Enterprise Minister opens state-of-the-art auction house

Enterprise Minister Arlene Foster has officially opened Euro Auctions’ new auction house in Dromore, Co. Tyrone, part of a £1.5million investment.

Euro Auctions, an Invest NI client company, provides an online real time auction service for the sale of heavy plant and machinery, providing a platform for the sale of goods across the UK, Europe, Asia, Africa as well as North and South America. The firm also has auction sites in Leeds and Germany.

The purpose built auction arena includes 18,000 sq ft of new offices and a 10,000 sq ft state-of-the-art seated auditorium with integrated hi-tech sound and vision.

At the official opening the Minister said: "In the 11 years since its establishment, Euro Auctions has become a multi-million pound business trading internationally. This investment in new hi-tech premises reflects its confidence in further business growth through targeted export sales and will lead to the creation of 10 new jobs.

“Euro Auctions has been supported by several Invest NI initiatives that have provided advice and practical help in areas including trade, e-business, training, design and management. These have helped the company to develop a successful business model, maximise its competitiveness and grow its business globally.”

Euro Auctions employs 34 staff and does 90% of its business with customers outside Northern Ireland.

Derek Keys, owner and Managing Director of Euro Auctions, said: "The opening of our new auction facility in Dromore is a double celebration for us as it also marks our 101st auction. We also plan to launch a new website by the end of 2009 which will have increased functionality. Our level of e-business is increasing all the time with average online sales being 25% at each auction.

"These new premises will support our strategy of pursuing growth in new markets. Plant is now a world commodity and at this auction we expect to sell equipment to at least 25 countries worldwide. We hope the new premises will facilitate increasing turnover by 15%, increasing employment to 44 by 2011," he added.