Selling tenant assets - any companies do this?

[xerawh]

Apologies if wrong thread.

We've got a building where the tenants have gone bust and left a lot of furniture and fittings that may be transferred to us (lawyers checking).

Is there any type of business that will pick everything up and sell them for us? Preference is they pay us a discounted value and take the risk of selling for profit, but also happy to consider them getting % of any sales.

Any reputable firms or auction houses out there doing this?

[strain]

None that I know of but have been involved in decommissioning old office before.

Stick a post up on facebook / gumtree / advert and it would go relatively quick if its any good and priced reasonably

[anonymous-user]

Won't they belong the to liquidator / receiver?

[crofty1984]

Presumably the same as house clearance companies?

[sleepezy]

catweasle said:

Won't they belong the to liquidator / receiver?

Not if they can be distrained on by the landlord. Or if there's a binding term in the lease agreement.

OP - assuming you just want to get rid ASAP and recover at least something - I'd be on the phone to an auction house for them to uplift and get rid of. May not be the best £ return but will be quick, easy, and almost no distraction. After checking you can claim title.

[xerawh]

Thanks all. Any recommendations of auction houses as no experience in this area and only know of the international ones (Sotheby's etc).

To put in context, building is a med/large hotel in central London and we've got to get rid of all the room and common area furniture, so FB/Gumtree will not be ideal and too cumbersome to deal with multiple people.

We just want it gone and recover anything we can (had previously written it off as going in the dump)

[jamescodriver]

I've been involved with Geoff before and he was great - does a lot for receivers so may be able to advise on the legality as well

www.geoffready.co.uk

Not the best of sites but dont let that put you off..

[sleepezy]

There are loads but to start you off (in no particular order) John Pye or Lambert Smith Hampton - but really just google "insolvency asset auctions" and go from there.

[dudleybloke]

What's your timescale for having it emptied?

[Louis Balfour]

jamescodriver said:

I've been involved with Geoff before and he was great - does a lot for receivers so may be able to advise on the legality as well

www.geoffready.co.uk

Not the best of sites but dont let that put you off..

I disagree, I think it's great.

Geoff said:

Geoff Ready, 58 years old, Married, Over 12 Years experience in this field, 2 Grown up children, 3 Grand children, 1 Cat, Lives in Ystradgynlais, IT Literate, Rides a Motorcycle, Gadget freak. Resident DJ at The Corner House Neath.

Sounds like a top chap.

[xerawh]

dudleybloke said:

What's your timescale for having it emptied?

as soon as possible as new tenants want to start work in anticipation of lock down easing...

[spikeyhead]

have a look for possibles here

https://www.bidspotter.co.uk/en-gb/auctioneers

[Redarress]

BPI Auctions
https://www.bpiauctions.com

Have used them in the past.
They do ,with certain assets , buy them and then sell on their own auction site

[skwdenyer]

xerawh said:

Thanks all. Any recommendations of auction houses as no experience in this area and only know of the international ones (Sotheby's etc).

To put in context, building is a med/large hotel in central London and we've got to get rid of all the room and common area furniture, so FB/Gumtree will not be ideal and too cumbersome to deal with multiple people.

We just want it gone and recover anything we can (had previously written it off as going in the dump)

The guys at Green Works might be of use here: https://www.green-works.co.uk/

Equally, Gary does complete office building clearances. I've dealt with him before - great guy. Not sure if his service is what you need right now https://garysgotit.co.uk/ but I'd be surprised if he couldn't put you in touch with somebody else in his "game" who could assist, so by all means give him a call.

On the topic of ownership, your lawyers will of course advise. I presume the liquidators / administrators have disclaimed the lease, but the contents are nonetheless subject to specific legal provisions unless (a) there's a lease term, or (b) a disclaimer from the liquidators / administrators, and proceeds of sale belong to them in the absence of alternative provisions. Basically do what your lawyers tell you to do

[skwdenyer]

sleepezy said:

catweasle said:

Won't they belong the to liquidator / receiver?

Not if they can be distrained on by the landlord. Or if there's a binding term in the lease agreement.

OP - assuming you just want to get rid ASAP and recover at least something - I'd be on the phone to an auction house for them to uplift and get rid of. May not be the best £ return but will be quick, easy, and almost no distraction. After checking you can claim title.

Distraint/distress was effectively abolished in 2014, and replaced by CRAR. But a tenant in administration / liquidation is a special case. Proper legal advice is needed.

[cerberaperv]

Do a search for used office furniture for sale. You’ll find there’s loads of companies out there that sell it. Call them and see what they will offer to take it away.
The reply that I had from a few of them is that the cost is in the removing and storing of the used equipment for resale, leaving the value of them low. It’s as if they are doing you a favour to shift them.

[spikeyhead]

I've fitted out companies with second hand furniture before. It costs about 20% of the new value if it's in great condition and you don't mind taking what they want to get rid of. There's not a lot of value in it and as it's so bulky it costs to store it and move it.

[sociopath]

Auctioneer is the easiest, theyll take it, store it and sell it.
Slightly different but we did that with my late mum's house contents, took itball snd then proceeded to sell it over the next 8 months at various sales.

You don't get as much as doing it yourself, but so much easier

[xerawh]

sociopath said:

Auctioneer is the easiest, theyll take it, store it and sell it.
Slightly different but we did that with my late mum's house contents, took itball snd then proceeded to sell it over the next 8 months at various sales.

You don't get as much as doing it yourself, but so much easier

Thanks - would you be OK To share details of which auction house did this?

I've contacted a lot of the others and they don't store/take assets - just sell in situ and tell you when people are coming to pick up what, which doesn't work for us.

Thanks everyone else for the suggestions - have followed up with a few.

[spikeyhead]

xerawh said:

sociopath said:

Auctioneer is the easiest, theyll take it, store it and sell it.
Slightly different but we did that with my late mum's house contents, took itball snd then proceeded to sell it over the next 8 months at various sales.

You don't get as much as doing it yourself, but so much easier

Thanks - would you be OK To share details of which auction house did this?

I've contacted a lot of the others and they don't store/take assets - just sell in situ and tell you when people are coming to pick up what, which doesn't work for us.

Thanks everyone else for the suggestions - have followed up with a few.

John Pye certainly have big wharehouses, as do Ramco, but it doesn't really fit with Ramco's general customer base. I think the biggest problem you have is that the collection, transport and storage costs may well be more than the stuff will fetch.