SIA Group secures asset disposal within tight timeframe, maximising realisation to creditors
Parnham Coaches Limited traded as a prestige coach excursion hire company, providing luxury coaches
for nationwide and local excursions together with continental travel. The company had been operating in the UK and Europe for over 25 years and had a highly regarded name for service and vehicle appearance.
“SIA executed on this assignment quickly and efficiently and stepped up to complete the disposal within the designated 6 to 8-week period.”
At the time of SIA Group’s inspection, the business had ceased to trade, and all coaches were located at the company’s premises. The company operated a fleet of twelve VDL Bova Futura executive coaches dating from 2002 to 2016. Of the fleet, just two were wholly owned and the balance held subject to finance agreements with four different providers.
SIA Group prepared a valuation of the business assets for statement of affairs purposes and then disposed of the fleet by way of online auction. The assets were extensively marketed with circa 100 bidders registered for a 17 lot sale. Brisk bidding resulted in a total realisation in excess of £300,000, which compared favourably to the valuation conducted.
Simon Lowes, Partner at CVR Global LLP, said: “Due to the type of assets involved and the seasonal nature of the market, time was of the essence in respect of achieving the maximum value for the assets, prior to the busy summer trading period. SIA executed on this assignment quickly and effciently and stepped up to complete the disposal within the designated 6 to 8 week period. Key to the success of the disposal was SIA Group’s professional, accountable and knowledgeable team and the ability to leverage its substantial database, particularly in Europe.”
Richard Kelly, Head of Southampton, SIA Group, said: “This is an excellent example in which SIA Group has worked closely with a leading firm of insolvency practitioners to secure the successful disposal of assets within a tight timeframe to maximise realisation to creditors. Our global experience and our ability to access a vast database of asset types and potential buyers enables us to determine the optimal asset values for clients, irrespective of their location or business sector.”