Euro Auctions’ parent company posts pre-tax profits over £45m

THE parent company of globally-renowned agricultural auctioneering firm, Euro Auctions, has seen its profits increase by more than a third, posting a pre-tax profit of £45.3 million.

Gardrum Holdings saw its revenue rise to £168.9 million for the year ending December 2023.

Euro Auctions, based in Dromore, buys and sells industrial plant, construction equipment and agricultural machinery around the world. It was founded in 1998 by Derek Keys and his brothers.

Euro Auctions now has sites located across the globe, including in Leeds, Germany, Spain, Australia, Abu Dhabi, Canada and the United States. The company employs over 200 people.

In October last year, Euro Auctions acquired Canadian industrial equipment and automotive auction company, Michener Allen Auctioneering.

At the time of the acquisition, Euro Auctions founder, Derek Keys, said, “We are delighted to welcome the wider Michener family into the Euro Auctions family.

“We don’t see this as an acquisition more of a coming together of two family businesses, sharing the same core principle of delivering unrivalled customer service by treating both buyers and sellers equally.

“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.”

Gardrum Holdings also includes the business of William Keys and Sons, the dealership founded by the Keys family in Dromore during the 1980s.

The accounts, made public by Companies House, show the group’s property investments were valued at £47.5 million at the end of last year.

The group’s property subsidiaries include Tamar (Selby) Ltd, which recently received planning permission to build a storage and warehouse facility at Nutts Corner in Co Antrim.