Wednesday 7 December 2016

Distressed properties firm records profits of €1.82m in 2015

Gordon Deegan

Published 23/03/2016 | 02:30

Allsop Space Ltd is a 50/50 venture between UK auctioneering house Allsop and Space
Allsop Space Ltd is a 50/50 venture between UK auctioneering house Allsop and Space

The go-to property firm for buying and selling distressed properties, Allsop Space, recorded after-tax profits of €1.82m last year.

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In the year under review to the end of March last, Allsop Space auctions here realised record sales of €280.9m, including one auction that realised €54.49m in sales in September 2014.

The after-tax profits for Allsop Space Ltd for the year are not disclosed in the firm's abridged accounts.

Instead, the Allsop Space Ltd profits are revealed in accounts for a holding firm for Dublin based property consultants, Space.

Allsop Space Ltd is a 50/50 venture between UK auctioneering house Allsop and Space.

The abridged accounts for Allsop Space Ltd show that the firm's accumulated profits jumped from €612,547 to €692,071, indicating a hefty dividend payout by Allsop Space Ltd to parent firms Allsop and Space during the year.

Separate accounts filed by Allsop Space Ltd's UK parent, Allsop Ltd, show that it received dividends of £754,599 in 2015.

The Dublin-based shareholders of Space Property Investment Holdings Ltd enjoying some of the fruits of the Allsop Space success are listed as Simone McCarthy and Stephen McCarthy.

Both are also directors of the Allsop Space Ltd firm.

The accounts for Allsop Space Ltd show that it was sitting on a cash pile of €2.6m at the end of last March compared to cash of €1.44m at the end of March 2014.

Underlining the growth of the firm during the year under review, numbers employed by Allsop Space rose last year from 12 to 24.

Staff costs more than doubled to €1.76m.

Irish Independent

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