Rapid Asset Disposal: How BPI Cleared Lighthouse Modular’s Site in Under 2 Weeks
The construction sector is facing huge economic challenges. Declining demand for residential projects, combined with rising interest rates and material costs, has created a harsh landscape, with many businesses struggling to stay afloat.
Among them is Lighthouse Modular, a Sheffield-based manufacturer of innovative modular homes, which recently made the difficult decision to cease trading.
Lighthouse Modular was established in 2020 with the goal of transforming the construction industry with its high-quality modular homes. The company specialised in manufacturing timber-frame volumetric modular houses, apartments, and bungalows from its factory in Sheffield. However, despite its promising vision, Lighthouse Modular encountered cash flow issues, leading to its closure earlier this year.
The leadership team were under pressure to vacate their premises as soon as possible, whilst maximising the value of their assets. Having previously worked with BPI, Lighthouse was aware of the company’s extensive database of industrial and commercial clients. This gave them the confidence that BPI could orchestrate the swift and successful disposal of their assets.
The challenge
The single biggest challenge on this project was the two-week timeframe for Lighthouse to vacate the 250,000 square foot factory.
This monumental task involved cataloguing, marketing, and selling over 500 separate lots, including machinery, equipment, building materials, modular units, vehicles, and more. All while ensuring a smooth and efficient process to enable them to meet their tight deadline.
The solution
BPI’s team of specialists swiftly developed a comprehensive asset disposal strategy tailored to Lighthouse Modular’s unique needs:
- Prioritising efficiency: Understanding the critical time constraint, BPI prioritised speed and efficiency. Their team conducted a rapid on-site valuation and meticulously catalogued all assets with high-quality photographs and detailed descriptions.
- Proactive marketing strategy: BPI’s vast network and industry knowledge proved to be invaluable in adhering to the two-week schedule. With its extensive reach and connections, BPI was able to swiftly connect Lighthouse Modular assets with a trusted database of buyers in less than 7 days.
- Seamless online auction: To maximise exposure and ensure a smooth buying experience, BPI listed the assets on its user-friendly online auction platform, BPI Auctions. High-quality assets descriptions, clear communication, and a transparent online bidding platform facilitated a successful auction process.
The results
BPI’s strategic approach delivered remarkable results for Lighthouse Modular. Over 500 lots were sold in the auction, including machinery, equipment, consumables, building products and modular self-contained units as well as diesel side loaders, overhead cranes, power movers, and various tools and materials.
- Swift clearance: BPI facilitated the complete clearance of the factory within the strict two-week deadline, allowing Lighthouse Modular to meet their closure timeline.
- Maximised value: Through proactive marketing and a well-managed auction, BPI ensured a strong return on investment for Lighthouse Modular’s diverse set of assets.
- Practical support: BPI also managed the removal of overhead cranes and disconnected all machinery for safe removal. The team on site in Sheffield provided full loading assistance to customers, facilitating the collection of over 500 lots in just four days. Despite the constraints of two bank holidays around Easter, the team successfully completed the collection process, further demonstrating the company’s commitment to delivering exceptional service.
- Smooth transition: By partnering with BPI, Lighthouse Modular was able to navigate the asset disposal process efficiently, freeing up their team to focus on critical business closure tasks.
A representative of Lighthouse Modular commented on the partnership:
“After the announcement, the team at BPI Asset Disposal Solutions were given the challenge to clear and dispose of the entire assets at Lighthouse Modular’s 250,000 sqft factory. It was a difficult task, but after 500 auction lots and 100s of collections, they completed the project ahead of schedule.”
Jamie Senior, Account Manager at BPI said:
“The closure of Lighthouse Modular in Sheffield serves as an example of the challenges faced by businesses in the construction industry. Despite the unfortunate circumstances, the BPI team successfully managed the closure process, ensuring the efficient sale of assets and the clearance of the building within a tight timeframe. The dedication and expertise of the BPI team proved invaluable in helping Lighthouse Modular navigate through these challenging times.”
In periods of transition, companies like Lighthouse Modular need a reliable partner to navigate asset disposal efficiently and effectively. BPI’s expertise streamlines the process, maximises returns, and frees companies up to focus on the future.
For more information on BPI Asset Disposal Solutions, please visit bpiassetdisposal.com
