Britannia AuctionsLiquidation and insolvency asset sales in Preston
An aerospace subcontractor in Preston lives on its approvals. The day an office holder is appointed, those approvals usually end, and the work in progress on the floor stops being certified parts and becomes material. That changes the valuation. The five axis machining centres, autoclaves, layup rooms, inspection equipment and tooling still have a market, but the half finished components are worth what a material dealer will pay, and we say so in the first report.
We act for administrators, liquidators, lenders and landlords across Lancashire. The first visit produces a schedule with serial numbers and photographs, a written opinion of value and a list of finance, customer tooling and free issue material. Sales are online timed auctions, held in situ where the site can take buyers and their vehicles, which we check around Samlesbury and Red Scar as anywhere else. Bidding is open online to the whole UK, and Blackburn, Chorley, Leyland and Blackpool are within a short drive of a viewing day. Use the contact form to describe the appointment.
Autoclaves, layup rooms and work in progress with no certificate
Composites plant is a specialist sale. An autoclave is a pressure vessel with a foundation, a control system and a gas supply, and it needs a buyer who can move it and a description that tells them what they are moving. Ovens, clean rooms, freezers for prepreg, ply cutters and layup tables are catalogued for composites firms in the aerospace, automotive and marine trades, and the online catalogue reaches them across the UK.
The material is a separate problem. Prepreg in the freezer has a shelf life and a lot certificate that ties it to a supplier and, often, to a customer's contract. Once the company's approvals lapse, finished and part finished components cannot be sold as aerospace parts. We schedule the material by lot number, tell the office holder which of it appears to be free issue from a customer, and value the remainder as material rather than parts. Customer tooling, jigs and fixtures are held for release against a receipt.
Logistics sheds at Walton Summit sold around the tenants next door
The logistics estates south of the city are a different kind of job. A haulier or storage firm fails in a shed that shares a yard, a gatehouse and an access road with other tenants who are still trading. The estate manager has rules about lorry movements, the landlord wants the unit relet and the neighbours do not want a viewing day blocking their loading bays.
We plan the sale around that. Viewing is by appointment across a day, collection is in a fixed window with a booking system so lorries do not queue in the shared yard, and the landlord and estate manager have the dates before the catalogue goes live. Racking, mezzanines, forklifts, dock levellers and the office contents are catalogued for other operators. Owned vehicles are checked for finance and sold with them. Junctions 29 and 31 of the M6 are close, and the yard, the gate and the loading arrangements are checked when we walk the site so buyers know what vehicle the site can take.
What these sales can include
- Machine tools and production lines
- Finished stock and work in progress
- Raw materials and components
- Commercial vehicles and vans
- Plant and site equipment
- Forklift trucks and pallet trucks
- Racking and warehouse fittings
- Office furniture and IT equipment
- Catering and bar equipment
- Fixtures and fittings
- Tooling, spares and consumables
- Shop fittings and displays
How the auction runs
Insolvency assets are usually sold by online timed auction. The catalogue is photographed on site, listed with estimates and opened for bidding for a period agreed with the office holder, usually one to two weeks. A viewing day is held at the premises. Lots are offered as seen under the auction terms, and buyers are expected to inspect before bidding.
Buyers pay the hammer price plus a buyer's premium, with VAT charged where it applies and shown separately on the invoice. Payment is taken before collection. Buyers arrange and pay for the removal of their lots during an agreed collection window, using specialist movers where the weight and dimensions call for them. Our staff supervise collection so the premises are protected and every removal is signed off.
Private treaty is used for individual assets where a direct sale may produce more than the auction, subject to the office holder's approval.
The liquidation and insolvency asset sales page covers who instructs the sale, what an insolvency practitioner needs from us, securing the site, timescales, for directors.
Questions about selling in Preston
- The parts on the floor were made for an aerospace customer. Can they be sold as parts?
No, once the company's approvals have lapsed. A component is only an aerospace part while the paperwork behind it is valid, and after the appointment that chain is broken. The customer may want to buy the work in progress and have it recertified through its own system, and the office holder can offer it to them by private treaty. What the customer does not take is valued and sold as material, with its lot certificates where they exist.
- The machines were bought on finance for one contract that has now ended. What is left for creditors?
That turns on what the machines make against the finance balances. A machine on finance or lease belongs to the funder until the agreement is settled, and can only be sold with the funder's agreement, with the settlement usually paid from the proceeds. We report the position on each item on our first visit and give our valuation, so the office holder can weigh a sale against a repossession. The unfinanced plant, the tooling, the inspection room and the office contents are where the rest of the value sits.
More questions about insolvency asset sales
Related services
Guides
- What insolvency practitioners need from an auctioneer
For office holders realising physical assets. Covers the instruction letter, the asset schedule and valuation basis, retention of title, finance checks, site security, health and safety during the sale, and the reconciliation you need for the file.