Allsop Space makes €300,000 in first year
Allsop Space, the auction house that specialises in distressed properties, recorded profits of over €300,000 in its first year operating in Ireland.
Accounts filed with the Companies Office show Dublin-based Allsop Space Ltd had profits of €307,011 in the 12 months to the end of March 31, 2012. The firm's cash at that time stood at €343,484.
The business's first Irish auction, held at the Shelbourne hotel in April 2011, required gardai to control the crowds that attended.
The firm is a 50/50 venture between UK auctioneering house Allsop and Dublin-based property consultants Space.
Allsop Space director of auctions Robert Hoban confirmed yesterday that the business has sold €136m in property since its first auction.
"It has been a very, very hectic two years. We started with a relatively small company to employing 15 full-time today and we are recruiting," he said.
"We are unfairly branded an auction business for distressed properties, but we are here for anyone and everyone who wishes to sell property. The competitive nature of the auction ensures best market price."
Mr Hoban said that typically, 120,000 copies of their brochure are downloaded in 130 countries ahead of each auction.
He said: "The national auction model has proved to be extremely popular and provides much-needed transparency to the market."
Mr Hoban said that over the past two years, they staged 10 auctions selling 900 properties.