Frost and Wadsted prepare for the auction of vintage collection of Bristol Cars in order to raise funds for debtors
In January of this year, Bristol Cars, an institution of the British motoring industry entered Liquidation with Jeremy Frost and Patrick Wadsted of Frost Group Ltd appointed as Joint Liquidators.
Since then the Liquidators having been investigating the extent of the assets of the various companies and indeed their liabilities in order to formulate a plan to maximise the recovery of funds for the benefit of creditors. In doing so, an underground storage facility was discovered and found to contain a large quantity of designs, manuals, parts and tooling covering the many years of the businesses’ existence. Included as well were a collection of rare and vintage cars, in various stages of completeness including the first “Bristol Bullet” car.
This collection is expected to command a high price at auction when it goes up on https://bidspotter.co.uk, with some of the lots including the “Bristol Bullet” being described as so unique as to make estimating the price likely to be realized impossible to determine. That is not to say the Liquidators expectations have anything other than increased by this finding. Hertfordshire based machinery and business asset valuers and experts in selling this type of material, Wyles Hardy & Co, have been instrumental in dealing with the valuation and forthcoming sale of the collection.
With the valuation now appraised the final task of assigning lots is being completed in preparation for their sale by a combination of private treaty and auction, to the highest bidder.
All funds raised from the sale will be utilized by the Joint Liquidators to both complete their investigations into the Companies affairs with the expectation that creditors (including Her Majesty’s Revenue and Customs) should receive a decent return.
The case has garnered a lot of attention with Jeremy Frost, Managing Director of Frost Group Ltd, stating: “There has been a large swell of interest regarding these assets from various parts of the world, whether they be private collectors, businesses looking to secure parts for onward sale; we have even had interest from businesses looking to start making new models under the Bristol Cars name. We anticipate the sale will generate a lot of attention.”
He also added: “This has been an extremely interesting case and a huge amount of work has been done behind the scenes to get us into the position we are in now – We are grateful, with the curveball thrown to us of Covid-19, for the goodwill shown to us by a number of parties and the professionalism and flexibility of both members of our team and our agents. We hope to continue with the good news element of this situation arising out of the chaos and litigation we inherited. ”
The auction is currently set to go live on 19th of August 2020 and ends on 2nd September 2020
*Article Source Creativepod.net