Auction Technology Group

Last updated

Metropress Limited
Auction Technology Group
Company type Public
LSE:  ATG
FTSE 250 component
IndustryPublishing
Founded1971;53 years ago (1971)
Headquarters
London, England, United Kingdom
Key people
RevenueIncrease2.svg £135.2 million (2023) [1]
Increase2.svg £22.6 million (2023) [1]
Increase2.svg £16.9 million (2023) [1]
Website auctiontechnologygroup.com
Antiques Trade Gazette
EditorNoelle McElhatton
Former editorsMark Bridge, Ivan Macquisten
CategoriesAntiques
FrequencyWeekly
PublisherAuction Technology Group
FounderIvor Turnbull
First issueSeptember 1971
CountryUnited Kingdom
Based inLondon
Language English
Website antiquestradegazette.com

Metropress Limited, [2] [3] trading as Auction Technology Group, is a digital marketplace business listed on the London Stock Exchange (LSE: ATG). [4] It also publishes Antiques Trade Gazette which is a London-based weekly publication and website serving the art and antiques community and was the original genesis of the business but is now a small proportion of the group’s revenues. The print publication has around 16,000 subscribers (2015). [5] It is a constituent of the FTSE 250 Index.

Contents

History

Antiques Trade Gazette was founded in September 1971 in London by journalist Ivor Turnbull, previously diarist at the Evening Standard and editor of Art and Antiques Weekly. [6] It provided a calendar of art and antiques sales, and was initially resented by many antique dealers keen to protect their favourite country sales. However, it eventually became an essential tool of the trade [6] - being described by the Burlington Magazine as the "acknowledged 'Bible' of the fine art and antiques industry". [7]

The Gazette's publisher, Metropress, was acquired by the Daily Mail and General Trust in 1994. [8] [9] The company adapted to the internet, creating the-saleroom.com, before, in 2006, launching a live bidding platform, the latest step in its transition from print to an internet offering. [10] In October 2008, when the business had 53 staff and a turnover of £6 million, [11] it was the subject of a management buyout backed by private equity house Matrix [8] [9] (today Mobeus Equity Partners). [12] The deal also saw the company divest three US-based publications AntiqueWeek , AntiqueWest and Auction Exchange. [13]

From 15 percent of sales at the time of the MBO in 2008, the-saleroom.com revenues accounted for 45 per cent of the business's £8.9 million turnover by 2012. [10] The company offered its antique bidding platform to publishers in Germany and France, and invested in China’s live auction site, epai.hk. [10] It also established a separate auction site, ibidder.com, focused on industrial equipment. [10]

Private equity firm ECI Partners invested in the business in 2014, by which time the website sold £68.3 million of art and antiques, while ibidder.com saw sales worth £39.4m, generating revenues of over £15 million. [14] The company renamed itself from ATG Media to Auction Technology Group in November 2016. [15] TA Associates acquired a majority stake in the company in February 2020 with existing investor, ECI Partners, reinvesting from its latest fund and holding a minority stake. [16]

On 8 February 2021, the company, chaired by Breon Corcoran, announced plans to float in the London Stock Exchange through an IPO in March 2021. [17]

Editors of Antiques Trade Gazette

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References

  1. 1 2 3 "Annual Report 2023" (PDF). Auction Technology Group. Retrieved 12 February 2024.
  2. ↑ "Metropress Limited overview - Find and update company information - GOV.UK". Companies House . 6 May 1971. Retrieved 12 February 2024.
  3. ↑ "Privacy Policy". Auction Technology Group. Retrieved 12 February 2024.
  4. ↑ "London Stock Exchange | London Stock Exchange". www.londonstockexchange.com. Retrieved 1 January 2023.
  5. ↑ "ATG Media advertising rates 2015" (PDF). Antiques Trade Gazette. Retrieved 8 January 2018.
  6. 1 2 3 Mallalieu, Huon (1 December 1995). "Obituary: Ivor Turnbull". The Independent. Retrieved 8 January 2018.
  7. ↑ "Links". Burlington Magazine. Retrieved 8 January 2018.
  8. 1 2 Sikimic, Simona (26 June 2013). "Meet the woman behind £250m online auction portal ATG Media". London Loves Business. Retrieved 8 January 2018.
  9. 1 2 "Matrix backs Metropress MBO". Real Deals. 16 October 2008. Retrieved 8 January 2018.
  10. 1 2 3 4 Hurley, James (17 January 2012). "Antiques Trade Gazette turns over new digital page". Telegraph. Retrieved 8 January 2018.
  11. ↑ Mitchenall, Toby (5 January 2013). "Matrix invests £4.5m in antiques trade 'bible'". Private Equity International. Retrieved 8 January 2018.
  12. ↑ "Matrix has invested £4.5 million to finance the MBO of Metropress from vendor, DMGT". Mobeus Equity Partners. Retrieved 8 January 2018.
  13. ↑ "DMG World Media sells Antiques Trade Gazette; AntiqueWeek soon to follow". Auction Central News. 6 October 2008. Retrieved 8 January 2018.
  14. ↑ Armstrong, Ashley (17 May 2014). "ECI to buy 'antiques bible' maker ATG". Telegraph. Retrieved 8 January 2018.
  15. ↑ "ATG Media renames to reflect expansion across auction sectors". Antiques Trade Gazette. 22 November 2016. Retrieved 21 June 2021.
  16. ↑ "TA Associates acquires Auction Technology Group from ECI Partners and Proxibid from Primus Capital". Private Equity Wire. 14 February 2020. Retrieved 21 June 2021.
  17. ↑ "ATG confirms plans to float in London next month". Evening Standard . 8 February 2021.

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