18 January 2002

Auction fund rises

THE consortium aiming to secure Northampton Auctions future has received pledges of financial support estimated at half the £2.5m needed to save the market from possible closure.

Richard Sawbridge, a farmer and non-executive director of the company, who is heading the consortium, said he is encouraged by the support shown by prospective investors and remains determined to succeed.

The group now expects to complete a prospectus to encourage other investors once the companys accounts have been audited. "I cant give a specific timetable, but progress is being made," he added.

Although the market site is estimated to be worth £3.8m, bank borrowings and a clawback on the sites price tag have to be taken into account before a share value could be fixed, he suggested. &#42