Hundreds of staff are set to benefit after a Nottingham-based national auction house pledged to pay £1 million of its profits to staff following a year of strong sales.
Adam Pye, managing director at John Pye & Sons, said management made the decision on the back of an 18 per cent increase in turnover to £26.6 million and pre-tax profits of almost £2.6 million.
It means more than 40 per cent of the year’s profits – some £1,030,000 – will be given to eligible staff who have stayed with the family business during the last year and been part of its growth.
John Pye & Sons has been trading for more than 50 years and holds more than 2,000 auctions a year on behalf of banks, finance houses, government authorities, insolvency practitioners, property agents and big retailers.
It has more than 60 auction rooms across the 海角视频, employing around 600 people, and sells items ranging from home and garden products through to vehicles, plant and machinery, property and luxury goods.
Mr Pye said that, undeterred by the pressures of the pandemic, the business invested in two new sites to accept client stock, despite making hundreds of thousands of pounds of losses a month during lockdown – a decision which would end up paying dividends for the company.
He said: “Without the furlough scheme we could have run out of money within months while the Welsh Government provided a grant of £75,000, simply due to the amount of people we had employed in Wales on our books.
“We are delighted and equally humbled by these results, particularly in such difficult trading conditions. The John Pye family business has more than 620 staff which we regard as extended family.
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“While public viewings were not possible, the business had to react to ensure purchases could still confidently bid and receive their items with a swift turnaround.
“The result saw more operational innovation in the first three months than we had seen at John Pye in the past four years.
“Our staff ensured that we continued to trade when we were legally allowed to and, as a result, we believe it is only fair that their tremendous hard work is a rewarded by a huge share of the year’s profits."
At the start of the pandemic, physical trade was brought to a standstill in Scotland for six months, in Wales for three and in England for two, and the company was forced to make wholesale changes to its business structure.
Due to the rapidly changing legislation in each of the different four home nations, the business had to adapt its approach, providing greater detail of items available to purchase as well as offer delivery for the first time.
Customer service adviser Megan Martin said: “I’ve never experienced anything like this at any company I’ve worked for.
“Despite the circumstances we’ve had the most profitable year to date.
“It wasn’t always easy but we managed to pull together and adapt quickly – we’re proud to have helped the company progress and even grow through this difficult period.”