A HANDFUL of private equity suitors have submitted first round bids for 220-year-old British auction house Bonhams, after the firm opted for a sale over a stock market float.
Up to six firms are understood to have submitted bids for the company, including offers from the
Boutique investment bank Greenhill is advising on the sale of the company.
The auction house has displayed impressive growth figures recently and posted a 32 per cent increase in hammer sales in 2013, helping deliver a doubling of operating profit to £25m.
Its reputation is staked on the auctions of high end goods, with lots including the Formula 1 racing car that drove to victory in the 1954 Swiss Grand Prix, which sold for £19.6m last year.
The business is owned by a former motor racing driver,
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