London-based online auction firm, Network Auctions, has been bought by Eddisons, making their combined operations the largest by number of lots offered/sold in the UK, The Neg understands.

Property consultancy Eddisons, whose brands include Pugh & Co, SDL Property Auctions and Mark Jenkinson, says the acquisition expandsits property auction coverage in the south of England and adds five members of staff to the team, including Network Auctions directors Toby Limbrick, Stuart Elliott and Guy Charrison but also Denise Daniels and Richard Worrall.

Andrew Parker, who heads the Eddisons property auctions division, adds: “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.”

Stronger platform

Network Auctions was established in 2005 and sells residential and commercial properties across the UK via monthly online auctions.

Partner, Toby Limbrick 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.”

The acquisition marks another step forward for Eddisons which recorded revenue of more than £46m in the last year. The business has a strong growth record both organically and through eight strategic acquisitions undertaken in the last five years.