Auction firm Allsop Space recorded €1.12m profits in 2016
Allsop Space, the firm that revolutionised the property auction market here through monster auctions, recorded profits of €1.12m in 2016.
Allsop Space staged its first monster auction in 2011 in Dublin's Shelbourne hotel - gardaí were needed to control the crowds that attended. Allsop Space later emerged as the go-to firm for distressed properties. The business later developed technology to allow it to hold online auctions. Last year, the Irish entity involved in the enterprise - the Space Property Group led by Steve McCarthy - bought out its UK real estate agent, Allsop, in a deal valued at around €4m. It has since rebranded as BidX1.
BidX1 is now focusing on online sales in Ireland and the UK.
Accounts filed by Mr McCarthy's Space Property Investment Holdings Ltd reveal that Allsop Space Ltd recorded profits of €1.12m in 2016. At the end of 2016, Allsop Space employed 28 and its staff costs totalled €1.85m.
The accounts for Allsop Space Ltd - now trading as BidX1 Auction Ltd - show that the business was sitting on cash of €3m at the end of December 2016. The company's accumulated profits had increased to €1.95m. Separate accounts filed by Allsop Space's former UK parent, Allsop Ltd show that it received dividends of £860,556 last year, though it doesn't identify the company it received dividends from.