Discussion in 'Heritage Railways & Centres in the UK' started by 14xx Lover, Jan 4, 2010.
Ok no worries
I see the auction details are now live - https://www.lsh.co.uk/assetadvisory...a_8ZhB86TkGDXjMbdUO8LR9Q4fPmcCiIo7YejFKkqiFEo
Interestingly they seem to of repeated the same mistake with the advert listing the function coach as a MK3a etc.
Looking at all the assets, I think the big money is in the Mk1s. I can’t imagine 9 year old Ford Transits and 18 year old diggers will make a huge amount in comparison.
Will be interesting to see where these things up, whilst also hopefully leaving enough for the Trust to restart operations.
One thing that might put buyers off a bit is the buyer's premium plus vat on top.
Bid say £5000 for a mark 1
Then add in the above puts the price at £6960.
Then you have to pay to move it to your desired location say another £1.5 to 2k
and that is before you even start on any restoration needed.
Will be interested to see how much they do go for and if there will be any reserve price.
I'm not sure if that necessarily would put buyers off, it would just decrease the amount of money that ends up being used to pay off the creditors.
For example, if you wanted a Mark 1 and gave yourself a budget of £10k, you just ensure you don't bid higher than £7k (or whatever) so the actual cost to you is £10k. Whereas in more propitious times, if you'd concluded a private sale, maybe closer to the full £10k would have gone to the seller.
So in other words - all those extras to my mind have an impact on the seller, but shouldn't necessarily deter buyers provided they carefully consider a budget for "what I am prepared to pay".
Yes I don’t think the buyers premium and VAT will be buyers off. They will just factor it into the price they bid.
Presumably there would be a V.A.T rebate if the buyer were a Charity .
AFAIK Charities are not exempt from VAT but if registered, would be able to reclaim any VAT on purchases and charges.
Thanks Bob - my info was out of date ...
Complex area - charities and VAT and 'trading'.
In a normal auction VAT is added to the buyers premium only.
As the PLC is VAT registered, VAT will be added to the hammer price as they are been sold on behalf of the PLC. This should be listed in the auction details/catalogue.
LNER Coach Association have put on their facebook page, and website, just now that they have obtained the Thompson buffet 1706 and unrestored TK 377. While sad leaving Llangollen, great to see both go to a good group!
Says both are moving to Embsay.
I am given to understand that when the plates of a preserved locomotive are auctioned, ex GW(R) for example, restraint is shew by bidders without a direct interest. At what point do bidders sit there with their hands in their pockets? This is not an unknown practice in the agricultural fraternity. I look forward to seeing the results of such an auction and learning a lot from the outcome, dog eat dog perhaps? I really h0pe not.
AIUI the Thompson buffet has been placed in the custody of the LNERCA but the present owners retain their ownership. ECJS on the other hand has been purchased by the LNERCA.
Was 377 owned by the PLC or has a private owner taken an opportunity to pass it on?
Private owner, I believe. I think it has been for sale for a while. I don't know what prompted the move with 1706 but I have heard in the past that it was not favoured by the operating department at the LR. One reason might be the it is a similar size and weight to a Mk 1 but seats only 12 - albeit in rather special surroundings.
Whatever the reasons, at the end of all the changes the LR looks as though it will be a rare example of a line without a siding space problem!
I must admit 1706 doesn't have a lot of space but it’s still a gem, loved my afternoon in it during Steam Steel and Stars during 2012!
But then thinking of the various Gresley buffets I’ve used and the LMS one at the SVR they don’t seem to have the same capacity but they’re still nice to travel in and use.
A regular LNER buffet seats 24 in original format (can't say whether the SVR one, with its Mk 1 seats, is the same).
The LMS conversion seats 27 and the Gresley buffet car 24.
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