| 12.2°C Belfast

Tyrone machinery auctioneer has China in its hands


Delighted: Jonnie Keys

Delighted: Jonnie Keys

Delighted: Jonnie Keys

One of Northern Ireland's largest auction businesses is expanding into Hong Kong with a major new industrial event. Euro Auctions, which is based in Dromore, Co Tyrone, has grown into a business with a turnover of £84m.

It has since expanded its reach to sites across the world, including Australia.

And it has now launched its first Chinese sale, with more than 400 lots of industrial and plant machinery as it expands into the region.

It's the biggest auctioneer of construction machinery in the UK. Its first auction took place in Dromore in 1998.

Jonnie Keys, Euro Auctions commercial manager, said: "We're delighted to be able to work with Wealth Mind Equipment Ltd and some of the leading rental and construction companies in Hong Kong to provide them with a means to dispose of their equipment into the world market.

"Construction equipment demand has continued to grow with strong demand in the US and Europe, together with recovery in key markets such as Australia and Russia making equipment prices strong around the world."

The firm said the upcoming auction is due to a large number of construction projects taking place in Hong Kong, which means a "steady supply of used construction equipment and machinery has been coming onto the market".

Among the machinery going on sale are several 45-tonne excavators, 20 dump trucks, 10 mobile cranes and a range of other equipment, such as generators and compressors.

Mr Keys said the company is "excited at the prospects this auction presents us".

"It enhances our service to our existing customers in this region and gives us access to new buyers and sellers in the Asian marketplace," he said.

"Over the coming months we expect to see more equipment leaving Hong Kong and ultimately continue to meet the needs of customers elsewhere."

Gardrum Holdings, the company which operates Euro Auctions, posted pre-tax profits of £6.5m in the year ending December 31, 2015.

Belfast Telegraph