Firms combine to run online auctions for private forestry sector

Agritech business tradeforus.com is joining forces with Euroforest Ireland to run online auctions for the private sector forestry industry from next month.

The pair will launch tradeforusforestry.com on Wednesday, with plans for it to hold its first auction on March 10th.

The auctions will allow participants to buy and sell everything from timber to forestry land and harvesting rights, according to a statement.

Half the Republic’s 1.85 million acres of forest is in private hands, with few trading options for the 23,000 owners involved, the new company says.

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Michael Broderick, chief executive of tradeforusforestry.com argues that online trading is growing across Irish agriculture.

“Now, we want to bring similar advantages to buyers and sellers of timber, forestry land and harvesting rights,” he said.

Mr Broderick predicted that the volume of timber that private plantations produce will almost double to 2½ million tonnes within three years. By 2026, he believes that it will surpass the quantities produced by State forestry company Coillte.

Tradeforusforestry. com's launch comes as the industry grapples with Government licensing backlogs that are driving up costs.

Prospective sellers have listed several lots, including timber and land, on the website already, according to the company.

Independent financial experts Ifac will oversee and audit all auctions, said tradeforusforestry.com.