Shepherd Direct, the owners of the UK Century 21 franchise, have bought Graham Penny Auctions.

The acquisition of one of the best-known auction houses in the UK follows the purchase of CP Bigwood auction house in January.

The two acquisitions combined have annual sales revenues of over £160m, taking it into the top four auction houses nationwide.

The combined operation makes it also easily the largest auction house outside London.

It appears that these auction house purchases will not be the last for Shepherd Direct which signalled its intention to build an “auction powerhouse across the UK”.

Paul Grattan, chief executive of the group, which rebranded to SDL in February, said: “We haven’t finished yet and want to be, if not the best, then one of the market leaders for selling properties through auction.”

Following the Graham Penny purchase, co-founder James Cockayne is retiring. The other co-founders, John Fearnehough and Graham Penny, continue as consultants. Auctioneer Graham Penny himself is something of a TV star, often appearing on TV property programmes.

The business will now be run by managing director Andrew Parker, reporting to the CEO of Bigwood, Rory Daly.

Rapidly growing SDL offers financial and mortgage services, surveying, valuations, and lettings and estate agency services across the country. It is also known to be expanding its property management arm and is at the forefront of build-to-rent where Century 21 franchisees are set to benefit from deals.

In recent weeks, it has also announced a number of new Century 21 openings.

While the SDL name may be relatively unknown in the industry, in a few short months it has become the one to watch and is expected to make several more acquisitions shortly.

Grattan said: “SDL is a fast-paced, successful growing property services group which has more than quadrupled its turnover in the last five years and remains extremely ambitious.”