Aspin Group Ltd, one of the largest infrastructure solutions businesses in the UK, ceased trading after being placed into Administration on 11th July 2019. Multiple offers were received for plant and machinery on an asset only basis, however, on review in conjunction with the administrators it was decided that a better outcome would be achieved by holding a formal sale. The disposal strategy for the plant, which comprised a modern fleet of Colmar and Liebherr road/rail vehicles along with excavators, drilling rigs, piling attachments, rail trailers, cherry pickers and workshop machinery, involved an online auction of both freely owned and financed assets with the agreement of the finance houses.
An asset recovery and haulage plan was also put in place to collect all assets from project sites, temporary storage facilities and regional Company premises throughout England and Scotland to be secured at two locations.
The a bespoke marketing campaign, attracting a worldwide audience, culminated 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 in excess of £4million
- Three finance houses settled in full with substantial equity realized for the benefit of the administration.
On conclusion of the sale, the net return to the Administration was significantly in excess of the pre-auction offers received.
Sean Bucknall, Brian Burke and Andrew Hosking from business advisory firm Quantuma LLP are Aspin’s appointed Administrators.