19 January 2018|
19th January 2018
Pioneering omni-channel property auction house launched
Ireland’s ground-breaking online auction house, BidX1, today announced that they have acquired leading UK property auctioneers Andrews & Robertson to create a powerful new omni-channel property auction house.
The new operation will immediately become the second largest commercial and residential auction house in the combined British and Irish market, and has plans to expand rapidly in the UK through the introduction of the online auctions which has seen BidX1 take Irish property by storm.
BidX1 is Ireland’s largest property auction house, offering both residential and commercial auctions via its bespoke online platform.
The BidX1 team have sold over 6,000 assets in Ireland raising in excess of E1.2 billion over a six-year period, with online auctions resulting in greater volumes of bids per lot, and consequently higher success rates and premiums for clients.
In the United Kingdom, BidX1 will be launching online auctions alongside Andrews & Robertson’s continuing in-room auction business, creating an omni-channel auction powerhouse which combines the best of new technology with tried and tested sales techniques.
BidX1 managing director Stephen McCarthy said: “Having achieved tremendous success in Ireland, we have been planning to launch in the United Kingdom for some time.
“With its undoubted pedigree, influence and first-rate team, Andrews & Robertson is the ideal partner for us, and between us we believe we will offer an unparalleled service to clients wanting to use the whole range of auctions possible.”
The first BidX1 UK online auction will be held in London in spring 2018, and will be accessible to buyers and sellers from across Britain and around the world.
Andrews & Robertson Chairman and senior auctioneer Robin Cripp and director and auctioneer John Weatherall will continue with the new business, and the Andrews & Robertson name will be retained.
Cripp commented: “We are excited to be combining our UK market knowledge with BidX1’s online expertise to deliver an experience which will take auctions into the digital age.”
Online auctions now lead the market in Ireland, with bids logged and displayed on a website, allowing bidders to clearly assess levels of competition, and as a result a high level of activity.
All bids are logged and clearly displayed on the website, along with an indicator showing whether or not the reserve has been met. In this way, bidders can clearly assess the levels of competition and market activity.
According to BidX1 Commercial Auction Sales Data for 2017, Grade A properties received an average of 67 bids with properties worth €0.5m to €1 million generating an average of 38 bids.
Once the auction is concluded BidX1 exchanges contracts on behalf of the buyer and the seller, and electronic and hard copy contracts are sent to the respective solicitors. Apart from the online auction process itself, all other aspects of an online auction are the same as an in-room auction.
Online auctions have proved particularly popular among private equity houses seeking full transparency in their sales, with BidX1 selling approximately 650 assets for private equity funds in 2016.
Giles Barrie, FTI Consulting, 0203 727 1042; email@example.com
Jenna Rorison, FTI Consulting, 0203 727 1447; firstname.lastname@example.org
BidX1 is Ireland’s largest auction company, providing buyers and sellers with a powerful, worldwide, online bidding platform.
Formerly known as Allsop Ireland, the business was established in 2011 as a joint venture between Allsop LLP and Space Property Group and quickly established itself as Ireland’s largest auction company, bringing previously unseen levels of transparency, speed and worldwide exposure to Irish property.
In 2015, the business pioneered the use of online auctions to further enhance the market offering.
Following the purchase of Allsop LLP's interest in the company in August 2017, the company rebranded as BidX1. With a database of 77,000 registered buyers; 1.6 million web visits per annum from over 185 countries; a transparent process; and our professional and experienced staff, we are Ireland's national auction specialists, with all technology owned and managed in-house.
About Andrews & Robertson
Andrews & Robertson opened for business in 1855 and has been at the heart of the UK’s property auction market ever since.
Operating from Camberwell, South London, it holds on average seven to eight auctions every year at venues in Central London, and specialises in both commercial and residential property auctions.
Robin Cripp acquired the business in 2008 and he and the other shareholders have sold the entirety of their stake to BidX1.
The Andrews & Robertson team will be retained and the combined group will work together to enhance the auction service provided to A & R’s and BidX1’s wide-ranging client base comprising of banks, government departments, housing authorities, London councils, and public and private companies.