Companies team up to organize online auctions for the private forestry sector

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

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

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

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

Michael Broderick, managing director of tradeforusforestry.com, says e-commerce is growing in Irish agriculture.

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

Mr Broderick predicted that the volume of wood produced by private plantations will nearly double to 2.5 million tonnes within three years. By 2026, he estimates, it will exceed the quantities produced by the state forestry company Coillte.

Commerceforusforestry. com comes as the industry grapples with government licensing backlogs that are driving up costs.

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

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