Scottish auction house on course to hit record turnover
Since Prime Property Auctions was set up in 2022 by Glasgow businessmen John Morris and Luis Guarin it has seen revenues build consistently, with the current financial year 'promising to be the best yet'.
Turnover at year end October 31, 2024 was £1.5 million which represented 90.5 per cent growth on the firm's first year, at £764,700.
The trajectory for the same time this year is sitting at £2.4m, and is 'buoyed by a strong performance' from the turn of the year.
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Prime offers listings on commercial, residential and land and operates throughout Scotland as well as England and Wales from its headquarters in West Regent Street in the centre of Glasgow.
It has a database of more than 20,000 buyers with more than 600 auction lots sold in the UK since 2022.
Mr Morris said: 'When Luis and I started out on this journey our intention was to demonstrate that auction is a route that people can go down for selling property. Not every property is appropriate for auction but it does serve a purpose and is becoming increasingly popular as is evidenced by our strong financial position as we move through our current financial year.
'Our growth has been pretty much organic and based on referrals, which is very pleasing and shows that people put their trust in what we do – and that is selling their property quickly for the price they want.
'We have doubled in size every year but we are not stopping here. We are consistently investing back into the business, including our systems and staff. We have grown steadily since forming and we want to continue that trend.
'With the people we have working for us and the application we all put in, we are confident that is going to happen. This is only the beginning of what is going to be an exciting journey.'
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