News

Recession Claims Another Lincoln Victim

A well-known Lincoln woodworking company’s machinery, tools and equipment are to go under the hammer in an on-line auction next week following the failure of the business.

Bridgwater Joinery, based on the Allenby Industrial Estate, were bespoke joiners specialising in windows and conservatories. Hit by a collapse in orders during the recession, the firm closed its doors  two weeks ago.

The liquidators now handling the company’s affairs . . . Peter Blair and Richard Saville of Begbies Traynor . . . have now instructed North Lincolnshire-based industrial auctioneers CJM Asset Management to sell off the firm’s machinery, equipment and supplies.

CJM’s Matthew Cooper said: “The fate of the company underlines just how hard the recession is continuing to hit local firms. The directors of Bridgwater told us that their turn-over had dropped by two thirds in the period running up to the closure of the operation.”

“In a situation like that you reach a point where you’ve got to pull the plug, which was the decision that they took. It is very sad but a sign of the times.”

"This is the third liquidation that we have handled on this one small industrial estate in the past year, which gives you some idea of how hard the recession is hitting Lincoln companies.”

Matthew added: “In all we’ll be putting something like a hundred thousand pounds worth of machinery and equipment under the hammer in the auction.”

“The firm only moved into the Crofton Road unit three or four years ago and they clearly did a lot of re-equipping at that time. The kit is pretty new and it has been maintained in immaculate condition. It is some of the best that we have seen for some time.”

“The star lot is expected to be a four-side Wadkin planing machine, a very good piece of kit that is expected to make £6,000. There are various other good woodworking machines will go in the £1,000 - £3,000 range.”

“In addition there are all the usual tools, benches and supplies that you would expect to find in a well-equipped joinery factory, along with a small stock of good quality timber.”

“The auction is already attracting national interest. The factory’s specialist dust control extraction system . . . which cost close to £20,000 when it was installed a couple of years ago . . . is creating enquiries from as far away as Cornwall.”

“We would expect that, thanks to the auction being on line, the machinery will attract international bidders. A lot of this sort of equipment is currently being bought by firms in Italy and Eastern Europe.”

Speaking about the on-line auction, Mr. Cooper said: “Whilst the quality of the equipment is extremely good, there is not a huge quantity of it . . . around 45 lots . . . so it would be uneconomic to stage a public auction. The on-line auction is not only more cost-effective but it will also expose the catalogue to a worldwide audience.”

The viewing day for the auction is on Tuesday (15th) 10am-4pm. The online auction closes at noon on Thursday (17th).

Catalogues and bidding registration is via the CJM website: www.cjmasset.com.

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