Euro Auctions has been appointed to dispose of assets of construction group Dawnus, following its administration on 15th March 2019.
Since the appointment to dispose of the assets of Dawnus, Euro Auctions has been working in partnership with Hilco Valuation Services to organise a full appraisal of all assets, including tracking construction equipment and in many cases assisting in repatriating them to secure locations.
Administrator, Alistair Wardell stated that the financial difficulties at the firm, which employed approximately 700 people across six offices and 44 construction sites, stemmed primarily from the “downturn in the construction industry”.
Wardell, noted further that: “The Dawnus Group had struggled with a wide variety of challenges and despite significant efforts to turn the business around, unfortunately it has not been possible to rescue the group. As a consequence, the future cash flows has meant that the business was not in a position to continue to operate, including completing existing work in progress. Whilst the financial difficulties of the group were not a consequence of Brexit, there is no doubt that Brexit uncertainty impacted the ability to rescue the business.”
The dates and location of the various sales to be hosted by Euro Auctions still need to be confirmed but will be announced in due course. The inventory will include a full range of construction equipment and machinery, including excavators, backhoes, site dumpers, mini diggers, bulldozers, rollers, telehandlers, and other machinery.
Neil McIlwaine, director of sales and business development at Euro Auctions, said: “We are delighted to have been selected by the administrators to work with them and advise on this project. Euro Auctions has extensive experience in conducting off-site disposal sales. Through our global network of buyers and consignors we will be marketing to a specialist audience that has interest in the wide array of general construction machinery, which has mass global appeal.”
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The Dawnus Group, based in Swansea, specialised in construction, development, commercial management, plant hire and recycling. With a £172m-turnover, the firm had a number of public contracts in Wales, including to build the £12m Kingsway redevelopment in Manchester, three schools in Powys and a flood defence scheme in Cardiff. Founded in 2001, Dawnus has a number of offices across the UK including London, Birmingham and Exeter.
The administration disposal sale of all assets of Hawk Plant Hire on 14th and 15th March 2019 raised just under £29m.
Euro Auctions said over 2,000 pieces of plant and machinery from Hawk Plant Hire, which went into administration earlier in 2019, made a final hammer total of £28,967,840.