A Gloucester-based auction house has scaled up its facilities and increased the volume of lots it can handle.

Asset Management Services (AMS) specialises in the sale and disposal of large-scale assets, including commercial and private vehicles, construction plant and agricultural machinery and machine tools.

It sells over £10 million worth of equipment each year and has seen a big surge in demand for its goods and services, with more commercial buyers and contractors turning to auction houses to source products at competitive prices.

Now, the business, which is set to increase its annual turnover by more than 25% to £15 million this year, is celebrating after completing the move to a new purpose-built auction centre.

The expansion was supported by a £1 million loan from Lloyds Bank.

AMS currently employs 12 people and has plans to recruit an additional four members to its team as part of the premises expansion.

Rob York, managing director at Asset Management Services, said: "Expanding our showroom was the first step in keeping up with a rapidly changing market and ensuring we're able to provide our customers with the highest quality experience."

Alastair Andrews, relationship manager at Lloyds Bank, said: "The rise of the second-hand machinery market has presented huge opportunities for plant suppliers like Asset Management Services. Businesses like these are integral to keeping the construction industry in the UK moving, so we were proud to support them in the next stage of their expansion."