And so it continues, the July increase in cases seems to not be just a blip but perhaps the long awaited insolvency flood. The summer months are generally quiet for us but we have been the busiest we have all year. The majority of cases remain small with little to no assets, and frequently the cost of collecting certain assets or securely wiping assets outweighs the realisations achievable. However, some larger cases are filtering through and offering a variety of instructions, requiring the adept skill and experience that Mark & Liv are able to complement each other on.
This month’s cases resulted in 19 new instructions and include pubs, restaurants, books and records collections, online retailers, a telecommunications business, an environmental resources business, a horticultural wholesale nursery, a commercial aircraft paint company, a inventory of the contents of a country house hotel, commercial printers, a real estate investment firm, construction companies and a freehold property valuation, with a variety of pending cases. Evidently there are a range of reasons as to why these cases have advanced to insolvency, and not all are simply due to the lack of actual business, but we are sure to see more cases as a result of the decline in the economic state and the pressures applied on business overheads. As we have seen recently, these cases require not only asset valuations, but intellectual property valuations and lease appraisals.
We have also seen an increase in instructions from private clients requesting valuations of their businesses to assist them in the decision-making process. A lot of this work is coming from insolvency and accountancy referrals, which we very much appreciate.
We are still working on larger existing cases from previous months, prominent amongst them is the valuation and disposal of an estate agency sales and lettings business, which is nearing completion.
August saw the completion of another extensive case, which saw Liv & Mark value the business assets and goodwill & intellectual property of a motorcycle dealership, across three sites in the South of England, which included workshops and an on-site café. The assets comprised of a range of brand-new motorcycles including renowned manufacturers such as MV Agusta, KTM, Royal Enfield, Aprilia and Moto Guzzi, among many other mainstream motorcycles. In addition, the business owned second hand motorcycles, stock, clothing, shop fixtures & fittings and other associated equipment.
Last but not least, August also welcomed a new case which involved valuing a significant 23 Acre site for a wholesale, horticultural nursery in Hampshire. As the assets include considerable plant stock, with a cost value of over £300,000, we are marketing the stock swiftly to other wholesale nurseries, to ensure a harmonious balance between the incurred costs of plant management and realisations achieved. You may have seen our advertising this week with parcels of stock available at great discounts off wholesale price. The business has been operating for 60 years and thus it has amassed a number of horticultural assets which are most desirable on an in-situ basis, due to the cost of removal. As we move into September, the team continue to work on valuing solar photovoltaic panels, oil fuel and even a water reservoir.
We are enjoying catching up with our clients at an increase of networking events, paramount to strategic growth and partnerships. The office continues to be looking somewhat vacant, simply due to the increase in site visits, providing a greater insight into the businesses and assets that we are privileged to value and market.
As always, please do not hesitate to contact us if we can be of assistance with any matters. We are always happy to take a look at assets for you and let you know if they are worth dealing with. The impact of Covid-19 on many disposal processes have heightened the thresholds of what is cost effective to deal with and not.
We hope you all keep safe and well, and have a busy and prosperous rest of 2022!
Liv and the Team at Proudley Associates