Monday 20 May 2019

BidX1's property auction parent firm sees profits jump to €1.3m

The business developed technology to allow it to hold online auctions. Stock photo: PA
The business developed technology to allow it to hold online auctions. Stock photo: PA

Gordon Deegan

The firm behind the business that transformed the property auction market here recorded profits of more than €1m in 2017.

According to accounts filed by Space Property Investments Holdings Ltd, the company recorded a profit of €1.38m in 2017 which represents a more than tenfold increase on the profits of €124,950 in 2016.

Space Property, led by Steve McCarthy, drove the business of Allsop Space which came to notice after holding monster auctions in Dublin during the downturn.

The business later developed technology to allow it to hold online auctions and in 2017, the Space Property Group bought out UK real estate agent Allsop's 50pc share in the business in a deal valued at around €4m.

Allsop Space has since rebranded as BidX1.

Separate accounts for the UK-based Allsop Ltd state that as a result of the sale of its 50pc share in Allsop Space, it received a dividend of £914,077 (€1.05m) and recorded a profit on disposal of £882,913 (€1.02m).

The directors of Allsop Ltd paid out a dividend of £2.11m (€2.44m) in the 12 months to the end of March 2018.

BidX1 is now focusing on online sales in Ireland and the UK. At the end of December 2017, Space Property Investment Holdings Ltd had accumulated profits of €3.5m. The firm's abridged accounts show that its cash pile reduced from €1.04m to €130,105. The firm's financial assets increased sharply to €1.18m.

Space Property Investment also counts Space Lettings Ltd and Hunters Estate Agents Ltd amongst its subsidiaries.

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