Gambit Corporate Finance LLP is pleased to announce that it has acted for the shareholders of Newport Auctions on its sale to Wilsons Auctions.
Newport Auctions is the premier auction house for car and commercial vehicles in South Wales. The family owned business, established in 1983, has been managed by Jonathan and Fay Collingbourne for the past two decades and grown to become one of the largest and best-known auction houses in Wales.
Newport Auctions will now form part of the Wilsons Auctions Group, the largest independent auction group in the UK & Ireland. The strategic acquisition allows Wilsons to expand its presence in Wales benefiting from the experienced team, loyal customer-base and outstanding reputation Newport Auctions has established.
Frank Holmes and Sam Forman of Gambit provided strategic and financial advice to the shareholders, identifying and approaching targeted buyers for the company and project managing the transaction process through to successful completion. Legal advice to the shareholders was provided by John Allison at Spicketts Battrick and Emma Borrington and Angharad Lawrence at Berry Smith. Paul Byett at UHY Hacker Young provided tax and accounting advice.
Sam Forman, Corporate Finance Executive at Gambit commented, “Newport Auctions is a true market-leading business in the South Wales area. As with most family businesses, succession planning is key to the prolonged success of the company. It is very pleasing to see Newport Auctions joining the Wilsons group which upholds the same values and culture and will continue to grow the company abiding by these principles.”
Jon Collingbourne, Managing Director of Newport Auctions added, “When evaluating our succession plan, it was imperative that the talented team at Newport Auctions and culture we have developed was retained. We worked closely with Gambit who were able to prepare the company and present the opportunity to strategic purchasers. Wilsons being a leading independent, family run group is an ideal fit for the business and I look forward to seeing the business and all its stakeholders enjoying a prosperous future.”