Coys Classic Car Auction House Saved From Administration With New Owners
Coys the classic car auction house has been saved from administration by new owners. The Calleria family, run by Richard Calleri and Antonio Calleri, purchased the business which is one of the best known international classic car auction houses in the world.
Coys has been fully recapitalised and will now provide a more streamlined and customer orientated service with full financial backing. This is the first time the company has had an overhaul and change of ownership in over 20 years.
The Calleri family, who run a geological services company, are lifelong classic car enthusiasts and have partnered with former consultant to Coys Nick Wells. Nick as part owner will be running the company in the position of Managing Director and has already built a team of car experts.
Richard Calleri commented: “We are delighted to be working with Nick and his team in relaunching this world-recognised 101-year-old classic car business.” He added: “Thanks to Nick’s proven experience and professionalism, planned new service offerings and fully transparent sales processes, Coys will bring new sources of value to buyers and sellers of classic cars and propel the auction house into the next stage of its development.”
Nick Wells added: “I am pleased to secure the future of Coys within an industry which has never failed to be a privilege to be involved with over the years. With its 101-year history, Coys remains front of mind in the classic car world, and always garners huge affection from enthusiast and collectors alike.”
“The way we conduct our business is vital: we are impartial sales agents with simple and transparent processes linked to ring-fenced client bank accounts. We are also setting up a formal executive board and an additional advisory board of directors drawn from across the world of classic cars. They will provide additional guidance on the development of the business, share their market knowledge, assist with strategic alliances and new product launches as well as provide day-to-day senior counsel to the management team.”
The showroom in Richmond has been undergoing refurbishment and will be open to customers as soon as allowed. Two auctions have been added to the calendar so far. The True Greats auction in the Royal Cultural Halls, London, is the longest running classic car auction in the UK and will take place on 8 December 2021.
The second action to be added is the Techno Classica in Essen, Germany, to coincide with the show on the 26 March 2022.
Nick added: “Coys has always been known for its auctions throughout the year and the locations in which they are held. We will be announcing our auction and event calendar shortly, both for the UK and Europe. We are looking at both frequency and the quality of what we offer and will be bringing to the market a number of new ideas and locations that will provide new experiences that we hope will attract a much wider audience into our industry.”
