News

Big Auction as Company Problems Increase

Paul Cooper, Operations Director

One of the largest machinery and equipment auctions of the year is to take place at North Lincolnshire industrial auctioneers CJM Asset Management next week as a growing number of companies in Eastern England hit problems.

“We have seen a very marked increase in our insolvency work in the past few weeks and its across a wide range of companies, from retailing and manufacture, to the building industry,” says CJM director Paul Cooper.

“Next Tuesday’s  sale extends to around 1,000 lots, the majority of it plant, machinery and equipment which has been sent to us by liquidators or from finance companies. It is a big sale both in size and value.”

Amongst the most valuable equipment to be going under the hammer is plant from a building company in Newmarket, which has  gone into liquidation.

He said: “The star lots include a two year old Volvo mini-digger. It is in excellent condition and is expected to make £10,000. A Pel-Job mini-dumper from the same business should also attract interest and we think that should go for £3,000-£4,000.”

“We’ve also got eight forklift trucks that have been sent to us from all over the country and which are mostly insolvency-related or finance company repossessions.”

Paul added: The auction has some tremendous office furniture and equipment.”

“Some of it has come from an independent High Street software retailer in Lincoln, which has closed its doors. They’re victims of Internet competition, which is something that’s becoming increasingly common. It is difficult for traditional retailers, with the costs of town centre premises, to compete with rivals who operate entirely via a website and a warehouse that can be anywhere.”

“We are also holding a large quantity of software stock from the business but that’s scheduled to be included in a sale next month.”

“Undoubtedly the star lots in the furniture section are some spectacular call-centre modules that have been sent to us from a plastics company in Nottinghamshire. They’re huge octagonals, created by a series of desk units and drawers that enable a team of people to operate around a central plinth.”

The auction also includes a number of vehicles including a Volkswaggen tipping pick-up truck.

In all the next Tuesday’s sale extends to over 1,000 lots. The viewing sessions are on Monday (25th July) 1-7pm and on Tuesday morning from 8.30 am until the start of the sale at 10 am. Catalogues are available from CJM or can be downloaded free of charge from the firm’s website: www.cjmasset.com

David Newman, Newman Walker Associates, 22nd July 2005