North West auction house Pugh & Co has restructured the management team with Paul Thompson taking control of the business and Stephen Swainson departing.
Thompson becomes managing director of the Pugh Auction Group, based in Newton-le-Willows, following the purchase of all remaining shares from Swainson for an undisclosed sum. Thompson joined Pugh & Co in 2003 and led a partial management buyout in 2008. He is supported in his new role by existing director James Ashworth and newly appointed director Kate Lay. Stephen Swainson steps down from his position as director and leaves the company after 20 years.
Thompson said: "Through the support of our valued customers we have built the company into one of the most prestigious and highly respected property auction houses. Auctions continue to play an important and ever increasing role in the sale and acquisition of property so I'm delighted to welcome this new phase for the company."
Swainson added: "My decision to step down from the role of director will enable me to pursue new challenges and also dedicate more time to my family. My co-director, Paul Thompson, is one of the country's leading auctioneers and will lead the company into an exciting period of sustained growth."