Mon, 17 Jun 2024 | ADMINISTRATION
The assets of a Newton Aycliffe-based gas fire manufacturer are being sold via auction after the firm ceased trading and appointed liquidators. Spirit Fires Limited, which traded as CVO Gas Fires, produced wholesale gas fires.
Established in 1999, the family run company’s products included gas, bioethanol and outdoor fires. While the company was well-established in the industry, with its products featuring on Channel 4’s Grand Designs, it collapsed following a period of challenging trading.
Mark Ranson and Emma Mifsud of Opus LLP were appointed as joint liquidators of the business, while asset advisory firm Walker Singleton has been engaged to manage an auction of the company’s assets.
Walker Singleton is inviting bids on stock and operational equipment including new and boxed fires, production equipment and support assets from its Newton Aycliffe premises. Interested parties can bid for products via an online auction, which closes at 12pm on Tuesday, June 18.
Walker Singleton director Allan Chapman said: "Spirit Fires has built a reputation for producing high quality products. Unfortunately, the trading challenges that have developed over recent years have proved too great.”
"Whilst the auction will attract industry associates, reseller and trade buyers looking to secure high quality items below market value, we expect there will also be interest from consumers looking to make savings."
In the company’s most recent accounts, for the year ending March 31 2023, its fixed assets were valued at slightly over £15,000 and current assets at £907,660. At the time, its net assets amounted to £482,589.
Read more about the challenges facing companies in the UK's manufacturing sector and how these issues are influencing dealmaking
Click here to download our free guide on finding and buying distressed businesses and assets
An established steel fabrication business in the East Midlands offers an attractive opportunity for those looking to enter or expand in the industry.
This timber product and treatment plant in the Midlands presents a unique opportunity for industry professionals seeking to expand their operations in a prime location.
Opportunity to acquire a long-established manufacturer of industrial paints and coatings, offering an extensive product range to diverse customer segments. The business stands out for being the only manufacturer of water-based paint products specific...
02
|
May
|
Scottish law firms WJM and Davidson Chalmers Stewart merge | MERGER
Scottish law firms Wright, Johnston & Mackenzie LLP (WJM) an...
01
|
May
|
Cybersecurity firm Brigantia bought by European peer | BUSINESS SALE
North Yorkshire cybersecurity distributor Brigantia Partners...
01
|
May
|
Historic pottery company Moorcroft goes out of business | ADMINISTRATION
The directors of 128-year-old Moorcroft Pottery have announc...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.