Eastern Engineering sells with success thanks to BPI’s business asset disposal solutions.
The ripple effects of COVID-19 continue to be felt across all industries, with businesses struggling to get back on course following the pandemic. Engineering firms are no exception, and for many owners nearing retirement, the pandemic has acted as a catalyst for them to accelerate their exit strategy.
The challenges
Eastern Engineering, a leading name in engineering and metalworking, decided to close its doors after years of service. As the owners prepared for retirement, they sought a smooth and efficient way to wind down their business operations.
Faced with aged equipment and the need to maximise returns, they partnered with BPI to conduct a complete end-of-business asset disposal service.
The asset disposal solution
BPI ensured a stress-free asset disposal process for the client, by delivering:
• Comprehensive assessment: An onsite BPI Project Manager assessed the value of the equipment, cataloguing, photographing, and creating detailed descriptions for all 183 lots. This included a wide variety of equipment, such as PROMECAM press brakes, Colly Bombled guillotines, ESAB plasma cutting beds, Bridgeport turret mills, Colchester lathes, milling machines, bandsaws, welders, tooling, and much more.
• Seamless logistics and removal: BPI facilitated the entire process, providing a machine mover and on-site collection for 3 days to ensure a smooth handover of equipment.
• Extended auction period: An extended 5-week auction period allowed for a wider audience of potential buyers, leading to competitive bidding with no reserve prices.
The results
The auction saw a remarkable success rate, with the vast majority of lots being purchased, generating a total of £32,000 for the client. This successful outcome demonstrates the power of BPI’s approach and asset disposal services for retiring businesses.
A spokesperson for Eastern Engineering said: “BPI’s asset disposal services made selling our equipment stress-free and allowed us to maximise the value of our assets. We would highly recommend BPI to any engineering business looking to dispose of assets efficiently.”
Jamie Senior, Account Manager at BPI added: “At BPI, we understand the complexities of business transitions, and this project is a prime example of how our services can help retiring businesses to maximise returns on their assets.
“Scrapping machinery often undervalues its potential. By selling their assets through BPI’s online auction platform, our client not only recovered value but also provided a valuable opportunity for other businesses to acquire high-quality equipment at competitive prices.”
This successful auction with BPI highlights the benefits of partnering with a professional asset disposal company for retiring businesses. By leveraging BPI’s expertise, businesses can navigate retirement or other transitions with confidence, ensuring a smooth and profitable outcome.
Contact our experts to discuss asset disposal services for retiring businesses.
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