The online auction house, which was crowned the UK’s Asset Valuer & Auctioneer for the last five years, said it has seen “unprecedented” liquidations with corporate insolvencies, product returns and failed deliveries from a range of businesses.
It has “cleared out” more than 240 retail stores across the UK in the last two months, after John Pye was appointed exclusive agents by the administrators of Caversham Finance Limited to handle more than 22,000 asset and stock items.
The online auction house has also seen a 94% increase in bidders per auction lots, with new bidder registrations up by 34%.
The online auction house has sold 229,916 lots during lockdown, with 94,600 in June alone. The top items bid on during lockdown include a variety of items from a Rolex Sky Dweller to a Hitachi hydraulic excavator.
Adam Pye, managing director at John Pye, said: “This is the sixth recession John Pye has supported clients through. We had thought the great recession of 2008 was the deepest, but this is proving to be bigger. Locking down a whole economy for the best part of three months has had a huge effect on restructuring and insolvencies.
“We have been inundated with client requests for support. Fortunately, we have a more robust infrastructure to be able to cope compared to last time around, as our network now spans the UK with almost one million square foot to handle the inflows. We have never been busier in our 52-year-history.”
He added: “The fall out of times like these and the stock and asset auction sales like ours are a huge opportunity for such fledging businesses, as well as end user bargain hunters looking for best value.
“As an online auction house we were well placed to weather lockdown. Our showrooms had to close for three months; however, it gave us time to liaise with clients and hit the ground running once measures were eased, which has clearly payed off.”