GoIndustry

Press Release

BIRMINGHAM, UK (June 25, 2003) - The administrative receivers of Arrows Grand Prix International Ltd, the company that ran the Arrows Formula 1 team, have expressed themselves delighted with the results of a two day Webcast auction held at the company’s former headquarters near Oxford.

Brian Hamblin of PKF said the auction and the previous sale of other assets had realised almost twice what they had initially expected.

The auction was a truly worldwide event with the website of auctioneers DoveBid receiving a colossal 74,618 hits with 312 online bidders registering to take part in the auction.

The sale raised £720,000 of which £480,000 came from the sale of Arrows assets, including £135,000 for two AX3 three seaters racing cars, £35,000 for a model of the three seater car, Fl engines sold as one lot for £60,000 and memorabilia items such as umbrellas and T shirts, some of which achieved more than £50 each.

The sale total also included £105,000 paid for an unregistered Jaguar XJ220 sold with only 111 miles on the clock which was put in the sale as part of the receivership of Marlborough Carpets Ltd.

The winning bidder for the two Arrows AX3 three seater cars was Klaas Zwart, who is building a “race resort” in Spain, including a 5,394m purpose-built track and a luxury set of suites.

His purchase included all the ancillary equipment required to run the cars and he is planning to make them one of the star attractions at his new venture set in five acres near Marbella.

Mr Zwart, who also runs super car company Ascari in Banbury, was just one of thousands of bidders who competed over the two day auction for nearly 3,000 items which were put up for sale after Brian Hamblin and Philip Long of accountants and business advisors PKF were appointed administrative receivers late last year.

Brian Hamblin said: “The competition for treasured items was fierce with racing suits fetching up to £450, brakes used by particular drivers in particular cars in particular races realising £80 to £100 and even T shirts and umbrellas achieving £50 or more.”

A replica of Damon Hill’s second place trophy from Budapest in 1997 fetched £2,300.

For further information on the two AX3 three seaters, please call Cherida Plumb at Ascari in Banbury on 01295 254800, or mobile - 07876 595171

For further information on the sale, please call:

Susan Bromwich, DoveBid – 020 7405 6655 – mobile 07980 982425

Brian Hamblin, PKF - 0121 212 2222 - mobile - 07957 844239.

Partner, PKF, New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX

Prepared and issued by Andy Skinner of Marketing Management - 01527 892004, or mobile - 07790 978257.

About DoveBid, Inc.
DoveBid, Inc., is a global provider of capital asset auction and valuation services to large corporations and financial institutions with over 65 years of auction experience in the surplus capital asset industry. DoveBid has conducted over 5,000 capital asset auctions and sold over $5 billion of assets. DoveBid delivers an integrated set of services to its customers for the disposition, valuation and redeployment of their surplus capital assets. DoveBid offers an array of auction and managed services to meet its customers’ specific needs, including live Webcast auctions broadcast live over the Internet, on-site-only auctions, Internet featured online auctions and privately negotiated sales. DoveBid Managed Services offers clients a hosted, Internet-based application to monitor surplus assets inside the corporation. DoveBid Valuation Services (DVS) is a leading valuation firm featuring one the industry’s largest valuation database. DVS uses its database of transaction information to provide valuations of capital assets for financial institutions and large businesses. Financial institutions utilize DVS to facilitate decisions regarding asset-based loans and capital equipment leases. DoveBid’s corporate valuation practice also assists corporations with important business issues related to financial reporting, tax reporting and management planning. DoveBid focuses on 22 categories of capital assets and has over 35 offices throughout North America, Europe and the Asia-Pacific region.

About PKF
PKF is one of the UK's leading firm's of accountants and business advisors and specialises in advising the management of developing private and public businesses. The firm has more than 1,500 partners and staff operating in over 25 offices around the country. Principal services include assurance and advisory; consultancy; corporate finance; corporate recovery and insolvency; forensic; and taxation. The firm has particular expertise in advising sectors such as small and medium sized companies; charities; hotels and leisure; medical; professional partnerships; public sector; and technology. The firm’s web site is www.pkf.co.uk.
PKF also offers financial services through its FSA authorised company, PKF Financial Planning Limited.
PKF is a member of PKF International, which has more than 8,000 people operating in over 100 countries around the world.

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