August 14, 2018 10.46 am This story is over 63 months old

Folding gin firm’s stock makes £60k at auction

The auction exceeded expectations

Over £60,000 was made as the remaining assists of a gin firm in administration went under the hammer in a record-breaking auction.

As previously reported, Gin Festival Limited, who recently cancelled Lincoln gin festival, went into administration last month after attempts to find a buyer for the struggling company failed.

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

Over 1,000 bottles of craft gin went up for auction with a total retail value of more than £50,000.

It went before bidders at the Eddisons CJM action centre in Scunthorpe before its “best ever attended online auction” online auction on Monday, August 13.

Eddisons CJM director Paul Cooper told Lincolnshire Reporter that the professional sound and lighting equipment, which was around eight lots, were the highest priced items at in excess of up to £2,000 each.

“It was the most attended in an Eddisons online auction with 1,200 registered to take part. The professional sound and lighting equipment were the highest priced items.

“The gin bids were particularly strong and some of the more obscure and difficult to get hold of foreign gins had close to retail so in excess of £40 a bottle.

“It was a very successful auction and exceeded expectations considerably. The proceeds of the sale will be passed onto the administrators.”

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

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