Coys of Kensington, a name, which for many decades, has been synonymous with the classic car scene in United Kingdom, has been purchased by the family office of the Calleri family, run by Richard Calleri and advised by his father Antonio Calleri.
As contained in a statement made available to Motoring World on Thursday, the business, one of the best-known dealers and international classic car auction houses in the world, has been restructured and fully recapitalized to provide a more streamlined and customer-orientated service to global classic car enthusiasts, with full financial backing.
It is the first time that the company has had a complete change in ownership and overhaul since the 1990s.
The Calleri family, who are lifelong classic car enthusiasts and run a worldwide geological services company, have partnered with Nick Wells, formerly a consultant to Coys. Nick, as part owner, has taken on the position of Managing Director and has assembled a team of car experts and enthusiasts.
Richard Calleri commented: “We are delighted to be working with Nick and his team in relaunching this world-recognised 102-year-old classic car business.” He added: “Thanks to Nick’s proven experience and professionalism, planned new service offerings and fully transparent sales processes, Coys will bring new sources of value to buyers and sellers of classic cars and propel the auction house into the next stage of its development.”
Nick Wells added: “I am pleased to secure the future of Coys within an industry which has never failed to be a privilege to be involved with over the years. With over 100 years of history, Coys remains front of mind in the classic car world, and always garners huge affection from enthusiasts and collectors alike.
“The way we conduct our business is vital; we are impartial sales agents with simple and transparent processes linked to ring-fenced client bank accounts. We are also setting up a formal executive board and an additional advisory board of directors drawn from across the world of classic cars. They will provide additional guidance on the development of the business, share their market knowledge, assist with strategic alliances and new product launches as well as provide day-to-day senior counsel to the management team.
Coys’ famous showroom in Richmond is currently being completely refurbished and will reopen early in the New Year to visitors. The newly relaunched Coys will initially concentrate on private sales, brokerage services and valuations and already has a full 2021 calendar of auctions and events.
Nick added: “Coys has always been known for its auctions throughout the year and the locations in which they are held. We will be announcing our auction and event calendar shortly, both for the UK and Europe. We are looking at both frequency and the quality of what we offer and will be bringing to the market a number of new ideas and locations that will provide new experiences that we hope will attract a much wider audience to the brand.”
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