What's going to collapse next...

[Gloommonger]

45 minutes ago, dgul said:

Ah.

I'll be reported as great around November.  Terrible early December.  Fantastic just before Christmas.  Disappointing just after.  

Then, just after they start going bankrupt when the rent comes due end Jan, we'll find out the awful truth.

Too cold, RWC fever, too rainy, winter election, too dark, too Christmassy, Brexit. 

[Iamcynical]

11 hours ago, dgul said:

Homebase keeps on refusing to die.

Even the tumbleweed fucked off and left homebase a couple of years ago. 

Do the owners own the land that the stores sit on?  I can only assume they are continuing to trade because they will realise their losses if they stop trading. 

[spygirl]

On 06/10/2019 at 15:05, dgul said:

Or maybe they could just wait for the company to go bankrupt and then offer the bond security to the company that picks up the pieces and which will be more likely to succeed without the accumulated debt to date.

Even better, wait for that company to do a bit more development, go bankrupt, and then offer the security to the company that picks up those pieces.

And, if no company comes in to pick up the pieces then it means independent people have looked at the business case and decided that it can't make money -- it is always good to take note of the opinions of those who have their actual money on the line (and not from people who have already broken the company, nor from people who spend other people's money).

'World class board of directors' (c) lse bb, fail to complete their review

https://www.thisismoney.co.uk/money/markets/article-7636429/amp/Bosses-Sirius-Minerals-mounting-pressure-outline-plans-potash-miner.html

[spygirl]

Have we had Lookers car dealers?

Somethings going really wrong. Opening new sites then putting everyone on notice.

Now ceo off, u der cloud.

https://www.cityam.com/lookers-ceo-quits-amid-fca-probe-as-sales-slump-below-expectations/

[Ash4781b]

On 30/10/2019 at 20:39, Gloommonger said:

Homebase can't have long left. Went in to buy a dust mask. Walked around for 10 minutes with assistant looking before she said they are out of stock. Very few customers on a Saturday morning. 

They are running a 15% off click and collect offer for £50  spend. I’d be paying with credit card. Seems to fit with a struggle to get footfall. Need 50% off though 

Edited November 1, 2019 by Ash4781b

[kibuc]

I went to Homebase to buy a socket key with an extension bar a few days ago. Their guy on the floor told me it'd be much cheaper at Screwfix just down the road.

[Frank Hovis]

On 01/11/2019 at 12:03, spygirl said:

'World class board of directors' (c) lse bb, fail to complete their review

https://www.thisismoney.co.uk/money/markets/article-7636429/amp/Bosses-Sirius-Minerals-mounting-pressure-outline-plans-potash-miner.html

Mineral mining in this country is generally going to fail owing to the massive associated costs - planning, environmental, wages - when compared to the third world where you can also extract these minerals far more cheaply.

It carries some misty eyed cachet of Victorian mineworks but it isn't coming back. In the last thirty years restarting tin mining at South Crofty has expensively failed, twice, and the Tungsten mine on south Dartmoor near Plymouth has gone from start to expensive closure in less than ten years.

Now Lithium mining is the new wonder; it will fail like all the others.

The only successful mineral extraction in Cornwall is China clay because it's open cast, requires few workers, and has been going for so long that it has all the necessary permissions in place to wreck the areas of extraction.

[Don Coglione]

4 hours ago, Frank Hovis said:

Mineral mining in this country is generally going to fail owing to the massive associated costs - planning, environmental, wages - when compared to the third world where you can also extract these minerals far more cheaply.

It carries some misty eyed cachet of Victorian mineworks but it isn't coming back. In the last thirty years restarting tin mining at South Crofty has expensively failed, twice, and the Tungsten mine on south Dartmoor near Plymouth has gone from start to expensive closure in less than ten years.

Now Lithium mining is the new wonder; it will fail like all the others.

The only successful mineral extraction in Cornwall is China clay because it's open cast, requires few workers, and has been going for so long that it has all the necessary permissions in place to wreck the areas of extraction.

Wise words, Frank.

[spygirl]

5 hours ago, Frank Hovis said:

Mineral mining in this country is generally going to fail owing to the massive associated costs - planning, environmental, wages - when compared to the third world where you can also extract these minerals far more cheaply.

It carries some misty eyed cachet of Victorian mineworks but it isn't coming back. In the last thirty years restarting tin mining at South Crofty has expensively failed, twice, and the Tungsten mine on south Dartmoor near Plymouth has gone from start to expensive closure in less than ten years.

Now Lithium mining is the new wonder; it will fail like all the others.

The only successful mineral extraction in Cornwall is China clay because it's open cast, requires few workers, and has been going for so long that it has all the necessary permissions in place to wreck the areas of extraction.

I know that. You onow that. Id hope the 'world class board of directors' know that.

However try telling that to the local idiots whove poured several 10k into it.

I mean, its not as if there isnt a potash mine  only 20miles up the road. They can ask how much money its made - about zilch. And they got the mine virtually for free.

And they can check the economic life of the mine - 40 years. Not the 100 they are using for their numbers.

 

[spygirl]

1 hour ago, Ponty Mython said:

Wise words, Frank.

Theres a few open cast coal mines up in northumbria.

Profitable.

They have a few blokes in big fuckoff diggers.

Then they fill the hole in with rubble n shit and make money from that.

The cretin investors had visions of 1000s of easter leavers earning 2k.

 

[leonardratso]

its not a long term thing for the directors, its a case of extracting as much money from the turkey as possible then flitting elsewhere to do it again.

Theres virtually no come back on them, they dont care if the company fails miserably in a few years (or months), i doubt they even care what the business is, could be mining, could be 5 blokes shitting in a hole  sequentially.

[sancho panza]

We had clintons yet? CVA inbound.

https://www.retailgazette.co.uk/blog/2019/11/clintons-cva-cards/

// Clintons will speak with landlords next week to come to a decision about a potential CVA

// The exact number of shops that might be affected is not yet certain

// Last month, Clintons drafted in advisers from KPMG to explore a sale of the business

---

Clintons has said it will hold talks with landlords next week to discuss store closures and rent cuts.

The gifts and cards retailer wrote to landlords to invite them to “town-hall” meetings to discuss a CVA, Sky News reported.

The meetings may result in decisions being made to axe dozens of Clintons’ 330 UK stores in the next few months.

Peacocks?

https://www.retailgazette.co.uk/blog/2019/11/peacocks-suppliers-owed-1m-late-payments/

// Peacocks owes over £1m to suppliers

// A number of suppliers have said payments are more than 30 days overdue

---

Peacocks suppliers are owed millions of pounds in late payments from finance company Tradewind.

A number of suppliers have said that payments are more than 30 days overdue, with several owed more than £1 million, Drapers reported.

However, the fashion value retailer has offered to pay the suppliers who were directly affected.

---

READ MORE: Peacocks updates supplier payment terms

---

Just recently, Edinburgh Woollen Mill owner Philip Day changed his company’s payment terms for suppliers in January.

It changed standard terms to process all payments through Tradewind, which charges suppliers a fee of 2.25 per cent on each invoice.

Suppliers are paid in seven to 10 days by Tradewind, and Peacocks then pays Tradewind within 130 days.

Meanwhile, a total of 40 per cent of Peacocks suppliers use Tradewind or a similar finance provider.

The retailer said the new payment terms would allow it to simplify payment processes across the business.

[sancho panza]

https://www.retailgazette.co.uk/blog/2019/10/whats-going-on-with-mothercare/

As part of a CVA it launched last year, Mothercare agreed to close around 60 stores. Despite this, the restructuring process from the CVA failed to bring the retailer back into the back.

In May, it reported widening pre-tax losses and a decline in quarterly like-for-likes. However, it reassured the market that its CVA store closure programme was ahead of schedule.

It also said the company was on a “sounder footing” after the sale of its Early Learning Centre business to The Entertainer for £13.5 million to help pay off around £17.5 million of its debt.

[spygirl]

29 minutes ago, sancho panza said:

We had clintons yet? CVA inbound.

https://www.retailgazette.co.uk/blog/2019/11/clintons-cva-cards/

// Clintons will speak with landlords next week to come to a decision about a potential CVA

// The exact number of shops that might be affected is not yet certain

// Last month, Clintons drafted in advisers from KPMG to explore a sale of the business

---

Clintons has said it will hold talks with landlords next week to discuss store closures and rent cuts.

The gifts and cards retailer wrote to landlords to invite them to “town-hall” meetings to discuss a CVA, Sky News reported.

The meetings may result in decisions being made to axe dozens of Clintons’ 330 UK stores in the next few months.

Peacocks?

https://www.retailgazette.co.uk/blog/2019/11/peacocks-suppliers-owed-1m-late-payments/

// Peacocks owes over £1m to suppliers

// A number of suppliers have said payments are more than 30 days overdue

---

Peacocks suppliers are owed millions of pounds in late payments from finance company Tradewind.

A number of suppliers have said that payments are more than 30 days overdue, with several owed more than £1 million, Drapers reported.

However, the fashion value retailer has offered to pay the suppliers who were directly affected.

---

READ MORE: Peacocks updates supplier payment terms

---

Just recently, Edinburgh Woollen Mill owner Philip Day changed his company’s payment terms for suppliers in January.

It changed standard terms to process all payments through Tradewind, which charges suppliers a fee of 2.25 per cent on each invoice.

Suppliers are paid in seven to 10 days by Tradewind, and Peacocks then pays Tradewind within 130 days.

Meanwhile, a total of 40 per cent of Peacocks suppliers use Tradewind or a similar finance provider.

The retailer said the new payment terms would allow it to simplify payment processes across the business.

Again???

[spygirl]

Kier, if the various jungle drums are correct.

Prob next week.

Id guess the 6 month old ceo doing turnaround has found a v large hole.

[spygirl]

Can anyone explain Edinburgh Woollen Mill and  Philip Day  to me?

I thought id posted on him.

Hes same batch as fat bloke finance - leveraged loon in retail.

I go into EWM, just in case im missing something. Im not.

[sancho panza]

1 hour ago, spygirl said:

Can anyone explain Edinburgh Woollen Mill and  Philip Day  to me?

I thought id posted on him.

Hes same batch as fat bloke finance - leveraged loon in retail.

I go into EWM, just in case im missing something. Im not.

I jsut post it.memory like a sieve.Mya have been mentioned before.

Phillip Day appears to buy a lot of companies out of administration.

He's made a billion quid apparently.

Edited November 3, 2019 by sancho panza

[spygirl]

46 minutes ago, sancho panza said:

I jsut post it.memory like a sieve.Mya have been mentioned before.

Phillip Day appears to buy a lot of companies out of administration.

He's made a billion quid apparently.

Phillip Day operates like a mug punter. Company x share price falls, then goes into administration, so he buys it, assuming theres some value left, judt because it was worth x 6 months ago.

Same op as Ashley.

Theres no value in retail - the real estate is leased, the stock is on supplier credit.

[Wight Flight]

3 hours ago, sancho panza said:

We had clintons yet? CVA inbound.

https://www.retailgazette.co.uk/blog/2019/11/clintons-cva-cards/

// Clintons will speak with landlords next week to come to a decision about a potential CVA

// The exact number of shops that might be affected is not yet certain

// Last month, Clintons drafted in advisers from KPMG to explore a sale of the business

---

Clintons has said it will hold talks with landlords next week to discuss store closures and rent cuts.

The gifts and cards retailer wrote to landlords to invite them to “town-hall” meetings to discuss a CVA, Sky News reported.

The meetings may result in decisions being made to axe dozens of Clintons’ 330 UK stores in the next few months.

Peacocks?

https://www.retailgazette.co.uk/blog/2019/11/peacocks-suppliers-owed-1m-late-payments/

// Peacocks owes over £1m to suppliers

// A number of suppliers have said payments are more than 30 days overdue

---

Peacocks suppliers are owed millions of pounds in late payments from finance company Tradewind.

A number of suppliers have said that payments are more than 30 days overdue, with several owed more than £1 million, Drapers reported.

However, the fashion value retailer has offered to pay the suppliers who were directly affected.

---

READ MORE: Peacocks updates supplier payment terms

---

Just recently, Edinburgh Woollen Mill owner Philip Day changed his company’s payment terms for suppliers in January.

It changed standard terms to process all payments through Tradewind, which charges suppliers a fee of 2.25 per cent on each invoice.

Suppliers are paid in seven to 10 days by Tradewind, and Peacocks then pays Tradewind within 130 days.

Meanwhile, a total of 40 per cent of Peacocks suppliers use Tradewind or a similar finance provider.

The retailer said the new payment terms would allow it to simplify payment processes across the business.

Jesus wept 

We have btb companies that factor their debts to ensure cash flow that they couldn't get elsewhere.

And now btc can effectively reverse factor their suppliers.

The one thing I know is that it is virtually impossible to undo either of these two arrangements.

I wouldn't touch any company that uses either. Though sadly as a supplier you don't always know your customers use factoring.

Zombies, the lot of them.

[spygirl]

36 minutes ago, Wight Flight said:

Jesus wept 

We have btb companies that factor their debts to ensure cash flow that they couldn't get elsewhere.

And now btc can effectively reverse factor their suppliers.

The one thing I know is that it is virtually impossible to undo either of these two arrangements.

I wouldn't touch any company that uses either. Though sadly as a supplier you don't always know your customers use factoring.

Zombies, the lot of them.

130 days.

Maybe companies who put their suppliers on payments over 30 days need to ve forced the same terms from their customers?

130 days is 4 months ffs. A third of the year.

I can understand payment terms of 30 days. Stuff needs to work its way thru.

But any company pushing 130 days is fucked. Other than the obvious, why in fuck do they need the extra 100 days?

[Chewing Grass]

There are too many fingers stuck in businesses pies these days, noticed a huge surge in card payment services being advertised for tiny businesses so lazy millenials can buy stuff.

The rates they charge are excessive to say the least, compound that with bank charges, delayed payments etc etc and unless you have a decent margin you will not survive as a small business.

At the other end of the scale I imagine that the businesses at the bottom of the food chain in old town centres flogging cheap clothes made in foreign sweatshops relying on high volume and a low margin will be fucked soon.

 

[spygirl]

50 minutes ago, Chewing Grass said:

There are too many fingers stuck in businesses pies these days, noticed a huge surge in card payment services being advertised for tiny businesses so lazy millenials can buy stuff.

The rates they charge are excessive to say the least, compound that with bank charges, delayed payments etc etc and unless you have a decent margin you will not survive as a small business.

At the other end of the scale I imagine that the businesses at the bottom of the food chain in old town centres flogging cheap clothes made in foreign sweatshops relying on high volume and a low margin will be fucked soon.

 

Most medium to large towns have several law firms, a few large accountants. All offering advice n guidance. At a chunky hourly rate.

Then theres fleet cars, statiinary, servuced offices etcetc.

Of course none offer really useful advuce thatll get you good margins.

[spygirl]

18 hours ago, sancho panza said:

https://www.retailgazette.co.uk/blog/2019/10/whats-going-on-with-mothercare/

As part of a CVA it launched last year, Mothercare agreed to close around 60 stores. Despite this, the restructuring process from the CVA failed to bring the retailer back into the back.

In May, it reported widening pre-tax losses and a decline in quarterly like-for-likes. However, it reassured the market that its CVA store closure programme was ahead of schedule.

It also said the company was on a “sounder footing” after the sale of its Early Learning Centre business to The Entertainer for £13.5 million to help pay off around £17.5 million of its debt.

Gone.

[One percent]

2 minutes ago, spygirl said:

Gone.

Surprised it lasted this long. 20 years ago, i was wondering how it kept trading. 

[DurhamBorn]

17 minutes ago, spygirl said:

Gone.

You can get a £200 pushchair on Facebook marketplace for £20 2nd hand in great condition.Millions of the things out there.We have had 3 for our grandaughters all bought for £20,all sold for £20 after use.I was importing some child playpens,very good product,me a one man band £25 net profit on an £80 selling price,companies simply cant make any profit with the costs they have on the high street with those kind of products anymore.