What's going to collapse next...

[spygirl]

Bournemouth.

 

Amigo loans swirling round the plug.

Payday lender gone kaput

https://www.bournemouthecho.co.uk/news/18091821.piggybank-owner-djs-uk-limited-goes-administration/

 

JP Morgan manager jailed to robbing .

https://www.bournemouthecho.co.uk/news/18093379.former-jpmorgan-boss-jailed-stealing-100k-bank/

 

LV boss suddenly leaving

https://www.bournemouthecho.co.uk/news/18093633.lv-chief-richard-rowney-quitting/

[reformed nice guy]

There seems to be more and more CEOs leaving lately....

[Andersen]

One of the UKs largest property funds recently put a block on investors removing their funds - citing dificulties in UK retail sector and uncertainty around Brexit* (the same fund was suspended in for 4 months in 2016 during the referendum). Going, going... https://www.bbc.co.uk/news/business-50658437

* Physical retail is dying in the UK, but they still get to put the blame on Brexit. Surprised? 

[headrow]

Intu must be pretty close. £5bn debt. No chance of them ever paying that back.

[sancho panza]

23 hours ago, headrow said:

Intu must be pretty close. £5bn debt. No chance of them ever paying that back.

Looks that way.Much like Countrywide.Chart reaching terminal velocity

psoting this,not for teh Dixons results-I think Dixons will survive in some form,more for the commercial landlords of this world and their full repairing leases.

https://www.retailgazette.co.uk/blog/2019/12/dixons-carphone-posts-60-drop-profits/

Dixons Carphone on Thursday reported a 60 per cent fall in first half profit, after making adjusted profit before tax of £24 million in the first half of its year, compared with £60 million for the same time last year.

In the 26 weeks to October 26 like-for-like revenue in UK and Ireland fell -1 per cent.

 

[spygirl]

Worthy of its own thread.

Crosses a nubmer of threads - prob fintech lenders, cats, properdee madness.

No TC/UC as they only apear to have fur babies ...

Pay attention to the dates!

https://www.thescarboroughnews.co.uk/lifestyle/feline-hungry-scarborough-set-get-its-first-cat-cafe-852481

Feline hungry? Scarborough set to get its first cat cafe

Steampuss Cat Café opens in town centre

Tuesday, 23rd April 2019, 2:00 pm

 

July 14, 2019

https://www.thescarboroughreview.com/news/2019/7/14/steampuss-cat-caf-opens-in-town-centre

Owners Matthew Davenport and Chloe Cotton, who fell in love with Scarborough on a recent holiday, are moving all the way from Cheshire to pursue their dream to open Steampuss at 22 Bar Street.

Matthew said: “Chloe used to be the manager of a coffee shop whereas for me working in a cafe has always been my dream thing to do.

 

This week:

https://www.gofundme.com/f/save-steampuss-cat-cafe?utm_source=customer&utm_medium=copy_link&utm_campaign=p_cp+share-sheet&fbclid=IwAR0s0i5jIxGXCcVnXLNtzMXWZc9vjpY0DWxJ-HxMNaK_Pgm6ZHCZIw0MagI

Steampuss Cat Cafe is a small business run by myself and my partner Chloe, we are a young couple that took a huge risk because we had a dream to bring something exciting to the seaside town of Scarborough and share our love of cats and all animals with others. We have lots of lovely visitors and so much support from what feels like a big family, however unfortunately as you may know we have been really struggling financially since the summer ended and we are in danger of losing everything.

One of the the main reasons we are struggling is the huge cost of our business loan. We took out a loan secured against my parents house with a company that seemed to be trustworthy, however we have since discovered that most of their reviews are fake and we have been conned. The amount we borrowed was 40 thousand pounds and the amount that they want us to repay is 75 thousand pounds. Our monthly repayments on this loan are crippling us and we are trying to raise enough money to pay it off and also raise awareness so that other people perusing their dream don’t fall in to this trap.

 

Now .... they been going all off ~6 months,

What in fuck did they spend the 40k on FFS?

Ill try and find who they borrowed from. Theres does not appear to be a company, sadly.

 

 

[spygirl]

https://www.facebook.com/search/top/?q=steampuss&epa=SEARCH_BOX

April Smith When you open a business in a tourist town you know for a matter of fact you will have down time in the winter so you push in season to make that money to see you through the harder months even more so when it’s a cafe that doesn’t appeal to everyone as not all people like cats. It’s sad to see a dream fail but if every local business in Scarborough set up a go fund me page to see them through the winter months we would be over run with them.

April Smith Luke Marley they just want the whole town to pay off their entire business loan it would seem that’s not asking for help that’s taking piss 😂

Lisa Rocket I'm allergic to cats, so I've not been. The entrance fee in such a small fairly poor town seems a bit excessive. If I was a non-allergic cat lover I would still think booking in advance was annoying, and the entrance charge is a rip off. I'm reading that people would have gone if they could get in on a whim and didn't have to pay a charge to get in just for a coffee! The owners are either daft or greedy. They should have done their homework.

 

Lisa Rocket Louise Hirst I'd rather donate for dogs xx

 

 

[Andersen]

^ So, it's based on a cat-themed cafe in Sheffield that charges about a fiver admission. You have to book in advance, and pay admission. Most tourist places (including Scabby and SW where I've been working this year) close for the winter hence the need to make sure you earn plenty in the summer to tide you over. Some folk like cats, others don't or are allergic. How many red flags / gaping holes can you spot in their business plan (do they even have a plan??) ? 

[leonardratso]

just a pair of arseholes. Cats probably hate them as well.

[spygirl]

9 hours ago, Andersen said:

^ So, it's based on a cat-themed cafe in Sheffield that charges about a fiver admission. You have to book in advance, and pay admission. Most tourist places (including Scabby and SW where I've been working this year) close for the winter hence the need to make sure you earn plenty in the summer to tide you over. Some folk like cats, others don't or are allergic. How many red flags / gaping holes can you spot in their business plan (do they even have a plan??) ? 

Of course they had a plan - secure loan in parents house -->million$$$$

[Ash4781b]

Very quiet out in the shops. Have most planned ahead?

[Andersen]

Several Liverpool property developments are in crisis (already reported on here??) £90m (or £200m depending which report you believe) has been lost on schemes including New Chinatown, Baltic House, North Point Pall Mall, the Paramount and Victoria House.

Article earlier this week https://www.liverpoolecho.co.uk/news/liverpool-news/200m-now-feared-lost-liverpools-17461001

Background from early 2018  https://www.theguardian.com/cities/2018/mar/13/buyer-funded-development-scandal#top

Council deny misleading the public, watchdog decides not to persue the case https://www.theguardian.com/cities/2018/mar/13/buyer-funded-development-scandal#top

[spygirl]

8 hours ago, Tdog said:

Slumlords losing money whats not to like.

Potential asian slumlords....

 

[SillyBilly]

On 13/12/2019 at 10:32, spygirl said:

Worthy of its own thread.

Crosses a nubmer of threads - prob fintech lenders, cats, properdee madness.

No TC/UC as they only apear to have fur babies ...

Pay attention to the dates!

https://www.thescarboroughnews.co.uk/lifestyle/feline-hungry-scarborough-set-get-its-first-cat-cafe-852481

Feline hungry? Scarborough set to get its first cat cafe

Steampuss Cat Café opens in town centre

Tuesday, 23rd April 2019, 2:00 pm

 

July 14, 2019

https://www.thescarboroughreview.com/news/2019/7/14/steampuss-cat-caf-opens-in-town-centre

Owners Matthew Davenport and Chloe Cotton, who fell in love with Scarborough on a recent holiday, are moving all the way from Cheshire to pursue their dream to open Steampuss at 22 Bar Street.

Matthew said: “Chloe used to be the manager of a coffee shop whereas for me working in a cafe has always been my dream thing to do.

 

This week:

https://www.gofundme.com/f/save-steampuss-cat-cafe?utm_source=customer&utm_medium=copy_link&utm_campaign=p_cp+share-sheet&fbclid=IwAR0s0i5jIxGXCcVnXLNtzMXWZc9vjpY0DWxJ-HxMNaK_Pgm6ZHCZIw0MagI

Steampuss Cat Cafe is a small business run by myself and my partner Chloe, we are a young couple that took a huge risk because we had a dream to bring something exciting to the seaside town of Scarborough and share our love of cats and all animals with others. We have lots of lovely visitors and so much support from what feels like a big family, however unfortunately as you may know we have been really struggling financially since the summer ended and we are in danger of losing everything.

One of the the main reasons we are struggling is the huge cost of our business loan. We took out a loan secured against my parents house with a company that seemed to be trustworthy, however we have since discovered that most of their reviews are fake and we have been conned. The amount we borrowed was 40 thousand pounds and the amount that they want us to repay is 75 thousand pounds. Our monthly repayments on this loan are crippling us and we are trying to raise enough money to pay it off and also raise awareness so that other people perusing their dream don’t fall in to this trap.

 

Now .... they been going all off ~6 months,

What in fuck did they spend the 40k on FFS?

Ill try and find who they borrowed from. Theres does not appear to be a company, sadly.

 

 

No different to begging. Everything would have been in the small print of the loan documentation and they should have done a cash flow forecast. They are simply confirming they are not business people, the business is non-viable and this is therefore now a lifestyle that they expect others to keep them in. It doesn't matter what the size of the business is, a cash flow forecast should be done where you expect money to be tight. Astonishingly it is a surprise to some people that these small business loans for new unproven businesses with mum and dad's house as security come at high interest rates...

 

 

 

[Shamone]

What the absolute fuck? Is this real? They expect 75 grand?

[spygirl]

2 hours ago, Simon said:

What the absolute fuck? Is this real? They expect 75 grand?

40k borrowing.

Not been able to fi d out who they borrowed from but 40k secured on parents house, 8% over 10 years sounds about right.

Payments will be 600/m.

They are just a pair of cretins who did not research the business.

Why not move to Scabby and work in a cafe, just to get a feel for the trade?

[Shamone]

6 hours ago, spygirl said:

40k borrowing.

Not been able to fi d out who they borrowed from but 40k secured on parents house, 8% over 10 years sounds about right.

Payments will be 600/m.

They are just a pair of cretins who did not research the business.

Why not move to Scabby and work in a cafe, just to get a feel for the trade?

I actually meant 75 grand from go fund me 🎅

[DurhamBorn]

6 hours ago, spygirl said:

40k borrowing.

Not been able to fi d out who they borrowed from but 40k secured on parents house, 8% over 10 years sounds about right.

Payments will be 600/m.

They are just a pair of cretins who did not research the business.

Why not move to Scabby and work in a cafe, just to get a feel for the trade?

My partners uncle and aunt had a business in Scabby.They made most of their money summer season and put away all the bill money for the winter season and then just ticked over.Before they sold up to retire they were more busy winter season with more weekend vistors etc than years gone by but still not viable without the summer money.Its also very very difficult to make any business work in these places when there are debt payments on loans.Most business here tends to have no leverage,or very little.

Looks like these people were beyond crazy and their parents probably had massive equity and thought there was little risk in taking a bit of it.Likely there will be more than £75k to pay out as once a business goes under breakeven lots of other debts build up.

[gibbon]

7 hours ago, spygirl said:

40k borrowing.

Not been able to fi d out who they borrowed from but 40k secured on parents house, 8% over 10 years sounds about right.

Payments will be 600/m.

They are just a pair of cretins who did not research the business.

Why not move to Scabby and work in a cafe, just to get a feel for the trade?

Yeah this. That hipster twat is just trying to make it sound worse than it is for virtue/victim points. A vanity business started by a pair of clueless virtue signalling twats "OMG this horrible company wants a reasonable 8% a year on their loan they gave us over 10 years"

Did a quick look up on FB, seems they've only been together a year before starting the biz. What a pair of mentalists.

[SillyBilly]

51 minutes ago, Tdog said:

 8% is a very high number when the lender has a house as collateral. 

My loans are at 5%, that is for a very established business (>30 years trading history), positive cash flow, good collateral (site) and a proven and experienced management team. I don't think 8% is high at all.

And also IME the banks / lenders are more reassured when you have skin in the game. It was a prerequisite for our loan, I sold my house in the end. Offering someone elses' house or assets is all well and good but it doesn't exactly advertise personal responsibility.

Edited December 27, 2019 by SillyBilly

[SillyBilly]

Just now, Tdog said:

Cheers just seemed high with the way banks dish out their printed money, when they've got 100% of the sum in the house.

Mummy and daddy really should have just remortgaged and gifted them the 40k and it'd have been far cheaper.

 

Banks don't really like lending to small businesses IME, period. Very risk averse, probably for good reason. We borrowed a 7 figure sum and I got the impression that was piddly for most of the big banks...we went around them all. We got two loan offers; the best being from the bank we had banked with for over 30 years so, by default, knew our business and cash flows pretty well.

A lot of other SME businesses are shopping in the loan vulture market as a result and the interest rates there can be eye watering. 

[spygirl]

1 hour ago, Tdog said:

 8% is a very high number when the lender has a house as collateral. 

8% is a rough guess.

8% is not high for a business loan. It would be more if it wasnt for the parents chucking their house in.

I mean, who the fuck thinks lendingto  two idiots, who appear to have limited experience and no trading record.

[spygirl]

1 hour ago, Tdog said:

Cheers just seemed high with the way banks dish out their printed money, when they've got 100% of the sum in the house.

Mummy and daddy really should have just remortgaged and gifted them the 40k and it'd have been far cheaper.

 

Banks dont dish out printed money.

There are pretty strict criteria for regulated bank lending. And high costs when a bank loan goes wrong.

Getting access to a secured asset esp.  a 3rd party is a long expensive process.

Yes, the parents should have given them the 40k. They have effectively dont that by securing the house, idiots.

You can just inagine the conversation - Well, we dont want to give you the money. Why dont you use our house as security?

Morons.

[Lightscribe]

As mentioned above, a complete pair of hipster bellends. Unfortunately the guy also bears uncanny resemblance to someone I know who is also a hipster bellend. He’s just paid out £400k+ on 35 year mortgage for a two bedroom flat in grotty ‘up and coming’ stabby area of London. He thinks he’ll ‘do it up’ and get it valued and it will ‘at least’ be worth £100k more.

Unfortunately the younger generation has only known how to live off debt with low interest rates, and savings a distant memory of the past.  I’m sure in there heads (probably in the space of a hour or so over a soy milk latte or suchlike) it seemed a brilliant idea (we’ll maybe in her head going by the pic of him seemingly looking like a wet blanket placing both hands submissively on her).

SJW boomer parents obviously saw it as an opportunity to gain financially offsetting against a bit of unearned HPI equity. 

Did anyone consider the tourism peak and lows seasons of the area? Did anyone consider that cats do what the fuck they like and would probably scratch the shit out each other and people being forced to sit in a cafe? Did anyone consider people may not want to drink and eat in a place stinking of cats marking their territory and stinking of cats piss?

Probably not. But we are in an age of ridiculousness. These two twats have made their bed and will have to lie in it, the gofund me won’t save a their shit business. Hopefully they’ll be taught a harsh lesson once the bailiffs are called in, although something tells me they’ll most likely blame Tory austerity.

[DurhamBorn]

25 minutes ago, Sideysid said:

As mentioned above, a complete pair of hipster bellends. Unfortunately the guy also bears uncanny resemblance to someone I know who is also a hipster bellend. He’s just paid out £400k+ on 35 year mortgage for a two bedroom flat in grotty ‘up and coming’ stabby area of London. He thinks he’ll ‘do it up’ and get it valued and it will ‘at least’ be worth £100k more.

Unfortunately the younger generation has only known how to live off debt with low interest rates, and savings a distant memory of the past.  I’m sure in there heads (probably in the space of a hour or so over a soy milk latte or suchlike) it seemed a brilliant idea (we’ll maybe in her head going by the pic of him seemingly looking like a wet blanket placing both hands submissively on her).

SJW boomer parents obviously saw it as an opportunity to gain financially offsetting against a bit of unearned HPI equity. 

Did anyone consider the tourism peak and lows seasons of the area? Did anyone consider that cats do what the fuck they like and would probably scratch the shit out each other and people being forced to sit in a cafe? Did anyone consider people may not want to drink and eat in a place stinking of cats marking their territory and stinking of cats piss?

Probably not. But we are in an age of ridiculousness. These two twats have made their bed and will have to lie in it, the gofund me won’t save a their shit business. Hopefully they’ll be taught a harsh lesson once the bailiffs are called in, although something tells me they’ll most likely blame Tory austerity.

The old blokes where im from who grow leeks etc for the Workmans Clubs shows each year poison any cats that show up on their allotments.If the cats piss on anything the plants are dead and the soil ruined.It amazes me how cat owners simply think its ok for their cats to wander around shitting in everyone's gardens,killing millions of native wildlife and where young children cant even play in their gardens due to the shit and piss.I notice in Australia they are now shooting as many of the blighters as they can.Can you imagine a cafe full of stinking cats.It sounds like hell.I reckon the parents who lent the money were hoping simply to get shot of the couple.Maybe they knew they would lose the £40k,but thought it a price worth paying to get shot of them.I knew a guy who had a useless son and daughter in law,he lent them £10k for a stupid idea,and he knew they would lose it,but it meant they couldnt keep asking for £500 here and there anymore because they just got the answer you owe me ten grand.