Joyce Corporation’s Llyods Auctions expand

Company News

by Anna Napoli

The firm than majority owns Llyods Auctions, Joyce Corporation (ASX:JYC) have announced its auction houses are expanding into New South Wales, with the purchase of another auction house, taking its auction turnover to over $100 million.

Lloyds inked a deal to buy Macquarie Auction Group’s three Western NSW offices, which will bolster its national rollout.

As part of the purchase it will also buy Burns & Co Auctions and Burns Online, two other auction houses.

The deal is expected to be earnings accretive from the outset and will see Llyods now run a total of 11 auction houses across the country.

The purchase will be paid for in cash at a two times earnings basis, with the total payments being on a defered on a two year earn-out, subject to performance.

Shares in Joyce Corporation (ASX:JYC) closed 5.33 per cent higher yesterday at $1.58.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.