CS Wind UK (“CS Wind” or “the Company”) was a wind tower manufacturer located in Campbeltown, Scotland. Owned by a Korean parent company since 2016, CS Wind faced financial difficulties due to a decline in orders and considerable international competition. As a result, a managed administration process was enacted, leading to the appointment of FRP Advisory Trading Limited (“FRP”) by the parent company.
Hilco Valuation Services Europe (“Hilco”) were engaged by the Administrators FRP to carry out a full inventory and valuation. Following this, we assisted them with ascertaining the ownership status of the assets held by CS Wind UK which involved detailed discussions by our team with landlords, the Administrators and the parent company. Once ownership status was resolved, it was clear a business sale could not complete and Hilco was instructed to sell the assets (which consisted of wind tower manufacturing and fabrication machinery) on a break-up basis.
Our team initiated a bespoke sales and marketing process to dispose of the assets via online auction. An extensive worldwide marketing campaign was implemented as part of Hilco’s disposal process which attracted buyers on a global scale, including Europe and Asia. The online auction saw an excellent return for the assets available, with lots being sold as far as India as well as finding homes with more localised buyers.
Commenting on our engagement of CS Wind UK, Director at Hilco Valuation Services Europe Les Reid said: “Our work on CS Wind demonstrates the international capabilities yet localised approach of the Hilco team. The site in Campbeltown is within a remote area of Scotland, however this did not deter us from approaching it with the same level of dedication to ensure our client was totally satisfied. We were able to leverage the international aspect of Hilco to attract global interest whilst also maintaining a local feel on the project and engaging with Scottish buyers.”
“By working with Hilco we were able to ensure the assets of CS Wind UK were marketed on a global scale, achieving a satisfying return for creditors. Les and his team demonstrated the flexibility of Hilco and was on hand to provide advice through our decision-making process.” David Stevenson, Senior Manager, FRP Advisory Trading Limited
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