Dedman Auctions acquisition

Vector Property Investments, which is part of the Vector Property Group, has joined forces with local developer Grant Lodge and purchased a controlling stake in Dedman Property Auctions Limited for an undisclosed sum.

Mike Gray, who has been appointed as Managing Director, comments “The injection of capital and the input from new shareholders is part of our long term strategy to drive the business forward in these troubled times. Recent results from auctioneers nationwide have shown that the auction sale route is the quickest and most efficient method of disposal for individuals, businesses and lenders in possession.”

David Owen of VPI, and Lodge, view this acquisition as another vital part of a fully functioning asset and property management services group. Owen comments “For some time now, we and our associated companies have been building relationships with lenders, and so as well as acquiring a business that is successful in its own right, we also add the ability to offer auction sales “in house” for our lending clients”. Lodge believes “there will be immediate synergies with our existing ventures, and in the very short term we plan to add other companies to our group to compliment the auction business”.

(December 2008)