Failed Leicester firm Cecil Jacobs' stock up for sale
More than £500,000 of camera equipment from a high street chain which was forced to close is to be auctioned.
The stock belonged to Cecil Jacobs, of Braunstone, which went into administration this year after a slump in trade.
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The failure of the 73-year-old family-run business – once the UK's largest independent camera chain – led to the loss of 150 jobs and the closure of 19 stores.
More than 2,000 items will be offered to online bidders next week.
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The money from the sale will go towards paying off more than £1 million of debts owed by the business when it went under in June.
Mike Hanson, of auctioneer Jones Lang LaSalle, in Nottingham, said: "It's never good to see an established family-run company go out of business, especially when jobs are lost.
"But we're confident of realising a substantial amount from the sale of a wide range of high-quality electronic products.
"There were a lot of factors working against the firm and we hope some positives can come from the sale by finding new homes for a vast array of goods.
"We're braced for substantial interest throughout the five-day online auction and would expect to sell the vast majority of lots on offer, to both domestic and foreign buyers."
The items include a Leica M9 camera, which retails at more than £5,000.
There will also be hundreds of thousands of pounds worth of SLR and digital cameras and lenses from brands such as Sony, Panasonic, Leica and Sigma.
Joint administrator Eddie Kerr, of PKF in Leicester, said former staff, suppliers, landlords and the Revenue & Customs were owed money by the business.
He said: "The more money that comes from this sale, the more that will be available to creditors."
Administrators announced in late June they had been unable to sell the business as a going concern.
Business leaders blamed the company's collapse on competition from quality camera phones, lower-cost supermarkets and online retailers.
The firm's store in London Road, Leicester, stayed open for a few weeks until last month to allow stock to be sold.
Bidding will open at 10am on August 28 and continue until 10.30am on September 4.
The auction will take place at:
www.joneslanglasalle.co.uk/ UnitedKingdom/EN-GB/Pages/ Current-Sales.aspx
Comments
by City_C10
Tuesday, August 28 2012, 10:11AM
“Sad times for small business/es - It will get worse before it gets better!”
by nugnag
Monday, August 27 2012, 9:09PM
“i had a look at the auction site and they want bank transfers for payment. Is this usual for online auctions? How about if the goods are faulty, damaged in transit or not as described? Who does the buyer claim from? Can the buyer claim? (with a credit card there is some form of recourse) The auctioneers have a lengthy legal list of conditions and i personally could't understand what right if any the buyer has. Also they add on a buyers premium? I thought auctioneers took their cut from sellers? Seems like a win/win situation for the auctioneers/agents and a gamble for the buyer. Of course the buyer can view the items in person, but by auctioning the items online how many people can realistically do this?
Also i thought the law regarding buying online from a business meant the buyer has rights? A cooling off period etc. I would like to know what the law in actual states regarding this and wether by ticking the box that one has read their terms, one is contractually obligated ?”
by I_Griffin
Wednesday, August 22 2012, 1:53PM
“leicester45
Because of the way the URL address has appeared in the newspaper two erroneous spaces have appeared
Use this address instead: (note the lack of spaces between co.uk and /United and Pages/ and Current)
http://tinyurl.com/bok2hgf”
by leicester45
Wednesday, August 22 2012, 11:49AM
“the link does not appear to work ?”