August 9, 2018 9.34 am This story is over 37 months old

Folding firm’s £50k gin stock under the hammer

Bidding starts on Monday

The firm behind a recently cancelled Lincoln gin festival will see its remaining assets go under the hammer in the county.

Over 1,000 bottles of craft gin with a total retail value of more than £50,000 will go before bidders on Monday, August 13 at the Eddisons CJM action centre in Scunthorpe.

Keighley-based Gin Festival Limited went into administration last month after attempts to find a buyer for the struggling company failed.

The company was forced to cancel its festival at the Engine Shed in Lincoln last weekend, as well at 19 other festivals on the country.

Some 20,000 tickets had been sold for the events and buyers were advised to contact PayPal or their credit or debit card providers to check if they are covered for their loss.

The administrators handling the winding up of the business, Julian Pitts and Nick Reed of Begbies Traynor, have now instructed North Lincolnshire-based industrial auctioneers Eddisons CJM to dispose of the firm’s remaining stock and equipment.

Eddisons CJM director Paul Cooper said: “The Gin Festival premises in West Yorkshire have had to be cleared, which is why the remaining assets have been moved to our Auction Centre in Scunthorpe for the online sale next Monday.

Selection of the 1200 craft gins going under the hammer.

“The auction will see over 1,200 bottles of craft gin going under the hammer, some of which sold for in excess of £40. The total retail value is in excess of £50,000 – and I imagine considerably more than that at festival prices.

“We have divided most of the gins into practical lots of two to six bottles so that members of the public can get involved in the bidding as well as trade buyers. Everything in the auction is being sold without reserve, so it makes what it makes.”

Mr. Cooper added: “We’re also auctioning huge quantities of mixers. We reckon we have something over seven thousand bottles of those so they are obviously being sold in larger lots.

“We have also been instructed to dispose of all the festival furnishings and equipment that they used to stage events around the country. That ranges across everything from optics boards, bars and bar equipment, through sound system kit and event fencing, to pallet trucks and the large flight cases that were used for transportation. We’ve even got their ‘selfie stand’ and camera.

“Whilst it is not as headline-grabbing as the gin, the equipment lots are actually the most valuable in the auction and are expected to raise a considerable part of the final total.”

In total the auction extends to over 350 lots.

The full catalogue is available online here. The viewing sessions for the auction are at the CJM Auction Centre on Dunlop Way in Scunthorpe on Friday, August 10, 1 pm to 4.30pm.

The online sale using the BidSpotter platform closes at 6pm on Monday, August 13.

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