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IGNORED

What's going to collapse next...


TheCountOfNowhere

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3 minutes ago, One percent said:

Talking to someone the other day who was saying that they are laying people off 

About 40% have gone,.

Again, this radio featured stank of pumpndump.

 

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https://www.whitbygazette.co.uk/news/people/young-people-might-be-forced-to-leave-if-sirius-project-isn-t-delivered-scarborough-council-leader-warns-1-10043781

Click or tap a row for biographies

Name Title Compensation Age Officer since
Russell Scrimshaw Non-Executive Chairman of the Board 188.00kGBP 69 2010
Christopher Fraser Chief Executive Officer, Managing Director, Executive Director 963.00kGBP 44 2011
Thomas Staley Chief Financial Officer, Finance Director 648.00kGBP 38 2014
Nicholas King General Counsel, Secretary -- -- 2013
Elizabeth Harwerth Senior Independent Director 61.00kGBP 71 2015
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I see Jessops has gone backrupt again.

I of course feel sorry for their staff, but there is a silver lining -- last time it went bankrupt it was taken over by Peter Jones of Dragon's Den.  It turns out that these Dragons aren't actually good at identifying opportunities, but are instead just people who are extraordinarily good at telling everyone how great an entrepreneur they are.

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52 minutes ago, dgul said:

It turns out that these Dragons aren't actually good at identifying opportunities, but are instead just people who are extraordinarily good at telling everyone how great an entrepreneur they are.

Shocker

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5 hours ago, dgul said:

I see Jessops has gone backrupt again.

I of course feel sorry for their staff, but there is a silver lining -- last time it went bankrupt it was taken over by Peter Jones of Dragon's Den.  It turns out that these Dragons aren't actually good at identifying opportunities, but are instead just people who are extraordinarily good at telling everyone how great an entrepreneur they are.

Not sure I agree with that, I would say he is exceptionally talented and it is a simple reality of life that everybody makes failures. And if you shoot high your failures will obviously be more substantial.

I know on a very much smaller scale I lose some bets and punts that I take within business but I know I can afford to do so providing I win a few more.

The wealthiest guy I knew on a personal level had 7 or so sizeable companies on the go that I was aware of (probably a load more), selling one for over £21M in 2017 to a multi-nat. He had a lot of failed businesses too over the years. These are extraordinary people in my view and I tip my hat to anyone that can even afford to make a failure that large.

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33 minutes ago, SillyBilly said:

Not sure I agree with that, I would say he is exceptionally talented and it is a simple reality of life that everybody makes failures. And if you shoot high your failures will obviously be more substantial.

I know on a very much smaller scale I lose some bets and punts that I take within business but I know I can afford to do so providing I win a few more.

The wealthiest guy I knew on a personal level had 7 or so sizeable companies on the go that I was aware of (probably a load more), selling one for over £21M in 2017 to a multi-nat. He had a lot of failed businesses too over the years. These are extraordinary people in my view and I tip my hat to anyone that can even afford to make a failure that large.

But it isn't clear what he's actually done that's that great.

He did have a success with Phones International, but the background to that is hazy (ie, it is played as though it is him, but there's clearly more to it under the surface).  There doesn't seem to be any other 'independent success'

All the other stuff seems to have come from Dragon's Den, which isn't really about entrepreneurship but rather about how the Dragons' think the free marketing from the TV exposure can be used to their advantage.

I'm far more impressed by real people in the real world who get on with building companies without free TV marketing.

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2 hours ago, dgul said:

But it isn't clear what he's actually done that's that great.

He did have a success with Phones International, but the background to that is hazy (ie, it is played as though it is him, but there's clearly more to it under the surface).  There doesn't seem to be any other 'independent success'

All the other stuff seems to have come from Dragon's Den, which isn't really about entrepreneurship but rather about how the Dragons' think the free marketing from the TV exposure can be used to their advantage.

I'm far more impressed by real people in the real world who get on with building companies without free TV marketing.

Well you need a few quid to get a seat on Dragons Den. The chap was living at home at 29 after a failed business then went out, did it all again and bought himself another ticket to the table. Fair play to him I say. Vast majority of people don't have what it takes to take a business past £1M in revenue. A small number can consistently do it.

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15 minutes ago, Chewing Grass said:

So McCloud turns out to be just another spiv with a TV show.

How sad, never mind.

Tbf, that he was a spin was clear before he even opened his mouth. How anyone was taken in by him is beyond me. 

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I like watching GD's for the sheer ludicrous nature of it all. 

I watched one last night.  A couple with a young son bought a folly in Newport, South Wales for about 900k in 2005.  Investment banker husband bank rolling it and wife in charge of the project.  At one point she said she was doing it all for her family.  I called bullshit on that -  it was all about her. 

Anyway, I think they moved in about xmas 2008. 

I did some reading and it's been up for sale since 2011 and up for rent in the meantime also.  It was still up for sale earlier this year at about £2m. I think that is their break even price, or thereabouts.  Anyway, it seems the average house price for that area is £89k.  Good luck selling that! 

The folly itself was actually very nice and it sat in 24 acres, but was clearly never going to be an investment. 

folly
/ˈfɒli/
noun
  1. 1.
    lack of good sense; foolishness.
    "an act of sheer folly"
  2. 2.
    a costly ornamental building with no practical purpose, especially a tower or mock-Gothic ruin built in a large garden or park.

 

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Yah pump then dump.

Drawing 1m salary a year.

https://www.thisismoney.co.uk/money/markets/article-7589529/amp/Sirius-Minerals-quit-stock-market-says-boss.html

What in fuck sake.

Fraser told the Mail: ‘Being public served a very valuable role in the early phase.

‘I intentionally chose the strategy of putting it into a UK publicly-listed vehicle to have complete transparency about who we were, what we were doing, when we were doing things and being very, very open. 

As we see it today, there’s potential merit in being private simply to get away from the capital markets.’

With doubts mounting over the future of the firm, Fraser turned his fire on ministers.

‘Am I frustrated that the Government hasn’t supported us in the various forms that we asked them for? Of course I am.’

He also sought to blame a lack of support from big investors for his problems.

He said: ‘The capital markets are failing development. Their fundamental role is to provide risk capital to enable growth to take place economically.’

‘Long-term capital just really doesn’t exist any more. Big institutions will define long-term now as three years, and that’s ridiculous because you can’t build anything in three years of significance. 

Anyone but himself ffs.

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On 15/10/2019 at 11:44, Castlevania said:

Who said Woodford Investment Management? They won’t be around for much longer.

Interesting reading sunday papers on woodford.

Started with a reasonably good, critical ft feature.

https://www.ft.com/content/2f077ae2-f19e-11e9-bfa4-b25f11f42901

Followed by various plug pieces in sunday papers - sunday times one was trying to blame the director oversigh co for shutting the fund down too quickly.

And stuff like this.

https://www.dailymail.co.uk/news/article-7592583/amp/Fund-manager-Neil-Woodford-knew-toast-took-savers.html

I doubt uk investments trusts will be same again.

Too many people skimming too much money, adding fuckall value.

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Promised a high paying career in Tor law?

Let down by the company, whove laid you off?

Then ring 0800-sueit-sueit and we can get compo for you.

https://www.lawgazette.co.uk/practice/job-losses-possible-as-slater-and-gordon-closes-department/5068239.article

Slater n Gordon, the gormless collection of dumb ockers who bought Quindell are starting to lay off large offices.

It seems more than a coincidnce that theyve settled with the arseend of Quindell

https://www.lawgazette.co.uk/practice/slater-and-gordons-quindell-claim-settled-on-steps-of-court/5101866.article

The firm was suing Watchstone Group (formerly known as Quindell) for the full £637m value of its 2015 acquisition – a purchase which was followed by a nosedive in profits and the collapse of its parent company’s share price. For its part, Watchstone was countersuing for £63m, saying the acquisition was under-valued because of issues with disclosure in the build-up to the deal.

Watchstone announced today to the London Stock Exchange that all of S&G's claims for breach of warranty and/or fraudulent misrepresentation relating to the historic sale of the group's professional services division in May 2015 have been unconditionally withdrawn. Watchstone has also agreed not to pursue its counterclaim against S&G.

The settlement provides for £11m of the £50m currently held in escrow to be released to S&G with the balance of £39m and accrued interest being released to Watchstone. No application for costs will be made by either party.

 

Ignore the wank about neolibeal - SnG were bunch of weasels.

https://www.theguardian.com/commentisfree/2017/aug/10/stockmarket-crash-how-slater-and-gordon-became-a-casualty-of-the-neoliberal-dream

 

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possibly wrong thread 

https://www.retailgazette.co.uk/blog/2019/10/85000-retail-jobs-axed-past-year/

Retailers have cut 85,000 jobs in the past year thanks to weak consumer demand, increased bills and the rise in online shopping.

The BRC has called for an overhaul on business rates as it outlined its Retail Employment Monitor covering the third quarter of the year.

This marks the 15th consecutive quarter of decline in employment – with both full-time and part-time workers hit, according to findings by the BRC.

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Holy smoly batman

https://www.cityam.com/peer-to-peer-lender-fundingsecure-enters-administration/

Peer-to-peer investment and lending platform Fundingsecure has gone into administration, the financial regulator announced.

Fundingsecure operated a peer-to-peer lending platform that facilitated crowdfunded loans and pawn-broking style loans secured against valuable items.

It had emerged in May that the platform was suffering from mounting defaults. The Telegraph reported that £24m of loans in Fundingsecure’s £88m loan book were considered in default or expected to default.

A further £33m was found to be in forebearance – meaning the platform had extended the loan time because the borrower was unable to repay it.

https://www.yorkpress.co.uk/news/17978858.lunchbox-theatrical-productions-goes-administration/

THE company behind Shakespeare’s Rose Theatre has gone into administration, The Press can reveal.

Last month, The Press reported that Shakespeare’s Rose Theatre Ltd, which has brought a pop-up theatre to York for the past two summers, was set to go into liquidation, seemingly ending any hope of the attraction returning to York next year. It has since entered liquidation, according to its joint liquidator, Rob Sadler.

The news about Shakespeare’s Rose Theatre entering liquidation comes after it suffered “unsustainable losses” from its recent seasons in York and at Blenheim Palace in Oxfordshire, a spokesperson for the business told The Press last month.

The pop-up theatre attracted only 47,000 visitors in York this year, compared to 78,000 visitors last year. At Blenheim Palace only 38,000 people attended this year, whereas a figure of 75,000 was anticipated.

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https://www.dailyrecord.co.uk/news/scottish-news/watt-brothers-goes-administration-229-20647860

Watt Brothers has gone into administration with hundreds of people made redundant.

The Glasgow -based department store has 11 shops including its flagship store in Sauchiehall Street in the centre of the city.

Of the 306 employees 229 have been made redundant with immediate effect by administrators KPMG .

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