News

 Bag a Bargain!

              Thousands of bags . . . ranging from handbags to briefcases . . . are to go under the hammer in Scunthorpe next week following the collapse of a leading specialist supplier in Croydon.

              The entire stock of the firm’s large town centre store was seized by bailiffs last month when the company failed to pay its rent. Everything has now been sent up to industrial auctioneers CJM Asset Management and is to be sold off next week (Tuesday May 11th).

              CJM Director Paul Cooper said: “We estimate we have been sent 2,000 – 3,000 individual bags. In the luggage line, you name it, we’ve got it, including handbags, briefcases, suitcases, sets of luggage, holdalls, backpacks, laptop carriers and children’s bags.”

              “In terms of value the stock ranges from wallets and purses that retailed for a tenner through to some of the quality leather bags and cases that sold for over a hundred pounds apiece. The total retail value is in the £35,000 - £40,000 range.”

              “The quantity is so large that we are having to sell a lot of it off in trade lots but we are separating out the better quality items and they will be auctioned individually, so members of the public will have a chance to bag a bargain, excuse the bad pun.”

              Paul added: “What has happened to the firm is typical of what is happening around the country when communication between struggling firms and their landlords breaks down.”

              “Initially the landlords were understanding . . . they realise times are hard and they are loathe to lose a tenant . . . and their agents agreed a payment plan but they lost patience when the company not only failed to stick to it but also stopped talking to them.”

              Tuesday’s auction also includes the furniture, fixtures and fittings from Oliver’s, a well-known Italian-style bistro in Preston. The restaurant was highly rated by critics – once awarded six out of six for value and five out of six for food and service by the food critic of the Lancashire Evening Post.

              Paul said: “It is another bailiff’s job, with the place being cleared after rent was not paid. We have been sent the restaurant furniture . . . high backed leather chairs and bistro tables . . . plus the cutlery, crockery and all the stainless steel kitchen equipment such as cookers, fridges and so on.”

              He added: “Things clearly continue to be tough for business but the good news is that very little stuff is coming to us at the moment as a result of local company failures. The only entries in this auction from a regional company are the stock, machinery and vehicles from Mitrecraft, a Lincoln-based picture frame manufacturer that went into liquidation last month.”

              The auction has a large IT section that extends to over 50 PCs, plus photocopiers and other kit, some high quality office furniture and in excess of £20,000 worth of woodworking machinery and equipment. The star lot in the sale is expected to be an MBO folder inserter line of the type used by the direct mailing industry, which is expected to go for £5,000 - £8,000.

In all the auction extends to over 1000 lots. The viewing sessions are on Monday (May 10th) 1pm-7pm and on Tuesday morning from 8.30am until the start of the sale at 10 am. Catalogues are available from CJM or can be downloaded from the firm’s website: www.cjmasset.com free of charge.