Modern Method of Auction pioneer links with private equity firm

Iamproperty, which champions the so-called Modern Method of Auction, has announced a private equity partner.

A statement from the auction service says the partner - Perwyn - “will support the business as it delivers on its vision to provide an ecosystem of innovative solutions for estate agents across the UK.”  

Co-founders Ben Ridgway and Jamie Cooke, alongside the management team, will retain majority share and continue to drive forward the business.   

Iamproperty already has links with some 6,000 agents in the UK.

Ridgway says: “2023 has been a year of continued collaboration with our partner agents and our team to drive our next phase of innovation and we are incredibly excited for the future.  Earlier this summer we announced our vision for the iamproperty ecosystem and renewed our commitment to transform the property market and pioneer next gen agency solutions. 

“With Perwyn now at our side, we are entering 2024 with ambitious plans to continue to grow our core services and deliver a multi-year innovation programme to deliver the iamproperty ecosystem. There is a great synergy between our teams, and we are excited to have their support for our next phase of growth.” 

Gurinder Sunner, a partner at Perwyn, adds: "We have been hugely impressed by the iamproperty team's transformative approach to auctions. Their differentiated strategy for market engagement has enabled them to forge a market-leading business in a growing sector. Perwyn is delighted to invest in the company, endorsing its vision for an interconnected ecosystem, and we are excited to partner with the team to facilitate the next phase of expansion as the business continues to scale.”