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Castle Auctions to conduct record € 3 million liquidation auction

Castle Auctions will be hosting one of the largest auctions in recent times on the island of the stock, vehicles and fittings, valued in excess of €3 Million, of Pierides Holdings PLC on behalf of the Receiver Manager.

Due to the amount of assets to be liquidated there will be a series of auctions taking place across the month of June with the first event scheduled for 6th June, 2018 at 11.00 am.

These high-profile no-reserve auctions will be held on-site in Limassol at the showrooms and warehouses of Pierides Holdings PLC-In Receivership in Limassol, a public limited company who were one of the largest suppliers of wholesale and retail electrical goods and lighting in Cyprus. The inventory will be exhaustive with over 8000 line items up for bidding ranging from trucks, vans and forklifts, office furniture and equipment, four floors of premium euro racking and shelving, luxury lighting such as chandeliers retailing at €30,000 each as well as designer office & garden lighting.

Additionally the wholesale electrical arm supplied cabling, door entry systems, sockets, power tools, drills, light bulbs and other sundry electrical items.

Speaking on behalf of Castle Auctions, Duncan Wills, Managing Director, said, “The Pierides holdings auctions will set a new record for us, owing to their sheer size in terms of value and the unique high demand items up for bidding. Liquidation auctions are a very important tool in helping the country’s economic recovery. They allow lenders a way to recover money from non-performing debts which can then be used to lend to new and existing healthy businesses helping to break the financial deadlock and setting into motion new job creation opportunities.

The process is fair, democratic and transparent as the people determine the price given that the person willing to pay the most for the item wins it. Also, given that this auction offers business assets at no-reserve prices, it’s a valuable opportunity for small businesses and entrepreneurs to acquire assets at reasonable cost”.

Castle Auctions are the largest auction house in Cyprus and have recently been awarded several high-value mandates for business liquidations and stock clearance given their focus on this specialist area as well as holding general auction sales of cars, antiques, jewellery, art and furniture from their Salerooms in Limassol and Nicosia with a third saleroom scheduled to open shortly in Paphos.

The company is also introducing a live online webcast facility so that bidders who cannot attend auctions in person can still listen and participate in real time on the internet by using their smart phones, tablets and computers. The June Pierides’ events are expected to attract a large number of both private and corporate bidders with some specialist items holding international interest.

For more details please contact: Duncan Wills, Managing Director
Tel 00357 25391537
[email protected]

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