Valuation of over £1,000,000 of assets seized under a distraint, sale of plant and machinery and freehold of a 35,000 sqf warehouse
Williams and Partners were instructed by the landlord of a 35,000 square foot factory to initially sell the assets of a glass cutting business seized under a bailiffs distraint and secondly to sell the freehold of the building itself.
Due to the specialist nature of the equipment which included one of only two machines of its type currently based in the UK, an open day was held onsite. Williams and Partners researched the market for potentially interested parties and over 25 potential buyers attended over a two day period. A formal tender process was conducted and 13 bids were received for the assets.
Various negotiations then took place to obtain the greatest realisation for the landlord and an offer of £400,000 for the assets was accepted from one buyer. Williams and Partners conducted further negotiations with the buyer which culminated in Heads of Agreement being established for a 5 year lease with an option to purchase the freehold for a fixed sum of £2.5m any time after year 2 and which was subsequently formalised through lawyers.