Auction success shows optimism for post-Covid construction.
Mid Ulster Auctions sale attracts international buyers and achieves in excess £1.7m hammer price
A recent construction plant and machinery auction which secured a 93 per cent sale rate and attracted hundreds of international bidders shows optimism for the recovery of the construction sector post-Covid, says leading auctioneer.
Mid Ulster Auctions (MUA), the family-owned and managed company, recently expanded its services further into GB after securing a contract with Chelmsford-based CP Dynes, a leading groundworks and drainage specialist, to manage a significant fleet renewal sale.
MUA managed the sale of 116 lots which achieved a total hammer price of over £1.7 million.
Originally scheduled as an on-site auction, the sale was updated to a live online hybrid auction, a first of its kind.
It attracted almost 400 bidders from around the world, including Oman, Papua New Guinea, India, Dubai, Germany, Poland, Croatia, Czech Republic and Portugal, to name a few.
Over 90 per cent of the lots were won by bidders based in the UK and Ireland.
Director Noel Lennon says the success of the auction demonstrates a level of optimism among firms.
“The recent CP Dynes auction shows a willingness to invest in the acquisition of construction plant and machinery as well as confidence among buyers that those purchases will achieve return on investment as they resume operations over the coming weeks and months.”
For sellers, he says, this presents an opportunity.
“Despite the current climate there has been very little impact on the value of goods and assets sold at auction. Significant value is locked in surplus and second-hand assets. At auction, these assets, if not essential to the day-to-day operations of a business, could stimulate cash flow and provide the injection necessary to maintain operation through challenging times.”
Established in 1994, MUA has years of auctioneering experience with expertise in the valuation and sale of industrial and commercial fleets, plant machinery and equipment.
It was one of the first auction houses in Ireland to offer a fully comprehensive live online bidding service for domestic and international bidders. In 2009, its online service was rolled out for all auction types, including light commercial vehicles, heavy goods vehicles, plant and machinery and more. It continues to provide one of the most comprehensive online auction platforms for buying and selling worldwide.
In recent years it has managed highly successful auctions at the instruction of clients, including Lough Swilly Bus Company, Limavady Gear, Linton & Robinson, Asset Co., MAC Rental, Millar Savoury Foods and Alexander Tractors, to name a few.
For advice or to learn more about MUA’s services, visit midulsterauctions.com or call +44 (0)28 7946 9564.