Gordon Brothers successful auction sale of assets of Bibby Hydromap Ltd
07/27/2020 | 03:01am EDT
London, United Kingdom, July 27, 2020 (GLOBE NEWSWIRE) -- Gordon Brothers, the global advisory, restructuring and investment firm, announced today that it has successfully sold the assets of Bibby HydroMap Ltd. through BidSpotter.com, an online auction website for industrial goods.
Formerly known as Osiris Projects, Bibby HydroMap was established in 1997. The company provided hydrographic, geophysical, unexploded-ordnance (UXO), remotely-operated-vehicle (ROV) and asset inspection surveys.
Joint administrators from KPMG instructed Gordon Brothers to market and secure buyers for marine survey equipment, warehouse fixtures and fittings, as well as office furniture and equipment after the Wirral-based company fell into Administration in April.
The Gordon Brothers auction sale, comprising more than 500 lots, attracted global interest from over 400 potential purchasers from 18 countries, including Australia, Singapore, Russia, Canada and the U.S.
“While we hoped that the auction would receive high levels of interest, we are delighted that Gordon Brothers was able to reach such a large number of potential buyers, helping to make the sale a success and realising significant value for creditors of the administration,” said Andrew Stone, Director at KPMG and joint administrator of Bibby HydroMap Ltd.
“Gordon Brothers are pleased to have managed the successful auction and helped to fulfil the joint administrators’ goals of selling a wide range of equipment and unlocking value in the company’s assets,” said Mark Lord, Director at Gordon Brothers.
“We have also been instrumental in the successful sale of three of the four vessels in the Bibby Hydromap fleet. The final vessel currently for sale is the Bibby Athena, which is a 27.5m DP1 semi-swath fully equipped coastal survey vessel built in 2014 and comes complete with the d’ROP remotely operated survey platform.” He added.
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.