More than £110,000 has been raised to pay the debts of a historic manufacturing firm after hundreds of machines were auctioned off. World-famous wood-working machine maker Wadkin — of Bardon, near Coalville — went into liquidation last month owing £1 million, after Skipton Building Society withdrew financial support. About 350 machines, as well as dozens of other items, were sold in a two-day on-line auction. The equipment was seized by liquidators after the 113-year-old company closed with the loss of 50 jobs. Alan Crozier, of auctioneers Philip Davies & Sons, said the sale attracted interest from across the UK. “Bidding went on for quite some time after the advertised closing time,” he said. In total, 427 items were sold for about £116,000. Liquidators Smith Cooper had wanted to raise at least £40,000 from the sale.

John Harlow of Leicester-based Smith Cooper said he was talking to a number of firms about selling the Wadkin name and other assets. The brand could appeal to overseas manufacturers by making their products more attractive to the European and American market. Wadkin, which went into administration three times between 2001 and 2008, was hit hard by overseas competition. Peter Smith, Wadkin chairman for eight years until its closure, said the firm failed to win a Ministry of Defence contract that would have secured its future for at least five years. “We tried to keep the business afloat, but were given no support from the banks or the Government.”