A Greater Manchester auction house has doubled its revenues and more than tripled its workforce after moving to a huge new HQ.
Global Auctioneers, which specialises in consumer goods, has moved from its former Oldham site to a 40,000sq ft premises at Canal Side Works in Manchester
The firm said it now has "big plans" after expanding the number of staff from eight to 30 in the last year as customers continue to seek bargains during the pandemic.
Launched by Marcel Duffy in 2018, it re-sells returned and end-of-line retail items including white goods, furniture, fashion, electronics and homeware.
The business started operations at a 12,000 sq ft Oldham mill and grew quickly in the first year of trading with revenues of £1.1m in the first 10 months.
Within a year it outgrew the premises and needed to move to a larger site as the limited space was hampering growth.
Mr Duffy sought a £150,000 cash injection which he secured from FW Capital, part of the Northern Powerhouse Investment Fund.
The loan funded its move to a 40,000 sq ft premises at Canal Side Works, Manchester.
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He said: “We are one of the fastest growing auction houses in the 海角视频 and have combined the traditional elements of an auctioneers with an e-commerce platform which makes the whole buying process simple.
“Within a year of launching in Oldham we knew we had to move into larger premises. The banks were unable to help as we were an early-stage business and only had 18 months trading history. However, we were introduced to FW Capital by Access to Finance and they were able to support us.
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“Without the help from our advisor Geoff Clowes we wouldn’t be where we are as the funding gave us the potential to generate further revenues.
“It was clear to me that the limited space was stunting our growth and stopped us from growing at the speed I wanted to.
“Once we found a larger site, we needed immediate funds to help with the move including a deposit, legal work, logistics, marketing, signage as well as a refit.”
The additional space has allowed the business, which works with some of Europe’s most established manufacturers, distributors and retailers including John Lewis, Wayfair and Debenhams, to sell more goods.
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Turnover in its second year of trading has reached £2.3m with plans to grow to £4m in 2021/22.
Mr Duffy added: “Not only are we selling more goods, but we have been able to employ more staff. We’re currently at the end of our recruitment campaign and I am pleased to see that we have grown our team from eight to 30.
“The pandemic has pushed more people to seek bargains and more people are buying online, and we certainly saw a surge in sales from the first and second lockdown.
“Our future includes maximising the potential of the current site and we plan to open three more warehouses across the North West.”
Mr Duffy was introduced to FW Capital after being introduced to the firm by GC Business Growth Hub's access to finance team.
Geoff Clowes, access to finance advisor, said: “Global Auctioneers is a phenomenal business led by a passionate managing director.
“FW Capital saw the tremendous growth and business potential within the proposition and were delighted to make the finance available to the client.
“It was fantastic to see the funding support the new warehouse. It’s a brilliant space where Marcel can realise his ambitions.”