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LANDWOOD GROUP HOLDS “HIGHLY SUCCESSFUL” SALES OF COLLAPSED COACH GROUP’S ASSETS

ben2Landwood Group, the leading Northern-based chartered surveyors, auctioneers and asset managers, have held a series of highly successful sales of coaches and buses belonging to GHA Coaches of Wrexham.

The sale followed the collapse of GHA Coaches into administration this summer.

Landwood Group, who have offices in Manchester and Leeds, were appointed by administrator from Grant Thornton to value GHA’s assets and then market and sell them to raise funds for distribution to creditors.

These assets consisted of nearly 300 buses, coaches, minibuses and vans, as well as miscellaneous engineering, garage and vehicle repair equipment.

Ben Lynch, a director of Landwood, explained: “Having agreed the strategy with the administrators, we are now running a phased disposal of the assets, with the first two of three on-line sales already having taken place in August and September. These two sales have both been a great success, with nearly 100% of the lots exceeding their reserve price.

“The final on-line sale is already open, with the viewing day taking place on October 18 and the sale closing on October 20. Please visit www.landwoodgroup.com for more specific details and information.

“The sale includes more than 100 vehicles, along with a variety of engineering and maintenance equipment used by the business to maintain their fleet of buses and coaches.

“The sales so far have gone very well and included more than 100 buses, coaches and vans, plus a substantial amount of garage and maintenance equipment. As a result of our comprehensive marketing campaign, we attracted a huge amount of interest with buyers from across the UK and Europe bidding enthusiastically to buy the assets. The administrators of the company were delighted with the results,” Mr Lynch.

Jason Bell of Grant Thornton said: “We are very pleased with how the auction sales have gone so far. The retention of company staff to prepare the buses for auction and the efforts of the Landwood Group to attract bidders both contributed to a successful auction.”

More than 300 people were made redundant when the Wrexham-based firm ceased trading in mid-July after receiving a winding-up petition over unpaid taxes.

 

For further information, please contact Robert Beaumont of Robert Beaumont Associates on 01423 323139 or 07710 127713.