KITS

[Glenn hartleyParticipant @glennhartley13384]

Does anyone know what happened about the sale at KITS the training college went into administration I understand and the machinery was been sold off, then the sale was postponed at the eleventh hour. Thanks Glenn

[Glenn hartleyParticipant @glennhartley13384]

[SteviegtrParticipant @steviegtr]

Yes i was bidding on a lot of stuff on there. Was disappointed. I emailed them & the reply was the seller has decided not to sell & are to re-open the college.

Which of course is good news for the country.

Steve.

[Colin HeseltineParticipant @colinheseltine48622]

As you say a good thing. I had bids in on a few items as did a colleague and was also disappointed from a personal point of view.

Colin

[Enough!Participant @enough]

Just curious …. are there any legal ramifications involved in stopping an auction once bids are under way?

[Ex contributorParticipant @mgnbuk]

It struck me as strange the way it was handled – no communication at all, just "bidding suspended" and then all trace of the sale disappeared. Not that I was getting anywhere with my bids, though !

I guess the auctioneer has some get-out buried deep in the "Ts & Cs".

The signage had already disappeared from the site at the time the sale began – I'll keep an eye out to see what it ressurects as, as I pass the place most weeks on my way to Lidl.

Nigel B.

[SteviegtrParticipant @steviegtr]

Posted by Bandersnatch on 25/08/2020 16:25:24:

Just curious …. are there any legal ramifications involved in stopping an auction once bids are under way?

That did make me wonder. Bidding not high enough, end auction. The e-mail i received though was from Walker Singleton. Here's a copy of the reply i got. Steve.

Steve, currently the client has cancelled the auction. I have no insight into whether it might be re-run. Reading the press it appears the intent is to reopen the business which would suggest a restart is unlikely but this is all hearsay.

If you are signed up to our email notification system you will be advised if our instructions change.

Regards

Howard

[Neil WyattModerator @neilwyatt]

I think in an auction it's the offer to purchase that is binding rather than the offer to sell. That's why you can have a reserve and also why a seller can sometimes choose not to sell to highest bidder or even back out completely.

Neil

[Stuart Smith 5Participant @stuartsmith5]

It seems like the auction has been stopped by the threat of legal action. See this newspaper article:

**LINK**

I was also interested in some of the items, but if the training centre can be saved or taken over by another organisation, this is a good thing surely.

If you look at the terms and conditions of the auction, they are not obliged to sell, even to the highest bidder. No doubt the auction house will have spent money and will be eligible to be paid for their abortive costs.

 

Stuart

Edited By Stuart Smith 5 on 25/08/2020 20:15:02

[SteviegtrParticipant @steviegtr]

Well reading the article i am glad they plan to re-open. It was a travesty that it closed. I was only bidding for personal gain , but as a retired hobby it is far better we have facilities like this for would be engineers & mechanics.

Steve.

[EssmParticipant @essm]

This is the next part of the story which seems to be a good outcome for engineering in general

KITS

[egaParticipant @ega]

Posted by Neil Wyatt on 25/08/2020 19:57:47:

I think in an auction it's the offer to purchase that is binding rather than the offer to sell. That's why you can have a reserve and also why a seller can sometimes choose not to sell to highest bidder or even back out completely.

Neil

I have noticed that when an auction property fails to sell the highest (unsuccessful) bidder is often invited to negotiate separately for it.

[Grenville HuntParticipant @grenvillehunt47315]

Fantastic news!

Gren.

[SteviegtrParticipant @steviegtr]

Yes great news.

Steve.

[Speedy Builder5Participant @speedybuilder5]

years ago, we placed a sealed bid on a council house. We were the highest bidder, but the successful bidder was a builder with "cash" available.

[Author]

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