Sameer Mahomed, a chartered accountant and ‘turnaround specialist’, took control of the troubled firm on May 1.
In the future he may choose to rebrand the operation but for now it will continue to use the High Road name.
Mahomed is the sole owner of a wholly new firm, Chiswick HRA Ltd, incorporated on March 17, 2016.
He told ATG: “I have not bought a business. I have acquired the brand and a licence to use the premises as before as an auction house and have invited the staff to stay with me.”
He is keen to distance himself from the previous team trading as High Road Auctions Ltd (company number 07387379) that is expected to go into liquidation later this week.
A meeting of creditors and shareholders will be held at 12 noon this Friday, on May 27, at the office of Bhardwaj Insolvency Practitioners, 47-49 Green Lane, Northwood, Middlesex, HA6 3AE, when a full statement of the company’s affairs will be given and a liquidator nominated.
Ashok Bhardwaj told ATG he currently understood the debts to be in the region of £81,000 with the large majority of creditors thought to be commercial creditors rather than consignors.
Under new ownership, High Road will continue to function as before in west London. Even throughout its recent financial upheavals, sales have been held at the saleroom every Tuesday in 2016.
Staff from High Road’s defunct Twickenham branch (closed in April) will relocate to west London.
The former directors of High Road Auctions Ltd are listed as Robert James McCarthy, Noormahomed Omar Jhaveri and Christopher Blackie although the majority of the shares were held by Terranova Investments. Terranova is now listed as dissolved.