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The firm, based on the site of High Road Auctions, has acknowledged the payment issues experienced by some vendors but say these will be sorted by next month.

Owner Sameer Mahomed is seeking to restructure and improve the business after buying the assets of High Road Auctions following its liquidation in May 2016.

Since then the saleroom has been refurbished and the addition of L’Arte Café, opened last week, is aimed at attracting passing trade on Chiswick High Street.

The firm has acknowledged payment issues experienced by some vendors but says these will be sorted by next month.

Ben Francis, a former Christie’s and Sotheby’s client services specialist who has worked in the auction sector for 13 years, joined London Auctions officially last week.

He said: “After meeting and working with Sameer as a consultant, he explained his vision and I was sold immediately. The vision is simple – to create an accessible environment which appeals not only to the older generations, but more importantly, to the young.”

Francis added: “We acknowledge a handful of our clients have experienced difficulties relating to payments. In June we moved to a new auction management system, which we have implemented to help us service our clients better. There has been delays in paying some sellers. We are in the process of dealing with this backlog, and will be up to speed by no later than mid-October.”

Although a number of staff have left the business this year, recent appointments include senior general valuer Rupert Pink, previously of JP Humbert Auctioneers and Cheffins, and Toby Roberts, previously at Criterion and Chiswick Auctions.

Former London Auctions employees Samuel Hill and Saskia Burbach have launched their own auction firm called Elmwood’s.