“…personal thanks to you and the entire Marriott team”
Client’s disposal requirement
Client must remove and dispose of a huge quantity of unique components from a logistics facility in London within a specified timeframe, transport them to a storage facility under our control, sort and lot the components, offer them for sale by online tender, present the best offers to our client, complete the sales and transfer the proceeds to our client within ten weeks following instruction
Marriott & Co.’s advice and the key issues
In order to provide best professional advice, Marriott & Co. asked for a meeting on site so that the scale of the case could be gauged. Marriott & Co. advised:
- Removal of the components from the logistics facility in London (requiring twenty 40-foot artic trailers) to a large storage facility under our control where they could be sorted, identified and displayed to best advantage
- careful sorting, cataloguing, lotting and photographing each lot
- the best means of disposal would be a sealed-bid tender as there were a limited number of potential buyers
- working closely with the client to identify the parties likely to be interested in buying the components in question, marketing the sale extensively and ensuring that the marketing effort included direct telephone approaches to the potential buyers to confirm that they were aware of the sale
- presenting best bids to client with our recommendations
- completing sales and obtaining payment from the buyers in full within five days
Result
Marriott & Co. was instructed accordingly, and accounted to the client for the seven-figure realization within ten weeks from taking control of the assets.
The client was thereby released from its obligation to the logistics facility, and converted its stock in to cash.
Testimonial
“The feedback I’ve received from the team in relation to the services you provided has been consistently positive. Please accept my personal thanks to you and the entire Marriott team for all your hard work and professionalism in helping us achieve such a great result from the auction.”
London Restaurant Sale
Problem
We recently dealt with the sale of assets at an Italian restaurant in an expensive area of London and were faced with two potential in-situ purchasers for the contents, one of which offered significantly more than the other, but unfortunately they were not the landlord’s preferred tenant.
Solution
We skilfully negotiated a significantly increased offer from the under bidder, and advised our client that we must ensure the assets are paid for before giving up possession of them (i.e. before our client surrenders the lease).
Result
We invoiced the purchaser and they paid up on the condition that if they did not agree a new lease, we would immediately refund them (on this basis, we held the purchase funds in our client account pending them moving into the premises).
Client Testimonial “Many thanks for all of your help on this case.”
Window Manufacturing Insolvency
Problem
We recently dealt with a window manufacturing company in Surrey where we needed to advise our client as to the best method of disposal. The most economic solution was to sell the assets from the premises, however, some assets had gone missing and the landlord, who lived next to premises was being difficult, blocking access to the building and threatening to break in, as he was owed rent. We had to weigh up the risk of this volatile landlord (and assets going missing), against the cost of removing the assets to sell from storage.
Advice and Solution
We were able to ‘strike a deal’ (a negotiated rent) with the landlord on behalf our client, by meeting the landlord face to face and explaining that it would result in the best net benefit to all (him being an unsecured creditor and the company being in Administration) and we therefore advised the client to sell the assets from the premises.
Result
We conducted a successful online auction and our client was extremely pleased.
Testimonial
“Many thanks for all of your hard work and effort on this one. It’s not been an easy job to deal with but I think we have got there in the end.”
‘Wood’ you believe it?!
VALUATION EXCEEDED IN HIGHLY SUCCESSFUL ONLINE AUCTION OF ASSETS FROM THIS JOINERY IN WORTON HALL, ISLEWORTH
Marriott & Co. achieved a remarkable realisation in a recent sale at Becher Joinery Limited on behalf of the Liquidators. The superb marketing by the disposals team paid off as end users from all over the UK flocked to bid in the sale resulting in the realisation escalating.
The premises had previously been the home of Isleworth Film Studios.
Noticing the detail that remained on the ceilings of the offices, we were advised this previously incorporated the Isleworth Studios logo. The offices previously being used as a canteen for the film stars, during the 30’s 40’s and early 50’s.
Under the joinery floor was a huge tank where Humphrey Bogart and Katharine Hepburn were filmed for the swamp scenes in the epic film ‘The African Queen’, Worton Hall’s most famous production.
Fond reflections on the valuation of a prominent food manufacturing company
It’s good to look back at some of the jobs we have successfully completed, resulting in happy Clients.
We were asked to value the plant and equipment of a prominent food manufacturing company’s three sites in Yorkshire, for insurance purposes.
We carried out a site survey of each site in order to take detailed descriptions of the contents, including industrial ovens, meat slicing, dicing and grinding machines, refrigeration plant, packaging equipment and more, as well as the various services and pipework at each site. We researched current costs and prices in order to calculate the current new replacement cost for insurance cover.
Please never underestimate the importance of an accurate valuation for insurance purposes.