TIMBERweb has attracted 700 registrations for its fledgling e-auction operation since its launch late last year.

The business, demerged from KDM International plc in September 2000, claims that 50% of the registrations are sellers, 30% buyers and the remainder intermediaries.

TIMBERweb, which is hoping to secure £7m of additional funding via a share offer due to close as TTJ went to press (TTJ November 11), reckons it has been conducting a rising number of reverse e-auctions since its launch last October. Buyers post requests for quotation onto the site which are then bid for by potential suppliers.

Paul Harris, TIMBERweb’s news and marketing director, said: ‘The business is doing excellently, with more people paying to join every week. Hundreds of businesses from all over the world want to trade on the system.’

l TIMBERweb has won a Vision 100 Award for being among the UK’s top 100 visionary companies. More than 2,000 UK companies were considered for the accolade sponsored by BT and Cranfield University.