Birmingham-based auction house CP Bigwood has acquired its East Midlands rival, Graham Penny.
CP Bigwood was bought by SDL Group last December, and the acquisition makes SDL’s auction operation the largest in the UK outside of London.
The deal is expected to double the group’s auction division to more than £160m per year. SDL said this took it into the top four nationwide.
Graham Penny Auctions holds sales in Derby, Leicester and Nottingham.
The move will see Graham Penny’s co-founder James Cockayne retire, while directors John Fearnehough and Graham Penny will continue with the business as consultants.
The business will be run by managing director Andrew Parker, who will report to CP Bigwood chief executive Rory Daly.
Daly said: “This marks the next step in the evolution of SDL’s strategy to build the leading national auction brand.
“The acquisition makes perfect sense for both parties, and gives us unparalleled coverage of the Midlands region.”
In February, Graham Penny Auctions held three sales, raising £14m, while CP Bigwood’s auction generated sales of £17.5m.
As reported in last week’s EG, SDL is planning further acquisitions in the North East and North West.
