THE parent company of Dromore firm Euro Auctions recorded a pre-tax profit of £45 million.
Gardrum Holdings, the parent company for Euro Auctions and property and machinery owned by director Derek Keys, has saw a sharp rise in its revenue, in a major boost for the local economy.
Companies House recently revealed that the revenue of Dromore-based Gardrum Holdings, including Euro Auctions is sitting just under £169 million, for the year up to December 31 2023.
Euro Auctions continues to be one of the leading family enterprises in the North. The Irish News recently reported that the company’s pre-tax profits are increasing by 37 per cent year on year.
Just over 12 months ago, the Dromore company acquired the ownership of one of Canada’s leading equipment and automotive auctioneer companies, Michener Allen Auctioneering Limited.
Established in 1971, through a total of three sites, Michener Allen Auctioneering Ltd conducts around 50 auctions throughout the year, selling off some of Europe’s top machinery plants.
The Euro Auctions director was pleased with the takeover of Michener Allen Auctioneering Ltd.
“We are delighted to welcome the Michener family into the Euro Auctions family,” Mr Keys said.
“We have always kept a keen eye on the Canadian market with the ambition one day of entering it, so we are delighted with this opportunity.”
Euro Auctions recently confirmed plans to develop a new multi-million pound facility in Antrim.
Under the banner of Tamar Selby Ltd, a subsidiary firm owned by Mr Keys, secured planning permission for the new development at Nutts Corner.
The new facility will be a 240,000 square feet building on the Dundrod Road in Antrim, which will be used for storage and distribution of machinery which is owned by Dromore’s Euro Auctions.
Euro Auctions was dealt a blow last year when a £775 million takeover by Canada firm Ritchie Bros fell through, with the UK Competition and Market Authority launching an investigation.
While disappointed that the merger was not completed, the Euro Auctions director said that the Dromore-based company would not be halted in its bid to expand and develop.
“We believe Euro Auctions’ unreserved model provides our customers with an honest and transparent way to buy and sell heavy equipment globally supported by best in class service from our staff,” he said.
“We look forward to accelerating the growth of the Euro Auctions business as an independent global operator.”
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