BIDX1 hires LSH team and secures cash for aggressive expansion
Online auctions company BIDX1 has hired the former auctions team from Lambert Smith Hampton and secured as much as £15m of investment from Pollen Street Capital as part of an aggressive expansion plan.
The Ireland-based company, which was founded in 2011 and only made its UK debut this year, has hired the six-strong auction team from LSH, led by Oliver Childs, to establish and run its commercial auctions business.
The new team comprises directors Simon Riggall and Simon Bailey, associate directors Mat Harris and Rob Hills and team administrator Rachael Withams. The team left LSH earlier this summer.
Online auctions company BIDX1 has hired the former auctions team from Lambert Smith Hampton and secured as much as £15m of investment from Pollen Street Capital as part of an aggressive expansion plan.
The Ireland-based company, which was founded in 2011 and only made its UK debut this year, has hired the six-strong auction team from LSH, led by Oliver Childs, to establish and run its commercial auctions business.
The new team comprises directors Simon Riggall and Simon Bailey, associate directors Mat Harris and Rob Hills and team administrator Rachael Withams. The team left LSH earlier this summer.
BIDX1 has also agreed a deal with Pollen Street Capital, which will see the investor take a stake in the business and provide between £10-15m of investment for BIDX1 to expand.
The firm has ambitions to be the largest auctions company in the UK, holding regular 100-200 asset sales. Founder Stephen McCarthy said he expected the company to be in the position to be holding six to ten auctions a year within the next four to six months.
“We are very much on the acquisition trail now, seeking auction property companies that want to embrace a digital future for their clients and customers,” said McCarthy. “Alongside further expansion in the UK, we’re targeting southern Europe and South Africa, where many of our core clients already operate.”
McCarthy said the firm was already in discussions with a large traditional auctions business and that he hoped to be able to announce an acquisition in the next couple of months. BIDX1 made its first acquisition in the UK in January, buying London-based auctioneer Andrews & Robertson, and has held three digital auctions of UK property since.
“Pollen Street’s commitment is an endorsement of our core business proposition – driving change in the the property industry through digitisation and innovation – and will facilitate the acceleration of our growth plans,” said McCarthy.
James Scott, partner at Pollen Street Capital, added: “We believe that digital auctions are set to transform how property is bought and sold, not just in the United Kingdom, but around the world. The transformation will be profound as vendors increasingly understand the efficiency of the process and buyers embrace the transparency that is inherent as well.”
Since its launch in 2011 and until 2016, BIDX1 operated mainly as a traditional auctioneer and raised more than €750m (£673m) through sales in Ireland. It refocused on online auctions in summer 2017 and has since raised close to €500m.
Listen to an interview with McCarthy on the future of auctions and the role that tech has to play in the next episode of TechTalk Radio, available on iTunes, Spotify, Podbean and all your favourite podcast channels.
To send feedback, e-mail Samantha.McClary@egi.co.uk or tweet @Samanthamcclary or @estatesgazette
