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News

Advisory team realise assets of North East based engineering company

Posted: 07/02/2019

The Commercial Property and Machinery and Business Assets Advisory teams at Walker Singleton have realised the assets of North East based, Mayfield Engineering Ltd., following the appointment of Liquidators.

Mayfield Engineering had traded for a number of years as a specialist metal and pipe fabrication and fitting operation, primarily to the Oil and Gas Sector. FRP Advisory, the appointed Liquidators, instructed Walker Singleton’s specialist advisory team to realise the property and assets for the benefit of creditors.

There were over 350 lots in the asset sale to include welders, steelworkers, site cabins and general fabrication plant. Stephen Jones, Director, commented: “due to the quality and quantity of the plant and machinery at the company and after a focussed, multi-channel, marketing campaign we received high levels of interest which enabled us to exceed our expectations in respect of the sales figures anticipated.”

The property comprised a single storey industrial unit with offices conveniently located on an established trading estate close to the A1 and A19. Mathew Bower from the Commercial Property Team led the marketing and sale and said: “we anticipated significant interest in the property given its location and the general shortage of Industrial Freehold stock in the area; to go to Best and Final Bids and achieve in excess of the asking price was a great result for all concerned.”