Plant and machinery auctions rise in 2009
While sales of new machinery was down dramatically in 2009, the used equipment market thrived. That seems to be the conclusion to be drawn from the annual results reported by specialist industrial machinery auctioneer King Sturge Plant & Machinery.
The company's total realisations of more than £22.5 million in 2009 was 30% up on 2008 and came from 67 auction sales and 195 private treaty sales. Collectively, the sales attracted more than 2,800 registered buyers to bid for 11,500 lots. All auctions were held online.
Mike Hanson, who heads up King Sturge Plant & Machinery's national agency operation, said the recession had played a part in the year's success. He said: "The lack of available funding has meant that many businesses which would have been sold in the good times have ended up closing down and sold piecemeal. This has resulted in the 30% increase in our sales."
Managing partner Peter Singleton added: "The most striking feature of the sales that we have conducted has been the continued enthusiasm of purchasers to bid competitively for the assets for sale and to convert their cash into goods. We are able to help such businesses to seize the opportunity to invest in new machinery and equipment to fulfill their future growth plans"
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