK Turnaround, Restructuring & Insolvency (TRI) Awards for the third year in a row, judged by leading insolvency practitioners and support professionals.