Project
JG Windows, a long-standing music retail store in Newcastle, was placed into administration in December, and appointed Begbies Traynor as liquidators.
When restructuring became impossible, Begbies Traynor appointed Eddisons to value and sell the assets and stock of the store.
The added pressure of time made selling the assets even more important; in order to not pay any more rent than was needed, Eddisons were given a very short time period to deliver their services.
Approach
On attending the site, the team valued items equating to circa 850 lots. After our valuer’s report was accepted, Eddisons Asset Auctions prepared the items for sale by auction.
Eddisons Asset Auctions conducted three online sales. Prior marketing and promotion resulted in 586 registered bidders, with 220 subsequent buyers.
77.9% of all lots were sold in the first sale, with the unsold lots making a second sale.
Results
JG Windows were left with a minimal number of unsold lots, providing much-needed funds for the staff and management.
