Allsop has agreed to sell its interest in its Irish auction business to its joint venture partner, Space Property Group.
Following the deal, SPG will acquire full control of the Irish business, which will continue to operate in Ireland under the new brand, BidX1. The sale price has not been disclosed.
The Irish auction business was launched seven years ago to handle distressed property sales.
Scott Tyler, senior partner at Allsop LLP, said: “Our Irish auction business was formed in joint venture with SPG in Dublin in 2011, amid challenging market conditions. Over the past 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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