In June 2020 we were appointed as agents by the joint Administrators Mark Hodgett and Phil Pierce of FRP to act on their behalf in undertaking the valuation of the assets of the company, having sites located in Pontefract and Taunton.
The company was the official UK importer for VDL, Indcar and Beulas Coaches the largest independently owned distributor of new and used coaches in the UK, providing new and used vehicles sales, after sales maintenance and technical support.
The assets consisted of a Fleet of New and Used Coaches and Mini Buses, a fully refurbished 1966 Leyland AEC ‘ London’ Double Decker Bus and 1930 Renault TN6 Parisien Single Deck Bus together with the associated commercial vehicle workshop equipment and spares and parts.
We were subsequently instructed to realise the assets, this was done by way of a combination of negotiated private treaty sales and two online auction sales.
The number of buyers registered for the sales totalled 750 and the combined sales realised circa £1,000,000.
The company occupied a modern mid 1990’s warehouse premises with offices, c.2,970.7 sq m (31,973 sq ft) on a large site of 1.33 hectares (3.28 acres).
Following marketing of the property, we received significant interest from both owner occupiers and investors, ultimately selling for £1.9 million (for owner occupation).