Aspin Group

Our work - 25/09/2019

Over 600 lots of high quality modern road/rail plant and machinery

Acting on behalf of the Administrators

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Valuation of Road/Rail plant and equipment and subsequent online auction sale

Aspin Group, one of the UK’s largest specialist civil engineering consultancy businesses serving the rail, highways and infrastructure sectors ceased trading after being placed into Administration. The company operated from multiple offices and contract sites throughout England and Scotland.   

The Brief

  • to provide valuation, asset recovery and disposal advice to maximise realisations
  • secure the substantial equity in the Company’s asset finance agreements for the benefit of the administration
  • minimise the administrators on-going premises and other costs

Logistics

  • Multiple offers were received for the Company’s assets from competitors prior to the business entering administration with immediate valuation advice required.
  • An urgent need to locate and recover all the plant and equipment from a large number of locations.
  • Establish the equity position in respect of the numerous asset finance agreements held by the Company

Resolution

  • Advice to the administrators to reject the offers received from competitors and to recover the assets.
  • The implementation of an asset recovery and haulage plan to relocate the assets to two locations and putting in place remote security monitoring
  • To secure agreement from the finance companies to allow us to deal with their assets
  • Implementing an online auction with a bespoke marketing campaign

Outcome

  • The auction attracted a worldwide audience, culminating in auction statistics and results as follows:
  • 589 lots catalogued, lotted and photographed
  • 305 registered bidders from UK, Europe, Australia and Africa
  • 187 active bidders placing over 5,500 bids
  • 88 winning bidders including 14 EU and worldwide exporters
  • Total hammer price of c.£3.7 million
  • Three finance houses settled in full with substantial equity realised for the benefit of the administration.

 

  • The net return to the Administration was substantially in excess of the pre-auction offers received.