Allsop LLP has agreed to sell its interest in its Irish auction business to its joint venture partner, Space Property Group (SPG), for an undisclosed sum.
Following the deal, SPG will acquire full control of the Irish business which will continue to operate in Ireland under the new brand, BidX1.
Senior Partner, Scott Tyler, said:
“Our Irish auction business was formed in joint venture with SPG in Dublin in 2011, amid challenging market conditions. Over the last six years the business has traded very successfully, growing from nothing into Ireland’s largest auction company. Having considered our options, we have established that this is a good time to sell as we look to focus our strategy on the UK market. We wish SPG and the Irish team continued success under their new brand.”
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