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Coronavirus Economic Impact Thread

No One

By No One
in Property Prices & Economy

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onlyme

onlyme

Posted
Posted
On 07/03/2020 at 11:17, The Idiocrat said:

Had a beer last night with my pal who works in London Theatreland. Ticket sales are down 30%, into losses, they're looking at cutting staff/salaries and talking about stopping shows in future, especially if a cast member becomes ill. He thinks there's a good chance he will have no pay for 6 months as the management must cut their pay if they're imposing cuts on staff.

They will cover their main acts with insurance on ticket sales should they not be able to perform, except they won't be able to claim, exclusion been in the insurance terms since SARS to cover this situation They know they are bare arsed so hence stoping future shows.

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onlyme

onlyme

Posted
Posted
1 hour ago, Wight Flight said:

A LOT of firms are going to collapse.

My mate in the events logistics business has already laid off staff and is starting to sell trucks to keep cash flowing.

I doubt he will last six weeks.

Even if you think your business will be unaffected, you need to have a good look at your customers if you are B2B

Have put three of mine on stop today as I think they will struggle. Credit control will be VERY important over the next two months.

Events are utterly screwed, second behind cruise lines. The very thing that is written into policies to rank at the same level as war is the current situation as it results in total losses across the board. The sector of the insurance industry is very wary of pandemics since SARS, only know this as worked in the sector for a while back in the time.

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Wight Flight

Wight Flight

Posted
Posted
17 minutes ago, onlyme said:

Events are utterly screwed, second behind cruise lines. The very thing that is written into policies to rank at the same level as war is the current situation as it results in total losses across the board. The sector of the insurance industry is very wary of pandemics since SARS, only know this as worked in the sector for a while back in the time.

Yep. And it knocks on. Another contact prints the security wristbands. I daren't ask him how trade is looking.

We do a lot of business cards. I can see that dropping significantly very shortly. Who the hell wants to be handed a business card right now, assuming you could find a customer to hand one to?

 

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reformed nice guy

reformed nice guy

Posted
Posted

To add another anecdotal data point, my partners friend works in the high end beauty industry in West London. Business has slumped

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Sasquatch

Sasquatch

Posted
Posted

One of our major clients has just put all construction projects on hold for at least 6 months (that includes two projects that were ready for tender). We can cope with this in fee/income terms but most companies can't (we were too busy anyway!). Unless the virus miraculously disappears or abates, things are going to get very bad. Lots of redundancies, pay cuts, insolvencies etc ......

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Wight Flight

Wight Flight

Posted
Posted

Moving from the Budget and housing thread.

It is surprising how quickly a good company can go bad.

Take one that I know quite well. Bishops Printers

https://beta.companieshouse.gov.uk/company/02681030/filing-history

£27m turnover, decent historical profit, long history, £3.5m positive balance sheet.

What could go wrong?

Cash in bank is only £230k.

They factor their invoices.

Their primary business is printing for football clubs.

Their staff costs are over £1m per month.

If all matches are cancelled, their income will dwindle. They don't have a couple of months debt stream to come in as they have factored.

Their fixed assets are printing presses. Very hard to sell quickly, and not worth a quarter of their listed value in a fire sale.

If their work dries up, they have, at best, 4 weeks worth of salaries that they can cover. Without being able to buy raw materials.

In a worst case scenario, that balance sheet is bollocks. They are worth -£2m at best, even less if they count in the cost of making the staff redundant.

And keep in mind that this is currently a healthy looking company. Most aren't.

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onlyme

onlyme

Posted
Posted
6 minutes ago, Wight Flight said:

Moving from the Budget and housing thread.

It is surprising how quickly a good company can go bad.

Take one that I know quite well. Bishops Printers

https://beta.companieshouse.gov.uk/company/02681030/filing-history

And keep in mind that this is currently a healthy looking company. Most aren't.

How many printers are still taking a risk not being paid fully up front, if the client goes bust not only is the print job not worth anything it actually costs to get rid of it. Quite a few graphic designers as friends and they would use the print job to top up earnings but they soon gave that up after the early 2000's recession.

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Wight Flight

Wight Flight

Posted
Posted
35 minutes ago, onlyme said:

How many printers are still taking a risk not being paid fully up front, if the client goes bust not only is the print job not worth anything it actually costs to get rid of it. Quite a few graphic designers as friends and they would use the print job to top up earnings but they soon gave that up after the early 2000's recession.

In my experience - an awful lot of them. I have trade accounts with 5.

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nirvana

nirvana

Posted
Posted

@Harley great song!!

Tattoo and nail bars are going down.....can't see much hope for hairdressers either, particularly mobile ones.....all those 'jobs' that the tax credit scroungers do for 16 hours a week......

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Harley

Harley

Posted
Posted
1 hour ago, Harley said:

Had to be done, surely "this is the end.......my only friend, the end".....

Regarding helicopter drops, should have posted the lyrics, more apt than singing "Happy Birthday"!

This is the end
Beautiful friend
This is the end
My only friend, the end

Of our elaborate plans, the end
Of everything that stands, the end
No safety or surprise, the end
I'll never look into your eyes...again

Can you picture what will be
So limitless and free
Desperately in need...of some...stranger's hand
In a...desperate land

Lost in a Roman...wilderness of pain
And all the children are insane
All the children are insane
Waiting for the summer rain, yeah

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Green Devil

Green Devil

Posted
Posted
On 10/03/2020 at 17:37, Loki said:

Indeed 

Helicopter_money.jpg

You think our scumbags are going to give us any free money, haha, you'll be waiting a long long time.. 

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TheCountOfNowhere

TheCountOfNowhere

Posted
Posted
24 minutes ago, Green Devil said:

You think our scumbags are going to give us any free money, haha, you'll be waiting a long long time.. 

They will give it... With conditions... Like, buy a csr, must buy a house etc. 

In reality... Giving it to the rich, but the sheeple would love it. 

 

 

 

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Don Coglione

Don Coglione

Posted
Posted
8 minutes ago, TheCountOfNowhere said:

They will give it... With conditions... Like, buy a csr, must buy a house etc. 

In reality... Giving it to the rich, but the sheeple would love it. 

 

 

 

I thought that you were fucking back off to France (for the third time, apparently...), where things are such much better, economically and socially?

As written by your own fair hand only today.

What a c*unt.

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spygirl

spygirl

Posted
Posted
On 10/03/2020 at 18:05, Wight Flight said:

Yep. And it knocks on. Another contact prints the security wristbands. I daren't ask him how trade is looking.

We do a lot of business cards. I can see that dropping significantly very shortly. Who the hell wants to be handed a business card right now, assuming you could find a customer to hand one to?

 

Call yourself a businessman?

Personalised wallet sized, anti-biotic  toilet paper - for the busy executive.

Just give the cards a quick spray of Dettol.

 

 

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Sugarlips

Sugarlips

Posted
Posted
16 minutes ago, TheCountOfNowhere said:

Is that the 64% fall one? 

 

Cant tell me theyre not going out of business 

 

 

Correct, they’re finished, article suggests they may take Travelex private as it’s a big brand globally.

This has a bit of a Lehman Bros deja vu, will be the first of many 

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Wight Flight

Wight Flight

Posted
Posted
38 minutes ago, TheCountOfNowhere said:

Is that the 64% fall one? 

 

Cant tell me theyre not going out of business 

 

 

Every cloud and all that.

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reformed nice guy

reformed nice guy

Posted
Posted

I got told today that Royal Mail is no longer delivering to China or Italy at the moment. More likely to come.

They also cannot guarantee next day deliveries in the short term within UK and deliveries could be temporarily halted

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