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Coveggars


BWW

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Well since we have Covidiots, should this lot be called Coveggars

https://www.mumsnet.com/Talk/site_stuff/3874618-Mumsnet-Premium-membership-please-support-us-if-you-can

From that topic: They have a staff bill of 350K a month [and are ignoring Qs about how many staff or how much the boss gets], turnover of 7M a year and profit of 570K. No promise to split the profit tothe supporters should things turn out better than planned.

Then I have this in my email:

Quote

Since we closed our gyms we've been overwhelmed by the thousands of messages we have received from members offering to re-instate their monthly payments to help support The Gym Group during these extraordinary times.

We’ve included just a few examples above.

The positivity and empathy we have received towards our staff has been absolutely incredible, and just reminds us of what a fantastic community of members we have.

If you would like to continue to support The Gym Group whilst we’re closed, we have created a way to do this – with different options to choose from, each with some benefits in return for your support.

Option 1 - Pay £10 per month

  • 12 month protection from any membership price rises

Option 2 - Reinstate your normal monthly payment

  • Free access to Yanga Sports Water for 3 months when we reopen
  • 12 month protection from any membership price rises

If you choose not to reinstate your payment, rest assured you won’t pay anything until we re-open our gyms.

Simply .... EDIT: clcik .... enter your PIN and Date of Birth, select your option and we’ll do the rest.

You won’t be asked for payments details and when your payment restarts, it will be taken on your usual payment day.

We are forever grateful for you, our members, and the staff who run all of our 179 gyms and we can't wait to see you back in our gyms soon.

Up 4.5% today, shareholders/investors think taking cash with basically nothing returned is a good plan.

https://www.markets.iweb-sharedealing.co.uk/shares-centre/sharedealing/details/?csid=47714528

BTW Thegym is excellent but is a profit making company asking customers to donate whilst planning to give any future profits to shareholders really .... [searching for a word]. They're not even suggesting it will support the cleaner or anything [is an independant conttractor anyway but I would be amazed if they're not on 80% poor sods]

Is this going to be a new thing?

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1 hour ago, BWW said:

Well since we have Covidiots, should this lot be called Coveggars

https://www.mumsnet.com/Talk/site_stuff/3874618-Mumsnet-Premium-membership-please-support-us-if-you-can

From that topic: They have a staff bill of 350K a month [and are ignoring Qs about how many staff or how much the boss gets], turnover of 7M a year and profit of 570K. No promise to split the profit tothe supporters should things turn out better than planned.

Then I have this in my email:

Up 4.5% today, shareholders/investors think taking cash with basically nothing returned is a good plan.

https://www.markets.iweb-sharedealing.co.uk/shares-centre/sharedealing/details/?csid=47714528

BTW Thegym is excellent but is a profit making company asking customers to donate whilst planning to give any future profits to shareholders really .... [searching for a word]. They're not even suggesting it will support the cleaner or anything [is an independant conttractor anyway but I would be amazed if they're not on 80% poor sods]

Is this going to be a new thing?

How in fuck can you spend 400k a year running a crappy website?

What in fuck do they all do?

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unregistered_guest
1 hour ago, BWW said:

From that topic: They have a staff bill of 350K a month [and are ignoring Qs about how many staff or how much the boss gets], turnover of 7M a year and profit of 570K. No promise to split the profit tothe supporters should things turn out better than planned.

LTB 

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TheCountOfNowhere
5 minutes ago, spygirl said:

How in fuck can you spend 400k a year running a crappy website?

What in fuck do they all do?

Great to see they're going to use tax payers money to keep going. 

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Covid19 and life to go

I sort of get it... if it's a decent gym.  A decent gym where you can have a laugh is immensely hard to find, far harder in fact than a decent boozer.

But if this is a multigroup why are the staff not all fucked off, I mean furloughed, and being desperate for clients fees they should go to the wall.  Afterall, isn't fitness the reason they operate, not profit*:/

*I really hope some people wake up to how the financial system manipulates us... not holding my breath though.

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The rise in stock price of these kinds of stocks indicate a fund raising of some sort - the stock price needs to be higher so they get a good price. Asos has come to the market for money - it's stock went from £10 to £20 in the last few days.

On the ADVFN bb apparently Asos has raised £247m. Are the investors right? Or throwing good money after bad. I don't know the answer to this one.

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58 minutes ago, Covid19 and life to go said:

I sort of get it... if it's a decent gym.  A decent gym where you can have a laugh is immensely hard to find, far harder in fact than a decent boozer.

But if this is a multigroup why are the staff not all fucked off, I mean furloughed, and being desperate for clients fees they should go to the wall.  Afterall, isn't fitness the reason they operate, not profit*:/

*I really hope some people wake up to how the financial system manipulates us... not holding my breath though.

The only staff they'd have in each gym would probably be the manager and assistant manager. Everyone else will be self employed and either invoicing for classes they teach or teaching the classes for free in return for access to personal training clients. I doubt the cleaner is even an employee.

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1 hour ago, The XYY Man said:

Less than you, if that's actually fucking possible...

;)

 

XYY

Eeh XYYdy. You dont mind if I dont call you XYYdrew?

No, good. Where was I?

 

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2 hours ago, spygirl said:

How in fuck can you spend 400k a year running a crappy website?

What in fuck do they all do?

Crap value compared to Netflix 

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1 hour ago, This Time said:

The only staff they'd have in each gym would probably be the manager and assistant manager. Everyone else will be self employed and either invoicing for classes they teach or teaching the classes for free in return for access to personal training clients. I doubt the cleaner is even an employee.

Correct. I believe they're also franchises.

Cleaning staff are important and are very very good at thegym but work for some contractor. Unlike GLL [leisure centre operator - so called non-profit who pay useless ex-Greenwich-council-management-bods far more that they deserve to run council-owned facilities badly] whose cleaners are a bit crap and employed or often they don't pay anyone dedicated and force the other staff to do it - gotta keep the big dosh for the management types.

Trainers usually pay a gym a monthly fee or pay a pct commission on their receipts to be allowed to operate in that gym. That's definitely true of GLL, dunno about thegym.

Am tempted to buy the stock on  the basis of company with good service which is needed and liked = long term hold. Probably not a sufficient criteria.

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Mumsnet a forum making 7m a year??? I shall be adding adverts here I think. :Geek:

Seriously would love to know how, it must surely be from whoring out branding ie 'loved by Mumsnet!' 

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JohnThePessimist
1 hour ago, spunko said:

Mumsnet a forum making 7m a year??? I shall be adding adverts here I think. :Geek:

Seriously would love to know how, it must surely be from whoring out branding ie 'loved by Mumsnet!' 

You do the whoring @spunko, as long as I can be your pimp....;)

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unregistered_guest
6 hours ago, spunko said:

Mumsnet a forum making 7m a year??? I shall be adding adverts here I think. :Geek:

Seriously would love to know how, it must surely be from whoring out branding ie 'loved by Mumsnet!' 

100M page views per month - back of an envelope calculation would indicate that only a small proportion of their income would be coming from something like Google adsense.

As you say, a higher proportion of the income is far more likely to come from product endorsement etc...

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7 hours ago, spunko said:

Mumsnet a forum making 7m a year??? I shall be adding adverts here I think. :Geek:

Seriously would love to know how, it must surely be from whoring out branding ie 'loved by Mumsnet!' 

My gut feeling - and I cant look at anything to do with mumsnet as my eyes burn out after a few minutes - is its all ukgov and public sector slush funds/campaign ads.

 

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12 hours ago, spunko said:

Mumsnet a forum making 7m a year??? I shall be adding adverts here I think. :Geek:

Seriously would love to know how, it must surely be from whoring out branding ie 'loved by Mumsnet!' 

They have some sort of link ups with promoted business - trials of products [market research etc] - etc etc I assume each one involves dosh for site-owner.

Am still curious how many people get a cut of the 350k A MONTH [@spygirl] though. Bet there's more than one or two who get 10k a month++ of that.

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Austin Allegro
15 hours ago, spygirl said:

How in fuck can you spend 400k a year running a crappy website?

What in fuck do they all do?

They're probably paid to sit around drinking wine all day posting on mumsnet about how they hate their husbands.

The management probably doesn't realise that millions of women are doing that for free.

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32 minutes ago, Austin Allegro said:

They're probably paid to sit around drinking wine all day posting on mumsnet about how they hate their husbands.

The management probably doesn't realise that millions of women are doing that for free.

It's one of the points raised repeatedly by people posting on that thread.

The numbers are given are 350k a month salries = 4.2M a year

7m a year turnover

570k a year profit.

So am also wondering what the other 2M is for. Like everyone fundraising for their website they mention server and bandwidth costs and software license fees the like. There's usually some justification due to manpower required to keep any site running but you'd hope that's in house given the salary bill. Maybe not.

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5 minutes ago, BWW said:

It's one of the points raised repeatedly by people posting on that thread.

The numbers are given are 350k a month salries = 4.2M a year

7m a year turnover

570k a year profit.

So am also wondering what the other 2M is for. Like everyone fundraising for their website they mention server and bandwidth costs and software license fees the like. There's usually some justification due to manpower required to keep any site running but you'd hope that's in house given the salary bill. Maybe not.

You could do it with linux, all for free.

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1 hour ago, BWW said:

They have some sort of link ups with promoted business - trials of products [market research etc] - etc etc I assume each one involves dosh for site-owner.

Am still curious how many people get a cut of the 350k A MONTH [@spygirl] though. Bet there's more than one or two who get 10k a month++ of that.

I'm going to set up DOSBODS sponsored product packs then. "Recommended by Dosbods" sticker, 500 quid a month.  Imagine the kudos :Old:

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1 hour ago, BWW said:

They have some sort of link ups with promoted business - trials of products [market research etc] - etc etc I assume each one involves dosh for site-owner.

Am still curious how many people get a cut of the 350k A MONTH [@spygirl] though. Bet there's more than one or two who get 10k a month++ of that.

They have interns that work for free.  One of them was a trans activist who released users personal data.

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Austin Allegro
2 hours ago, BWW said:

It's one of the points raised repeatedly by people posting on that thread.

The numbers are given are 350k a month salries = 4.2M a year

7m a year turnover

570k a year profit.

So am also wondering what the other 2M is for. Like everyone fundraising for their website they mention server and bandwidth costs and software license fees the like. There's usually some justification due to manpower required to keep any site running but you'd hope that's in house given the salary bill. Maybe not.

Possibly goes to Common Purpose or some sort of shadowy 'influencer' groups?

It was founded by someone high up in New Labour was it not?

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unregistered_guest
1 hour ago, Soft lad said:

They have interns that work for free.  One of them was a trans activist who released users personal data.

Are there any hidden liabilities coming up that potential 'investors' might need to know about?

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The GDPR (General Data Protection Regulation) sets a maximum fine of up to €20 million or, in the case of an undertaking, 4% of annual global turnover – whichever is greater – for infringements.

 

 

 

 

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2 hours ago, spunko said:

I'm going to set up DOSBODS sponsored product packs then. "Recommended by Dosbods" sticker, 500 quid a month.  Imagine the kudos :Old:

 

The old lady doing the reduced section in Asda will be fucked right off having to put an extra sticker on everything.

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Mumsnet are charging £4.99 a month to be able to edit your posts effectively.

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Eggcited said: "Whilst I appreciate these are tough times and I wish you all the best, I'm disappointed that the edit button, which is a basic function of most forums, and one which has been requested over the years, is being put behind a paywall."

Wtf!

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