Modern flexible packaging production equipment and other assets have been sold, fetching a record £6.5million in total in an online auction.
Our machinery and business assets team was instructed by KPMG following the announcement that joint administrators from KPMG had been appointed to Pulse Flexible Packaging Ltd earlier this year.
The auction was hosted on Bidspotter.co.uk, the online auction site. Latest statistics from the site show that with the exception of auctions of classic cars and property, this particular auction is the highest grossing auction ever seen on the site.
One of the more popular lots, a Bobst F&K 20 Six CI press, achieved a sale price in excess of £1.5million, making it not only the highest value lot in this auction but also the highest value lot to be sold through the site.
The two-day online auction took place on Wednesday 20th and Thursday 21st September with over 1,300 lots up for sale. There was a significant level of interest from potential purchasers throughout the world with more than 550 registered buyers from more than 20 countries including Canada, USA, Thailand, Singapore, India, Pakistan and various countries throughout Europe.
Commenting on the record breaking sale, Jonny Marston, partner at KPMG and joint administrator of Pulse Flexible Packaging, commented: “While we hoped that the auction would receive high levels of interest, we are delighted that Sanderson Weatherall was able to reach such a large number of potential buyers, helping to make the sale a real success and realising significant value for creditors of the administration.”
Mark Weston, partner in our machinery and business assets team commented: “We are very pleased to have managed such a successful sale. It is incredibly rare for such high specification equipment to come to market in the packaging sector and the amount raised at the auction reinforced the high quality of equipment on offer.”