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Collapsed Gin Festival to auction £50k of stock
More than £50,000 (US$63,734) worth of gin is set to go under the hammer at auction today following the demise of Gin Festival Limited last month.
Gin Festival Limited went into administration in July 2018
Gin Festival Limited, based in Yorkshire, England, went into administration on 5 July, after the company’s owners failed to find a buyer, resulting in the cancellation of 20 events across the UK, including planned shows in London, Birmingham, Oxford, Edinburgh and Leicester.
The floundering of the company left 20,000 advance ticket buyers without the means for a refund. These customers have since been advised to contact Paypal or their credit or debit card providers to see if they are covered for their losses.
The administrators looking after the sale of Gin Festival Limited, Julian Pitts and Nick Reed of insolvency specialists Begbies Traynor, instructed industrial auction house Eddisons CJM to sell the assets.
As a result, more than 1,200 bottles of gin are set to be auctioned online today (13 August) via Eddisons CJM.
This is in addition to some 7,000-plus mixers and the festival’s furnishings and equipment, which includes optic boards, travelling bars and bar equipment, a sound system kit, fencing, pallet trucks and large flight cases used for transportation.
All in all, the auction will feature more than 350 lots. The auction will close at 6pm BST tonight.
Paul cooper, Eddisons CJM director, said: “The Gin Festival premises in West Yorkshire have had to be cleared, which is why the remaining assets have been moved to our auction centre in Scunthorpe for the online sale.
“The auction will see over 1,200 bottles of craft gin going under the hammer, some of which sold for more than £40 a bottle. We calculate the total retail value to be in excess of £50,000 – and I imagine considerably more than that at festival prices.
“We have divided most of the gins into practical lots of two to six bottles so that members of the public can get involved in the bidding as well as trade buyers. Everything in the auction is being sold without reserve, so it will make what it makes.”