melbourne headquarters in High Street, Armadale.” loading=”lazy” src=”https://static.ffx.io/images/$zoom_1%2C$multiply_0.3106%2C$ratio_1.777778%2C$width_1996%2C$x_4%2C$y_40/t_crop_custom/q_86%2Cf_auto/cf8859b0d3a382e3fbb0432261fd228c320ec07a” height=”349″ width=”620″ srcset=”https://static.ffx.io/images/$zoom_1%2C$multiply_0.3106%2C$ratio_1.777778%2C$width_1996%2C$x_4%2C$y_40/t_crop_custom/q_86%2Cf_auto/cf8859b0d3a382e3fbb0432261fd228c320ec07a, https://static.ffx.io/images/$zoom_1%2C$multiply_0.6212%2C$ratio_1.777778%2C$width_1996%2C$x_4%2C$y_40/t_crop_custom/q_62%2Cf_auto/cf8859b0d3a382e3fbb0432261fd228c320ec07a 2x”/>The company’s Melbourne headquarters in High Street, Armadale.
In 2013, Mossgreen acquired coin, stamp and memorabilia experts Charles Leski Auctions and in 2015 acquired New Zealand auction house Webb’s.
In 2016, Mossgreen opened its first sydney auction rooms and gallery, in the exclusive suburb of Woollahra.
But in July this year, Mr Sumner and Ms Swanson bought back Mr Gringlas’ share of the business.
“Since then, we’ve been advised to take the [voluntary administration] course, as the best way to clear historical debt – associated with previous investors – out of the business, and restructure the company and move forward,” Mr Sumner said.
“We’ve probably grown a little bit fast considering that the market plateaued. I’ll be the first to say that that’s the case.
“What we’re doing now is the opposite. We’re restructuring, taking out some of the costs of our business, so that we are a much leaner, healthier business starting from the first of February.”
Mr Sumner said Mossgreen did not plan to close any outlets or lose staff, and creditors would be paid.
“Not one vendor or one buyer will lose one dollar in this process,” he said.
The first of Mossgreen’s 2018 auctions would proceed on February 5. Items held under consignment…
