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What's going to collapse next...


TheCountOfNowhere

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sancho panza
10 minutes ago, TheCountOfNowhere said:

Remarkable few companies declaring themselves bankrupt so far....bound to be an avalanche at some point

If what's @Majorpainis alluding to has happened then a load of subbies in the construction inudstry are fubar

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37 minutes ago, sancho panza said:

how many of these will restart operations?

https://www.retailgazette.co.uk/blog/2020/03/schuh-shutters-online-operations-amid-covid-19-outbreak/

Schuh has confirmed that its online operations will be shuttered temporarily alongside its physical stores “to ensure the safety of teams and customers” amid the coronavirus crisis.

The footwear retailer will close its website on Thursday until further notice so that its staff in head office and fulfilment centres are protected from the pandemic.

 

worth a look at the max Intu chart.and then Primark kick you when you're down.

image.thumb.png.dd4f5ef2189d0738f820d3e719321774.png

https://www.retailgazette.co.uk/blog/2020/03/coronavirus-primark-withholds-quarterly-rent-to-force-negotiations-with-landlords/

Primark has withheld its quarterly rent in a bid to force landlords to consider revising terms urgently as the coronavirus pandemic decimates the fashion retailer’s trading.

The move pertains to 110 of the value retailer’s leasehold properties in the UK, and the quarterly rent was due yesterday.

Primark has written to landlords asking them for their support on lease agreements to mitigate the unprecedented financial impact of the pandemic on the business.

 

Noone likes a LL, commercial or resi.

 

Rentier economy at its worstest.

 

 

20 minutes ago, TheCountOfNowhere said:

Remarkable few companies declaring themselves bankrupt so far....bound to be an avalanche at some point

Theres noone to bankrupt yourself too, then theyve no court to go to.

Bit fall out of the service sector in a few months time as all this crap hits fan.

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I'm a consultant working in the construction industry. Been speaking to a lot of contractors this week. 5 of the 6 construction projects we have on site have shut down this week. I think the 6th will follow shortly. These have been 'voluntary' shut downs due to a combination of factors, primarily issues to do with workforce protection and also supply chain/builders merchant problems. Most of the construction delays will end up being attributed to 'force majeure' under the terms of the contracts. This should mean that the contractors will be able to successfully claim for extensions of time but, in the main, the contractors will not be able to recover extra costs (or 'loss and expense' for scaffold hire overruns etc etc) due to the delays. I fear lots of contractors, subcontractors and suppliers will be under immense financial pressure if the lockdown continues for more than a few weeks. Even before the virus came along, the industry was known for having very tight margins and firms with barely functioning cashflow.

There are other problems that will manifest. We have been told (along with the respective design teams) to press on with the production of 4 or 5 tenders over the next three months. We cannot be the only teams doing this. We will therefore potentially have a situation where we have a pile of tender documents ready to go out to the marketplace all at the same time. This is obviously not normal and I can't see how the construction industry can possibly cope with this.

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47 minutes ago, TheCountOfNowhere said:

Rent-to-own giant Brighthouse close to collapse

 

What a shame

 

It collapsed locally about 3 months ago, shop gone, hardly ever saw anybody in it when wandering past. Not a loss at all.

 

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sancho panza
8 hours ago, Sasquatch said:

I'm a consultant working in the construction industry. Been speaking to a lot of contractors this week. 5 of the 6 construction projects we have on site have shut down this week. I think the 6th will follow shortly. These have been 'voluntary' shut downs due to a combination of factors, primarily issues to do with workforce protection and also supply chain/builders merchant problems. Most of the construction delays will end up being attributed to 'force majeure' under the terms of the contracts. This should mean that the contractors will be able to successfully claim for extensions of time but, in the main, the contractors will not be able to recover extra costs (or 'loss and expense' for scaffold hire overruns etc etc) due to the delays. I fear lots of contractors, subcontractors and suppliers will be under immense financial pressure if the lockdown continues for more than a few weeks. Even before the virus came along, the industry was known for having very tight margins and firms with barely functioning cashflow.

There are other problems that will manifest. We have been told (along with the respective design teams) to press on with the production of 4 or 5 tenders over the next three months. We cannot be the only teams doing this. We will therefore potentially have a situation where we have a pile of tender documents ready to go out to the marketplace all at the same time. This is obviously not normal and I can't see how the construction industry can possibly cope with this.

fascinating insight.Thank you

 

my entry for the night

 

carluccios',apologies for the So-Called BBC link

https://www.bbc.co.uk/news/business-52070151

Italian restaurant chain Carluccio's is facing collapse, after warning it was facing permanent branch closures due to the coronavirus.

It is currently working with administrators in a move that could threaten more than 2,000 jobs.

Before the outbreak it was hit by the crunch in the casual dining sector and recently urged the state to step in.

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7 hours ago, sancho panza said:

fascinating insight.Thank you

 

my entry for the night

 

carluccios',apologies for the So-Called BBC link

https://www.bbc.co.uk/news/business-52070151

Italian restaurant chain Carluccio's is facing collapse, after warning it was facing permanent branch closures due to the coronavirus.

It is currently working with administrators in a move that could threaten more than 2,000 jobs.

Before the outbreak it was hit by the crunch in the casual dining sector and recently urged the state to step in.

Before the outbreak it was hit by the crunch in the casual dining sector and recently urged the state to step in.

Ah yes.  The 'casual dining' sector, that bedrock of the UK economy.

PE firms pick a theme. Doesnt matter much what the theme is as long as you can buy it from Brakes brothers. Pizza, pasta, burgers, mexican. If it can be made cheaply, in a factory, then chilled and sent out in vans then itll do.

Then they scale up, taking on loads of discounted rents from million square feet of empty retail boxes.

Quick splash with paint, doing the brand, fit out ~100k per unit.

Staff the place with EE - some young, some with kids on in work benefits.

Kerching!

Until the rent rises kick in

Or eh the economy tanks.

Or the access to inwork benefits change.

Of pandemic.

 

 

 

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13 hours ago, onlyme said:

It collapsed locally about 3 months ago, shop gone, hardly ever saw anybody in it when wandering past. Not a loss at all.

 

Most of the business started since ~2008, be they casual dining, amigo loans credit sharks, cheap ta pound hops, home bargains, kurdish barbers, nails shops, dog grooming,ethnic eateries etc etc etc.

Can go to the wall and theyll be a *net* contributor to UKGOV finanances.

 

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sancho panza
10 minutes ago, spygirl said:

Before the outbreak it was hit by the crunch in the casual dining sector and recently urged the state to step in.

Ah yes.  The 'casual dining' sector, that bedrock of the UK economy.

PE firms pick a theme. Doesnt matter much what the theme is as long as you can buy it from Brakes brothers. Pizza, pasta, burgers, mexican. If it can be made cheaply, in a factory, then chilled and sent out in vans then itll do.

Then they scale up, taking on loads of discounted rents from million square feet of empty retail boxes.

Quick splash with paint, doing the brand, fit out ~100k per unit.

Staff the place with EE - some young, some with kids on in work benefits.

Kerching!

Until the rent rises kick in

Or eh the economy tanks.

Or the access to inwork benefits change.

Of pandemic.

 

 

 

this was the bit that made me laugh.Sign of the times that these businesses are so centrsl to the UK economy that they'd even ask

'Before the outbreak it was hit by the crunch in the casual dining sector and recently urged the state to step in.'

 

When the restauranters are asking for bail outs somethings gone badly worng with the messaging

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My guess is that if you studied the likes of Carluccios, looking at payroll taxes and VAT receipts, then discounted the in work subs, publci service used by EE famllies,  youd have a large negative tax figure.

 

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sancho panza
3 minutes ago, spygirl said:

My guess is that if you studied the likes of Carluccios, looking at payroll taxes and VAT receipts, then discounted the in work subs, publci service used by EE famllies,  youd have a large negative tax figure.

 

you've been flagging tax credits for years and if you hadn't I wouldn't have been any near as aware of how the govt have subsidized  a lot of businesses.it was like during the brexit debate when remainers were saying non UK people only claim a couple of billion in benefits in the same way as a lot of people who claim tax credits don't consider it a benefit.desite the fact that it clearly is.

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sancho panza

govt doing it's bit after overseeing an unmitigated disaster of a response to corona so far.

https://www.theguardian.com/world/2020/mar/27/british-firms-to-be-given-more-protection-from-bankruptcy

British companies struggling amid the coronavirus outbreak are to be given greater protection from bankruptcy under emergency changes to insolvency laws due to be unveiled by the government this weekend, the Guardian has learned.

Ministers are preparing to announce measures to give firms greater leeway to continue trading, including offering them more protection from creditors in effort to prevent mass company failures and a sharp rise in unemployment.

Sources said the government planned a rapid shakeup of insolvency laws to bring in rules similar to chapter 11 bankruptcy in the US, which give firms time to pay off their debts over time while remaining in business.

The sources said the business secretary, Alok Sharma, would amend “wrongful trading” rules, which make it a criminal offence for a company director to keep on trading if they know the business is unable to repay its debts.

News this week that 477,000 people had submitted new claims for universal credit sparked fears that unemployment is already rocketing, as businesses who have had to close their doors as a result of stringent social distancing measures have laid off staff.

As growing numbers of companies come under financial stress, the fresh steps could help to prevent normally healthy companies from going bust.

Experts said the measures could also include a moratorium on the ability of company creditors to force firms to wind up their operations.

 

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Castlevania
2 hours ago, spygirl said:

Before the outbreak it was hit by the crunch in the casual dining sector and recently urged the state to step in.

Ah yes.  The 'casual dining' sector, that bedrock of the UK economy.

PE firms pick a theme. Doesnt matter much what the theme is as long as you can buy it from Brakes brothers. Pizza, pasta, burgers, mexican. If it can be made cheaply, in a factory, then chilled and sent out in vans then itll do.

Then they scale up, taking on loads of discounted rents from million square feet of empty retail boxes.

Quick splash with paint, doing the brand, fit out ~100k per unit.

Staff the place with EE - some young, some with kids on in work benefits.

Kerching!

Until the rent rises kick in

Or eh the economy tanks.

Or the access to inwork benefits change.

Of pandemic.

 

 

 

You’d think they’d staff them with Italians?

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Castlevania
On 26/03/2020 at 12:17, TheCountOfNowhere said:

Remarkable few companies declaring themselves bankrupt so far....bound to be an avalanche at some point

You raise an interesting point. You’d think a lot of companies are now technically insolvent. If you are, it’s the company directors responsibility to immediately cease trading and call in administrators. Otherwise you’re in breach of company law and can be stripped of being allowed to be a company director in the future.

However, seeing as a lot of businesses are shut due to this lockdown maybe you can prolong the inevitable without breaching your responsibilities as a company director?

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18 hours ago, TheCountOfNowhere said:

Rent-to-own giant Brighthouse close to collapse

What a shame

It was always a scumbag company, I think Panorama did an investigation on them in 2012

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Wight Flight
11 hours ago, Castlevania said:

You raise an interesting point. You’d think a lot of companies are now technically insolvent. If you are, it’s the company directors responsibility to immediately cease trading and call in administrators. Otherwise you’re in breach of company law and can be stripped of being allowed to be a company director in the future.

However, seeing as a lot of businesses are shut due to this lockdown maybe you can prolong the inevitable without breaching your responsibilities as a company director?

I read something about a move to change the insolvent trading rules for this reason.

I would guess that almost any set of accounts drawn up now would need to have a qualified auditor's report.

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