News

More Local Firms Hitting Problems

Paul Cooper, Operations Director

There’s been a marked increase in the number of local firms going under in the past few weeks, according to leading industrial auctioneers CJM Asset management.

The assets of no fewer than three Humber area companies . . . based in Grimsby, Immingham and Hull . . . are to go under the hammer next week after the receivers were called in.

The auction, at CJM’s site on Brigg Road in Scunthorpe on Tuesday (29th November) will be the most valuable sale of the year there, expected to raise £70,000 - £80,000.

The 750 lots include machinery, equipment and stock from Brendray Limited, a manufacturing optician company based in Grimsby. The firm closed its doors last month.

CJM Operations Director Paul Cooper said: “The company, which supplied retailing opticians, has been struggling in a very competitive market. Unfortunately the downward pressure on prices reached a point where they were unable to sustain the business.”

“As well as their machinery and equipment, we’ve been sent their entire stock of lenses . . . valued at around £20,000 at retail prices . . . and a huge quantity of frames, again worth many thousands of pounds.”

Another local casualty of tough trading conditions has been F. Bemrose Limited, an Immingham shot blasting and painting company that serviced the offshore industry.

Paul said: “The company picked up some significant bad debts last year. They’ve tried their best to trade out of the crisis but unfortunately the pressure from the competition has ultimately proved overwhelming and they went under earlier this month.”

“We’ve been sent a range of machinery and equipment including forklift trucks, shot blasting pots and paint spraying equipment. We’ve also got two trailer-mounted compressors. One of them is a huge twin axle model that is expected to sell for several thousand pounds.”

The equipment from a Hull company  . . . Dolphin Windows and Conservatories . . . is also to be auctioned off. The company went into liquidation earlier this month.

Paul added: “ This sale has got a particularly strong vehicles section, probably the best we’ve seen this year. The star lot is a year 2003 JCB 8052 mini excavator that we’re expecting to make £12,000  £15,000.”

“There’s also a 2004 Mitsubishi Warrior crew cab pickup, valued at £10,000-£11,000, two mini-buses, possibly three Mercedes Sprinter vans and an unusual Ford Transit crew cab van, a hybrid vehicle with room for nine passengers and a separate section for tools and equipment.”

The public viewing sessions for the auction are on Monday (28th October) 11am-6pm 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 free of charge from the firm’s website: www.cjmasset.com

For further information or comment please contact Paul Cooper at CJM Asset Management on 01724-334411.            

Dave Newman - Newman & Walker Associates - 24th November 2005