What's going to collapse next...

[spygirl]

8 hours ago, sancho panza said:

at the other ene dof the csale

https://www.telegraph.co.uk/business/2023/12/01/tunnocks-teacake-maker-thomas-tunnock-hit-jump-costs/

Tunnock’s Teacakes maker suffers 80 per cent drop in profits

Company grappling with 80pc plunge in profits despite hiking prices by 10pc since 2022

The maker of Tunnock’s Teacakes has seen profits plunge by more than 80pc after the company was hit by an “unprecedented” jump in costs. 

Sir Boyd Tunnock, head of the Uddingston-based Thomas Tunnock, said the rising cost of ingredients and energy had led to profits falling from £5.5m to £1m in the past year.

That was despite the business hiking prices by around 10pc since 2022, which has taken the cost of a six-pack of Tunnock’s Teacakes in Tesco to £1.10 – up from 99p.

Sir Boyd, who is the grandson of the company’s founder Thomas Tunnock, said in recent company filings: “These cost increases are very challenging and have impacted the company’s financial performance.” 

A spokesman said Tunnock’s had chosen to absorb the bulk of its costs but the company said it predicts they will remain high.

The chemcream buns are awful.

I do like the wafers though

[spygirl]

Insurers built €3bn exposure to struggling Signa property empire

René Benko’s indebted group relied heavily on funding from German insurance groups

https://www.ft.com/content/cae0ff11-01cb-48e2-badf-e4c192caf6b6

The network of firms in Benko’s Signa group not only borrowed from banks including Julius Baer and UniCredit, but also relied heavily on funding from more than half a dozen insurers, according to documents reviewed by the Financial Times and people with first-hand knowledge of the details.

The people added that about a third of this exposure was not backed by any collateral. “For some insurers, this will be extremely painful,” one of the people said.

...

Insurance companies lent money to Signa partly because of the regulatory and interest rate environment, according to one person familiar with the situation. “Highly regulated banks were unable or unwilling to do certain types of transactions due to their capital requirements while insurance groups were drowning in cash during the era of ultra-low interest rates,” the person said.

 

Comment - 

Highly regulated banks were unable or unwilling to do certain types of transactions due to their capital requirements while insurance groups were drowning in cash during the era of ultra-low interest rates,”

In other words: effective banking regulations reduced exposure to a troubled sector that is now creating risks in a less regulated insurance sector? Do I hear good and effective banking regulations seem to work well at identifying bad borrowers?

[Axeman123]

@spygirl another casualty of people and orgs being forced out along the yield curve, where shock horror a killing field awaits.

[wherebee]

Another collapse in Australia - I am guessing input costs up, locked in contracts with supermarkets, etc.

I love the 'investor' who saw they were going to collapse and still left his money in.  Well done!

 

https://www.news.com.au/finance/money/investing/stupidity-fury-at-asx-company-halo-food-cos-collapse-as-investors-accuse-company-of-lies-poor-decisions/news-story

 

[One percent]

On 04/12/2023 at 08:40, spygirl said:

The chemcream buns are awful.

I do like the wafers though

Lidl knockoffs are much nicer than the tunnock wafers.  

[spygirl]

On 03/12/2023 at 10:42, spygirl said:

Austrian property group Signa Holding files for insolvency

Sam Jones in Berlin

Signa Holding, the sprawling European property empire of Austrian billionaire René Benko, has filed for insolvency proceedings in Vienna.

The heavily indebted group said in a statement on Wednesday it had applied for self-administration — a concept in Austrian corporate law where a company works to try to restructure itself without handing full control of the process to an external administrator.

“Despite considerable efforts in recent weeks, the necessary liquidity for an out-of-court restructuring process could not be sufficiently secured, and so Signa Holding has now applied for reorganisation proceedings,” the group said.

The filing will raise concerns for dozens of European banks, including Switzerland’s Julius Baer and Austria’s Raiffeisen, over their exposures to Signa and Benko, which have sent shares tumbling in recent days.

 

Signa puts Chrysler Building up for sale in urgent effort to raise cash

Collapsed European property company founded by Rene Benko faces painful wind-down, warns administrator

https://www.ft.com/content/18251244-e315-4c7e-805b-43f71328ac4e

[Andersen]

On 30/10/2023 at 17:24, Option5 said:

Safestyle windows.

BBC News - Safestyle UK: Hundreds of jobs lost as firm enters administration

https://www.bbc.co.uk/news/uk-england-leeds-67267093

 

Some of their manufacturing kit is now going through auction, sad to see that amount of investment going bust. https://www.bidspotter.co.uk/en-gb/auction-catalogues/hilco/catalogue-id-hilco-1-10064

[Andersen]

Is the cycling bubble busting?

Wiggle & Chain Reaction Cycles year had a £300M merger https://www.bikeradar.com/news/wiggle-cleared-to-merge-with-chain-reaction-cycles 

Went into administration last week owing creditors £26M https://www.globalcyclingnetwork.com/general/news/wiggle-crc-owed-major-cycling-brands-more-than-pound26-million-at-start-of-administration

Some of their stock (bikes & more) is now in clearance sales at good reductions  https://www.dosbods.co.uk/topic/26222-e-bikes-recommendations-or-things-to-be-aware-of/?do=findComment&comment=2147809

 

[Andersen]

Menzies parcel delivery co serving the North of Scotland (3rd largest distributor in the area after RoyalMail & P/farce) is closing https://www.bbc.com/news/articles/c72yyr3g4pjo

15 depots, 270 staff ...

[dnb24]

https://www.thecaterer.com/news/rekom-uk-nightclub-administrators-closure
 

UKs biggest nightclub owners call in administrators- crosses a number of threads- can’t get staff, students not going out midweek, rate rises, energy, etc

[Stuey]

2 hours ago, dnb24 said:

https://www.thecaterer.com/news/rekom-uk-nightclub-administrators-closure
 

UKs biggest nightclub owners call in administrators- crosses a number of threads- can’t get staff, students not going out midweek, rate rises, energy, etc

It's all about daytime clubbing now... √

https://www.google.com/amp/s/www.bbc.co.uk/news/uk-wales-67937404.amp

 

[Chewing Grass]

Apparently you can now get 30 day terms if you are trying to insure a Range Rover, this is the minimum period for pulling policies apparently, it is rumoured that if insurance companies get no joy out of JLR they will pull the rug on anything other than third party cove (unacceptable on finance).

The Indian own company could be toast in the UK.

Edited January 17 by Chewing Grass

[Chewing Grass]

It gets better, I could sort these, nothing special, just requires a bit of imagination by shopping anywhere other than JLR. Bolts will be similar to either stock or off other cars, gasket can be made or matched.

Obviously not warranted, would not be an issue otherwise.

[Chewing Grass]

Broken windscreen = fuck-off.

[Chewing Grass]

Fuck me, JLR has 6 out of 10 of its models in the UK Top Ten.

Fiesta Zetec Red and Black Editions must be good for anyone on a budget.

[dnb24]

not the only issue with JLR- apparently boot material on ranges and evoque is only ABS - thieves can silently cut hole in boot in a couple of minutes, disable alarm and immobiliser and make off with it. Neighbours got done like this in November- so common an issue that JLR don’t have enough replacements to repair- neighbour (JLR employee) still waiting for work to be done. 

[Bear Hug]

13 minutes ago, dnb24 said:

not the only issue with JLR- apparently boot material on ranges and evoque is only ABS - thieves can silently cut hole in boot in a couple of minutes, disable alarm and immobiliser and make off with it. Neighbours got done like this in November- so common an issue that JLR don’t have enough replacements to repair- neighbour (JLR employee) still waiting for work to be done. 

Not my car but stresses me out to watch videos like this. 

Specially as my car's value has just gone up 10%.

... 

I filled it up with petrol. 

[spygirl]

1 hour ago, Chewing Grass said:

Apparently you can now get 30 day terms if you are trying to insure a Range Rover, this is the minimum period for pulling policies apparently, it is rumoured that if insurance companies get no joy out of JLR they will pull the rug on anything other than third party cove (unacceptable on finance).

The Indian own company could be toast in the UK.

https://www.dailymail.co.uk/news/article-12955851/Britain-uninsurable-car-Range-Rover-insurance-firm-cover.html

A friend got a RR.

Bolts holding steering snappd off as she was driving.

Garage Sat's it's v common with RR - sat in ait from sea.

[Chewing Grass]

10 minutes ago, spygirl said:

https://www.dailymail.co.uk/news/article-12955851/Britain-uninsurable-car-Range-Rover-insurance-firm-cover.html

A friend got a RR.

Bolts holding steering snappd off as she was driving.

Garage Sat's it's v common with RR - sat in ait from sea.

Yep, that as well.

[leonardratso]

should have stuck with a better indian brand.
Hindustar ambassador never had a bad review.

[Loki]

Have you tried turning the car off and on again sirs?

[sancho panza]

https://uk.finance.yahoo.com/news/500-uk-jobs-risk-aston-184813107.html

500 UK jobs at risk after Aston Martin and Bentley cut ties with parts manufacturer

Aston Martin and Bentley’s decisions to terminate contracts with a UK company that makes car components has sparked fears that hundreds of jobs could be cut as the firm battles to survive.

The two marque’s recently decided to cull their contracts with the Hampshire-based parts manufacturer Formaplex, which fell into administration yesterday, Sky News reported.

Some 500 staff were sent home as the Portsmouth-headquartered company brought in administrators for the second time in its history.

[spygirl]

7 hours ago, Chewing Grass said:

Yep, that as well.

Yeha.

She was on the phone to JLR.

Basically whased their hands of it, put her at the back of a very long queue.

Then took it to a local garage, whod seen a fair few - and this is a small rural.

These are meant to be fuckign 50k+++ 'premium' cars FFS.

This is tyical Indian fuckwittery, where if its not seen then they put in the cheapest, non corrosive protest protected bolt and save all of ~5p.

 

 

 

 

[Wight Flight]

8 hours ago, sancho panza said:

https://uk.finance.yahoo.com/news/500-uk-jobs-risk-aston-184813107.html

500 UK jobs at risk after Aston Martin and Bentley cut ties with parts manufacturer

Aston Martin and Bentley’s decisions to terminate contracts with a UK company that makes car components has sparked fears that hundreds of jobs could be cut as the firm battles to survive.

The two marque’s recently decided to cull their contracts with the Hampshire-based parts manufacturer Formaplex, which fell into administration yesterday, Sky News reported.

Some 500 staff were sent home as the Portsmouth-headquartered company brought in administrators for the second time in its history.

Had they never heard of Lucas?

[sancho panza]

https://www.telegraph.co.uk/business/2024/01/20/bob-builder-multi-billion-pound-bungalow-empire-unravelled/

How ‘Bob the Builder’ went from billionaire to bankrupt

Robert Bull made The Sunday Times Rich List in May – so where did all his money go?

From bankrupt to billionaire to bankrupt again, all in the space of seven years.

Robert Bull, the bungalow tycoon nicknamed “Bob the Builder”, is being chased by creditors just nine months after being crowned as one of Britain’s richest men with an estimated fortune of £1.9bn.

Now, his holiday park empire is being broken up bit by bit, as those who lent Bull money seek to reclaim more than £725m in debts.

Bull’s network of single-storey villages was spread out across the country, including in the South East and Cornwall, where his acquisition of holiday parks was fuelled by billions of pounds in loans.

 

 

Analysis shows that more than 30 of Bull’s companies have now filed for administration or been taken into receivership, while others are involved in bitter court battles launched by the likes of Kroll and Grant Thornton.

It comes six months after he told The Telegraph it was “business as usual” within his company when asked why two of his firms had filed for administration.

To describe Bull’s downfall as swift is somewhat of an understatement. Bull, 47, was the second highest new entry to the Sunday Times Rich List last year when it was published in May.

It will now be for insolvency practitioners to unpick his estate and see where funds can be gathered up to repay creditors, which include his business partner and ex-wife.