The founders of auction company iam-sold have been shortlisted as finalists for the EY Entrepreneur of the Year awards in the north.

Directors Ben Ridgway and Jamie Cooke set up iam-sold five years ago in Newcastle as a two-man band operation. Today they have a workforce of 74, including a dozen recruited so far this year, and work with over 800 estate agency branches.

Last year the company sold over 1,750 properties through their modern method of auction, raising over £153m, and paying out £4.6m to their partner agents.

Ridgway said: “Almost 40% of our total sales since launch took place in 2014, which shows that auctions can play a role within an estate agency in a rising marketplace.”

The modern method of auction means that there is no concluded deal on the fall of the hammer. Instead, it gives buyers time to sort out finances and legals.

The awards are hosted by Ernst and Young, the global professional services organisation, with the winner to be announced at an awards bash on June 23.