In January 2020, Hilco Valuation Services and Hilco Global Real Estate Advisory were engaged by FRP Advisory on behalf of Smiths (Harlow) Ltd to provide valuations and associated strategic advice in respect of the freehold real estate and machinery and equipment of the Company.
Following the Administration of the Company, the business and the majority of the machinery and equipment assets of the Company were sold to a third party with that third party taking a 6 month licence of the Company’s freehold Real Estate pending a move to nearby alternative premises.
Following the sale of the business and assets, Hilco were then instructed to implement the marketing of the freehold property, which comprised a 45,000 sq ft older manufacturing premises in an established commercial area of Harlow. Hilco Global Real Estate’s Advisory work streams then consisted of the following:
Throughout the entire process we liaised closely with the Administrators and their legal team, developing and implementing strategic advice to overcome difficulties to provide solutions.
“This was an assignment which had commenced pre-COVID with the sale of the business and the property to separate parties post-COVID. With the challenging and changing circumstances and greater than expected interest in the property, Jon/Hilco were able to quickly adapt the property sale strategy when it became apparent that this was needed. This change in strategy and its subsequent execution resulted in realisations well above w hat had been expected.” – Phil Armstrong, Partner, FRP Advisory
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