Creditors of motorcycle insurance and claims company BLD have learned that negotiations between the administrators and a potential buyer of the company’s motorcycle fleet including certain other business assets have fallen through.
This means an online auction of assets, earlier called off when talks began about the sale of the bikes, is now under way. Under the hammer are 350 motorcycles, scooters from 50cc to 1250cc, commercial vehicles and workshop equipment. Bids close on 17 November.
The Ringwood company employed 126 staff, was also a provider of motorcycle and scooter MOTs, servicing and repairs. It traded as Altamura Concepts, Ministry of Bikes, The MoB, FI International and Salvage Solutions and had branches in Cumbernauld, Birmingham and Camberley.
Hampshire-headquartered BLD had been experiencing “significant creditor and cash flow pressure” and was forced into administration after “advanced” negotiations with a private equity investor fell through.
BDO business restructuring partners Danny Dartnaill and Simon Girling were appointed as joint administrators on 9 September, the day the company ceased trading.
A bid was made for the company’s motorcycles, commercial vehicles and workshop gear – resulting in the administrators calling off the auction – and negotiations were at an advanced stage when the party withdrew from the process.
A report revealed that unsecured creditors of BLD, which were owed more than £5m when the company entered administration, are likely to miss out on the entire amount.
Calls to the administrators by BDN have not been returned.