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What's going to collapse next...


TheCountOfNowhere

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sancho panza
11 minutes ago, maffo said:

Something in the news today about LK Bennett being in trouble? 

https://www.theguardian.com/business/2019/mar/01/lk-bennett-lines-up-administrators-as-it-struggles-to-find-backer

LK Bennett is preparing to appoint administrators after its owner struggled to find a new financial backer for the loss-making fashion chain, potentially putting almost 500 UK jobs at risk.

Famous for its signature kitten heels, which start at £175 per pair, the company was founded by the entrepreneur Linda Bennett in 1990. Bennett regained full control of the business last year from private equity investors but it was reported last month that she had drafted in advisers to look at restructuring options, which included a potential sale.

On 26/02/2019 at 21:13, spygirl 🏆 said:

https://www.ft.com/content/eb189d84-39dd-11e9-b72b-2c7f526ca5d0

Needs to raise 300m to build up its capital req.

Ooh i just cannot wsit til BoE has a proper look at Leeds BS book.

Coventry as well.Hinkley& Rugby etc etc,.Net interest margin of very little

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TheCountOfNowhere

https://www.propertyindustryeye.com/major-property-marketing-platform-goes-into-liquidation-after-24-years/

 

"The Edinburgh and Glasgow property markets are quite separate and distinct and it is a reflection of the tightening of the Glasgow market that regrettably GSPC has had to close“

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On ‎26‎/‎02‎/‎2019 at 20:13, spygirl 🏆 said:

Ooh i just cannot wsit til BoE has a proper look at Leeds BS book.

Does the BoE ever have a 'proper look' at anything? Bearing in mind they completely missed the major financial issues in the last 20 years.

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leonardratso

nobody could have seen it coming, except for all those big shorters and the rest of the world beyond the central banks and economists.

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leonardratso

LK  bennet in admin now, im all of a dither, every single shop i use and spend tons of cash in is going backrupt, what am i to do?

/sarc_off.

Edited by leonardratso
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sancho panza

Can't be long now.When the Pie are reporting a 1 pence drop in CW shares.

 

Once £6...........................me and mrs P once rented through them and ended up paying nearly £600 in fees.Year later they tried to up the rent without the LL's knowledge.

I try not to laugh but the thought of those parasites getting a taste of what they've dished out to tenants(me and Mrs P could afford the fees but they'll have levied the same on people with min wage jobs).The sympathy tank is dry as a bone.

https://www.propertyindustryeye.com/countrywide-shares-take-a-hammering-after-slump-in-revenue/

Shares in Countrywide fell yesterday after the group announced increased losses and a sharp reduction in revenue.

The shares ended the day 12% down – having fallen 1.3p.

The shares started the day at 10.5p and at one stage fell to 9p. They ended at 9.2p.

Yesterday Countrywide announced a loss of £218.2m on revenues of £627.1m.

The group also warned that it expected a further slowdown which will affect its earnings for the first half of this year by £3m to £5m.

Edited by sancho panza
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leonardratso
1 hour ago, sancho panza said:

Can't be long now.When the Pie are reporting a 1 pence drop in CW shares.

 

Once £6...........................me and mrs P once rented through them and ended up paying nearly £600 in fees.Year later they tried to up the rent without the LL's knowledge.

I try not to laugh but the thought of those parasites getting a taste of what they've dished out to tenants(me and Mrs P could afford the fees but they'll have levied the same on people with min wage jobs).The sympathy tank is dry as a bone.

https://www.propertyindustryeye.com/countrywide-shares-take-a-hammering-after-slump-in-revenue/

Shares in Countrywide fell yesterday after the group announced increased losses and a sharp reduction in revenue.

The shares ended the day 12% down – having fallen 1.3p.

The shares started the day at 10.5p and at one stage fell to 9p. They ended at 9.2p.

Yesterday Countrywide announced a loss of £218.2m on revenues of £627.1m.

The group also warned that it expected a further slowdown which will affect its earnings for the first half of this year by £3m to £5m.

read about this on the So-Called BBC yesterday, it was a HYS, the comments were not friendly towards CW at all, id say a lot of people know its not brexit to blame, but rather shit comapnies being shittly run and now having to fight to survive, also the vitriol towards estate agents in general in the comments was very un-bbc like.

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13 hours ago, sancho panza said:

Can't be long now.When the Pie are reporting a 1 pence drop in CW shares.

And this is before the upcoming cuts in tenants' fees.  They may survive another few months by some miracle but will be totally screwed once that money dries up.

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sancho panza
13 hours ago, Bear Hug said:

And this is before the upcoming cuts in tenants' fees.  They may survive another few months by some miracle but will be totally screwed once that money dries up.

I think any EA where the head office can't be put in the back of a High St shop will b in trouble.

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Norther Powerhouse developer North Point Global ? Scam, Fraud, or a failed genuine Liverpool/Manchester developer?

https://www.theguardian.com/cities/2018/mar/13/buyer-funded-development-scandal Edgy urban apartments, lavish promos – and a trail of angry investors. Marketed with great fanfare by top UK politicians, a string of buyer-funded developments in Liverpool and Manchester were snapped up. Then the dominoes began to fall. Report mentions £360M.

https://www.liverpoolecho.co.uk/news/liverpool-news/300m-network-north-point-global-13412498 - overview & a list of several building developments affected. £300M headlines.

https://www.propertytribes.com/sfo-opens-investigation-into-suspected-fraud-t-127638296.html PT reports serious fraud squad investigating.

Motto? Funding risky business models can be risky (even if they can provide slick artists impressions of how the project will look when built, and officially promoted by UK.GOV during their trip to Asia to bring trade to UK business).

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7 hours ago, Andersen said:

Norther Powerhouse developer North Point Global ? Scam, Fraud, or a failed genuine Liverpool/Manchester developer?

https://www.theguardian.com/cities/2018/mar/13/buyer-funded-development-scandal Edgy urban apartments, lavish promos – and a trail of angry investors. Marketed with great fanfare by top UK politicians, a string of buyer-funded developments in Liverpool and Manchester were snapped up. Then the dominoes began to fall. Report mentions £360M.

https://www.liverpoolecho.co.uk/news/liverpool-news/300m-network-north-point-global-13412498 - overview & a list of several building developments affected. £300M headlines.

https://www.propertytribes.com/sfo-opens-investigation-into-suspected-fraud-t-127638296.html PT reports serious fraud squad investigating.

Motto? Funding risky business models can be risky (even if they can provide slick artists impressions of how the project will look when built, and officially promoted by UK.GOV during their trip to Asia to bring trade to UK business).

I think that's great...in fact I think we need a few more of these...and then when the word gets around foreign buyers that property investment in the UK is risky we wi have solved half of our property issues.

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4 minutes ago, MrXxx said:

I think that's great...in fact I think we need a few more of these...and then when the word gets around foreign buyers that property investment in the UK is risky we wi have solved half of our property issues.

Agreed.

Its white greedy cuntweasel on yellow greedy cuntweasel.

If i had to choose id pour petrol on both and light them up.

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sancho panza

https://www.retailgazette.co.uk/blog/2019/03/french-connection-back-in-the-black-despite-like-for-likes-drop/

// French Connection full-year operating loss almost triples from £3.8m to £9.3m
// However it recorded underlying operating profit for the first time in 7 years, at £100,000
// Retail sales plummeted 10.6% and like-for-like sales dropped 6.8%

French Connection has revealed deepening operating losses in its full year results as well as dwindling retail sales, which it blamed on a “tough” trading environment.

However, the fashion retailer and wholesaler highlighted a return to underlying profitability for the first time in seven years, and growth in overall group revenues.

For the full year ending January 31, the firm saw its operating loss almost triple year-on-year from £3.8 million to £9.3 million.

 

On an underlying basis, it recorded profit of £100,000 – a significant improvement on the £2.1 million loss recorded last year.

Citing challenges on the high street, French Connection’s in-store sales plunged 10.6 per cent year-on-year to £58.4 million while like-for-like sales fell 6.8 per cent year-on-year.

French Connection also said it was continuing its store closure programme, having closed down more than half of its portfolio in the last five years. It now operates 96 standalone stores and 195 franchised and licensed stores worldwide.

Meanwhile, its ecommerce revenue dropped by 3.7 per cent year-on-year,

The retailer’s wholesale division painted a more positive image, with sales climbing 10.3 per cent year-on-year to £76.9 million for the for the UK and mainland Europe as well as North America.

This helped French Connection’s overall group revenue edge up 0.2 per cent year-on-year to £135.3 million.

“I am pleased that we have achieved our target of returning the group to underlying profitability this financial year,” French Connection chief executive Stephen Marks said.

”This is only part of our overall journey, however it represents a significant achievement given the results over recent years.

”This has been achieved despite the ongoing difficult retail trading environment in the UK and is the result of the changes we have made in all areas of the business to adapt to the ever evolving markets in which we operate.

”While we still have a way to go to return the business to an appropriate level of profitability, I believe that we have made and continue to make significant progress.”

French Connection has proposed no dividend for its latest year, despite earnings per share increasing from 2.7p last year to 0.1p.The retailer also grew net cash 70.5 per cent year-on-year to  £16.2 million.

The retailer added that it continued to be in talks over a sale of the business, which it first announced back in October.

“The discussions are ongoing with a number of parties,” Marks said.

“We continue to expect this strategic review, including the formal sale process, to conclude during the first half of 2019 and will make further announcements when appropriate.”

 

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19 minutes ago, sancho panza said:

https://www.retailgazette.co.uk/blog/2019/03/french-connection-back-in-the-black-despite-like-for-likes-drop/

// French Connection full-year operating loss almost triples from £3.8m to £9.3m
// However it recorded underlying operating profit for the first time in 7 years, at £100,000
// Retail sales plummeted 10.6% and like-for-like sales dropped 6.8%

French Connection has revealed deepening operating losses in its full year results as well as dwindling retail sales, which it blamed on a “tough” trading environment.

However, the fashion retailer and wholesaler highlighted a return to underlying profitability for the first time in seven years, and growth in overall group revenues.

For the full year ending January 31, the firm saw its operating loss almost triple year-on-year from £3.8 million to £9.3 million.

 

On an underlying basis, it recorded profit of £100,000 – a significant improvement on the £2.1 million loss recorded last year.

Citing challenges on the high street, French Connection’s in-store sales plunged 10.6 per cent year-on-year to £58.4 million while like-for-like sales fell 6.8 per cent year-on-year.

French Connection also said it was continuing its store closure programme, having closed down more than half of its portfolio in the last five years. It now operates 96 standalone stores and 195 franchised and licensed stores worldwide.

Meanwhile, its ecommerce revenue dropped by 3.7 per cent year-on-year,

The retailer’s wholesale division painted a more positive image, with sales climbing 10.3 per cent year-on-year to £76.9 million for the for the UK and mainland Europe as well as North America.

This helped French Connection’s overall group revenue edge up 0.2 per cent year-on-year to £135.3 million.

“I am pleased that we have achieved our target of returning the group to underlying profitability this financial year,” French Connection chief executive Stephen Marks said.

”This is only part of our overall journey, however it represents a significant achievement given the results over recent years.

”This has been achieved despite the ongoing difficult retail trading environment in the UK and is the result of the changes we have made in all areas of the business to adapt to the ever evolving markets in which we operate.

”While we still have a way to go to return the business to an appropriate level of profitability, I believe that we have made and continue to make significant progress.”

French Connection has proposed no dividend for its latest year, despite earnings per share increasing from 2.7p last year to 0.1p.The retailer also grew net cash 70.5 per cent year-on-year to  £16.2 million.

The retailer added that it continued to be in talks over a sale of the business, which it first announced back in October.

“The discussions are ongoing with a number of parties,” Marks said.

“We continue to expect this strategic review, including the formal sale process, to conclude during the first half of 2019 and will make further announcements when appropriate.”

 

Ah yes.

When fashion becomes unfashionable.

Who'd have eve thought FCUK would be uncool!

Also see SuperDry ....

 

 

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