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Euro Auctions, working in partnership with FRP Advisory and Hilco Valuation Services, on the 6th July, successfully cleared the former Henry Construction site at Cranford disposing of assets of the construction group following its administration in June 2023.
FRP Advisory, appointed as administrator of the company Henry Construction on 8 June 2023, in one of the most significant construction sector liquidations of 2023, instructed Euro Auctions, working in partnership with Hilco Valuation Services, to organise a full appraisal of all assets, prior to a disposal auction on 6th July.
In the first of three sales planned for the assets of Henry construction, Euro Auctions were appointed to catalogue and value all items secured by the administrator and due to the restrictions and access to the yard premises where the assets were located, it was decided that Euro Auctions would conduct the sale as a one-day online disposal. Assets in this sale included construction machinery, small tools, and commercial vehicles,
With euro auctions marketing the sale to an international audience, bidders were attracted from across Europe including perspective buyers from Central Europe, Eastern Europe, Scandinavia and the Middle East. Most interest in this sale was received from bidders from the home nations of England the Republic of Ireland and Scotland.
The hammer total for this first sale was £498,000 with over 500 registered bidders joining this auction. The top buying countries in order, were: United Kingdom, Republic of Ireland, Poland, Cyprus and United Arab Emirates. Buyers in percentage of the total sale were: United d Kingdom 78%, Europe 21% and Middle East the remainder of the sales.
Chris Osborne, the Euro Auctions sales manage responsible for this sale comments:
“This sale proved to be another collaborative win for Euro Auctions, as we have worked with Hilco Valuation Services in the past and this was the first of three planned sales to dispose of Henry Construction Assets. Having conducted many sales following an administration, we understand we are expected to return to the administrator, as much revenue for the assets in the auction as we can. As we have a global network of loyal buyers, we attracted an international audience to this sale.”
“In August, Euro Auctions disposed of additional Henry Construction assets during the August sale at the Euro Auctions flagship site in Leeds.”
“One of the most difficult aspects of preparing for this sale was the repatriation of machinery from construction projects around London, where access is difficult, where permits may be required to close roads and load machinery. In addition, in a liquidation where contractors are owed monies, tempers can be fraught, and we have to pacify irate creditors. It’s just part of the package and we have to be diplomats to get a job like this done.”
Commenting for FRP Advisory, Stephen Beattie "The Euro Auctions team have done tremendously and all should be congratulated on a job very well done."