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
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