A significant auction is underway for equipment from a leading modular building manufacturer.
- Asset disposal specialist BPI is managing the sale of 740 items from a major manufacturer, hinting at TopHat’s involvement.
- The assets range from advanced machinery to smaller construction tools, with the bidding set to close soon.
- Key items include a high-value tele handling reach stacker and a nearly complete modular home.
- TopHat has faced financial difficulties, leading to this asset liquidation and pausing new projects.
The auction of machinery and equipment from a major modular building manufacturer is currently drawing significant attention. Notably conducted by asset disposal specialist BPI, the auction includes an array of 740 items, which are speculated to belong to TopHat, a well-known name in the sector. This development follows TopHat’s recent announcement about winding down its volumetric operations, hinting at the scale of its current financial struggles.
The listed items for this auction cover a broad category, ranging from heavy-duty machinery such as a tele handling reach stacker to essential construction materials like wall clips. The bidding process is conducted online and will culminate by 15 November, offering a limited window for interested parties to acquire these assets. Such events signal a substantial opportunity for businesses within the construction sector to enhance their operational efficiency through cost-effective means.
Highlighted among the auction items is a Liebherr LRS 545 tele handling reach stacker, which has already attracted a bid of £50,400. This piece of equipment is noted for its 44-tonne capacity and adjustable lifting frame, making it a valuable asset for companies looking to expand or diversify their building capabilities.
Besides, there is a notable bid of £1,255 for a modular home that remains partially complete in the factory, awaiting final touches like plumbing and cladding. Other items include a Hyster diesel counterbalance forklift, with current bids at £3,025, and a taping and jointing tool set starting at £29. This diverse array of offerings reflects the broad operational scope encompassed by TopHat’s inventory prior to its financial difficulties.
The situation unfolds against a backdrop of challenges for TopHat, evidenced by its latest financial reports which cite a pre-tax loss of £5.1m for the year ending 31 October 2022, despite an increase in turnover to £13.4m. Earlier in the year, the company had initiated consultations regarding potential job cuts and had also decided to halt plans for a new, expansive manufacturing facility in the South Midlands, which was anticipated to significantly boost production capacity.
Such financial setbacks for TopHat are not isolated within the modular construction field. The sector has witnessed several other entities like ModPods International, Urban Splash House, and others succumbing to economic pressures, highlighting the fragility and volatility in this construction segment.
The ongoing auction represents a crucial juncture for TopHat and the broader modular construction industry.
