It is a common occurrence for businesses to have unwanted or unused plant and equipment. Whether it is as they enter administration, voluntarily close the business or perhaps introduce new methods of operation that result in surplus equipment.
Over the past 12 months our specialist plant and machinery team have completed approximately 40 online auctions via Bidspotter, the web’s number one online auction site which deals with over 10,000 lots every day.
The sales completed by our auctions team last year grossed over £11million with approximately 75% of lots sold and an average of just under 200 registered bidders for each sale (this figure is up 49% on previous year).
Stephen Jepson, associate partner in our machinery and business assets team commented, “Online sales have now firmly established themselves as the most popular auction selling method, as a team we carried out our last traditional live and webcast auction over three years ago, in April 2015. Whilst not ruling out this method in the future it is unlikely that there will be a proliferation of live auctions.
“Online auctions remove the need for proximity to the sale and whilst we still receive a lot of interest in viewing the lots before bidding, we are also noticing an increasing number of overseas buyers, particularly those in mainland Europe that are encouraged by the recent more favourable rate of exchange. Other lots have been purchased by bidders in Canada, USA, Australia & Malaysia.
“Along with a full range of industrial equipment we also held some really interesting sales last year, including ex-military vehicles & tanks, narrow boats and even a factory full of Christmas decorations. With a number of large auctions coming up before the end of the year we’re sure that we’re looking forward to what the next year will bring.”