‘We’ve Bought It!’ - Auctioning4u Buys iSold It UK
Auctioning4u, the UK’s leading chain of eBay drop off shops, has bought the assets of iSold it UK which recently went into administration.
[UKPRwire, Wed May 09 2007] Auctioning4u, the UK’s leading chain of eBay drop off shops, has bought the assets of iSold it UK which recently went into administration. Up to 30 of iSold It’s existing franchisees, based all over the UK, are being invited to transfer their businesses to the Auctioning4u brand.
Unlike iSold It, Auctioning4u operates a centralised franchise model meaning all goods are processed by them rather than by individual franchisees. The company also offer a ‘Territory Partner’ scheme giving franchisees the opportunity to operate a multifaceted Auctioning4u business rather than just one shop.
‘Our Territory Partners only need 600 – 700 square feet and one employee - sometimes all they need is a van!’ says Auctioning4u’s Chief Operations Officer, Christopher Caruk. ‘Clients unwanted items acquired by them are processed by us at our 40,000 square foot centralised location. 65 full time listers – all experts in their own field including: fashion, electronics and collectables – as well as a dedicated photography department make the process quicker and more efficient,’ Caruk continues. ‘Our process is streamlined and guaranteed to generate better results and make more money for our clients. A de-centralised model with hundreds of different shops all processing their own items just cannot work economically.’
According to Auctioning4u’s CEO, Christian Braun the opportunity for franchisees under the company’s Territory Partner scheme is huge. ‘There is scope to manage a number of the hundreds of charity shops we work with, build a network of shop-in-shop outlets and operate an arm of our highly successful home collection service.’ He says.
Auctioning4u has 12 drop-off locations: 4 company owned, 1 owned by a territory partner, and 7 ‘shop-in-shop’ locations – mainly in storage companies such as Big Yellow or The Storage Depot. With up to 30 existing iSold It franchisees potentially joining Auctioning4u, the company’s planned nation-wide roll out will get a huge boost. ‘These potential additional locations is great news, not just for us, but for those people that couldn’t use our service before because they did not live near one of our drop-off shops or home collection service,’ says Braun. ‘I’d like to thank both the U.S and the UK iSold It teams for such a smooth handover,’ Braun added.
To date Auctioning4u has raised £4 million from angel investment and venture capital.
iSold it UK is the sixth acquisition for Auctioning4u after its purchase of rivals Auctionicity in July 05, Auction Partner in April 05,Trading Nation in August 06, Sell It Shack in Sept 06 and most recently Recycle UR Stuff in Feb 07.
-ends-
For media information (not for publication), please contact Amy Oliver, PR Manager
Tel: 07742 462 707 Email: amy.oliver@auctioning4u.co.uk
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