What's going to collapse next...

[Bear Hug]

11 minutes ago, Wight Flight said:

That's why I posted it.

The sources (ICSM and Bregbies) are very well respected.

Scary, isn't it.

 

Is it just a way for some individuals to commit fraud by opening multiple companies, borrowing, not paying taxes etc?  Or are they actual attempts to run a business that failed?  Cat cafes etc

[Wight Flight]

10 minutes ago, Bear Hug said:

Is it just a way for some individuals to commit fraud by opening multiple companies, borrowing, not paying taxes etc?  Or are they actual attempts to run a business that failed?  Cat cafes etc

No idea. It is very easy to start a company, not so easy to get borrowing.

I don't think HMRC bother with a ccj. Their powers are way above that.

[spygirl]

17 hours ago, Wight Flight said:

An astonishing 494,000 UK companies are in financial trouble

The Insolvency Service have issued shocking statistics about the dire financial state of thousands of companies in the UK.

The Government’s Insolvency Service quoted research from Begbies Traynor the insolvency firm after they reported on the final quarter of 2019. It revealed that 494,000 companies were in 'significant financial distress.' In particular those in the real estate and property, support services, construction and retail sectors were most affected.

The Insolvency Service reported: “Begbies Traynor defines 'significant financial distress’ as when a company has county court judgements of less than £5,000 filed against them.

“Across the 22 sectors monitored by the Red Flag Alert research, 15 sectors witnessed increases in significant financial distress between the third and fourth quarter of 2019, compared to 13 out of the 22 sectors between Q4 2018 and Q4 2019. This indicates that Q4 2019 saw the broadest rise in financial distress.

“The sector most badly affected was the real estate and property sector, with a 13 per cent increase in the number of businesses in significant financial distress between Q4 2018 and Q4 2019. This represented the highest year-on-year percentage increase across any sector measured in the latest Red Flag Alert research.

“Following a less than fortuitous Christmas period, there was also a 2 per cent increase in the number of retailers in significant distress since Q4 2018. Online retailers also suffered, with an 8 per cent year-on-year increase in the number facing significant financial distress.”

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at [email protected] on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

Begbies Fucking Traynor.

Julie Fucking Palmer.

The only IVA that the So-Called BBC ever speak to.

BT put out a report every other day, detailing how many companies are in trouble.

Most companies are always in trouble, of one sort or another. Thats just the way most UK companies are - clueless.

 

[spygirl]

8 hours ago, spunko said:

@Wight Flight if I am reading that correctly, half a MILLION companies have CCJs (under £5k)? Surely that cannot be right. I wonder what term they give to those over £5k.

The large rise in % of internet retailing suffering is more worrying IMO. Governments are more likely to step in to shore up bricks-and-mortar businesses, nobody in Whitehall gives a toss about online ones. Which generally has worked out well for the larger players as they dominate as a result.

Theres are all, in the main, gormless one man band companies - dog groomers, nail bars, hair dressers, etc etc.

There was that thread somewhere on here which pointed out the stupidity of UKGOV promoting entrepreneurialism' when most companies that are set up are just small, shit orgs. Connected to the fuss about entrepreneurs releif

 

[spygirl]

7 hours ago, Bear Hug said:

Is it just a way for some individuals to commit fraud by opening multiple companies, borrowing, not paying taxes etc?  Or are they actual attempts to run a business that failed?  Cat cafes etc

Nope.

Mr or Mrs Clueless get redundo payment or get hassled at DSS, so set up a company - its more of hobby, something ive always wanted to do.

They used to setup pubs or BnBs.

Now thats joined by <take your pick of gormless ideas>

Its important that we make a good impression, look professional.

Oj, you mean I can pay for the car before we pay tax? Ive always wanted a Mercedes ... sets up leases ....

Oh look the local papers doing a small business presentation. Lets enter best new business and best business with turnover less than £500.

We'll need a tux. Lets buy a table, we can invite the family.

Oh, IM working long hours. We need a break. Lets borrow some cash from petty cash and go to <expensive place>

etcetcetc

 

 

 

 

[spygirl]

More ...

You get people pontification about the 'long tail' in various endeavours.

As far as UK businesses go its only fucking tail.

Id love to see some stats on various UK businesses, be they dog walking, nail bars, Turkish barbers. 90% are either a front for crime or just not viable.

Its a bit like education and Blair - more education = more income.

Business = google = money!!!!! = tax!!!!!!

Except its not, as the the never ending lurch of retailers failing shows - and these are in the ball park of being a proper business - employing people, paying tax, etc.

Quick gogto UK buisines or sale to look for example:.

First ad:

Sovereign Business Transfer are delighted to market this award winning family run guest house and luxury glamping site set in beautiful grounds of 2.3 acres situated at the gateway of Snowdonia’s Nati...

https://uk.businessesforsale.com/uk/award-winning-guest-house-with-glamping-north-wales-for-sale.aspx

Sovereign Business Transfer are delighted to market this award winning family run guest house and luxury glamping site set in beautiful grounds of 2.3 acres situated at the gateway of Snowdonia’s National Park in Betws-y-coed, North Wales.

The main residence is a combination of a former Victorian Watermill, School House and Welsh cottage that has been sympathetically restored into a mordern country guest house. The property also boasts a picturesque large stream-fed pond and waterfall to the front of the premises.

The guest house has five guest rooms, large conservatory, dining room, utility room, owners lounge and large private owner’s garden, two unique glamping pods and two large shepherds huts. Other key attributes to the site include a fully equipped glamping kitchen, newly refurbished shower block, garage, workshop, field shelter and small stone outbuilding. In the owners private garden are two log cabins both fully central heated with the larger one having a full bathroom and shower.

blahblah blah

Asking Price:

£595,000

Turnover:

£58,442

Net Profit:

Available on request

 

 

 

 

 

[spygirl]

The net profit is negative.

A business like this will require a couple of people to run it. Always put in 30k/head in salary costs for owners.

Then they will need staff to clean and cook and whatnot.

Go to an accountant and theyll always recommend paying a low multiple of turnover for any business.

So, as a business, this places is not worth 150k - it DOES NOT MAKE FUCKING MONEY.

Its a large house where you want someone to pay 550k to basically spend their days cooking greasy breakfasts and cleaning toilets.

Fuck that.

The pitch is - spend 500k to be a fucking skivvy.

 

 

[The Idiocrat]

They won't be declaring cash payments I expect, but have to quote the "official" turnover they declared to HMRC. Although these days most people don't pay cash anyway.

Overpriced, but looks nice: http://www.llwynonnguesthouse.co.uk/

 

[onlyme]

19 hours ago, spunko said:

@Wight Flight if I am reading that correctly, half a MILLION companies have CCJs (under £5k)? Surely that cannot be right. I wonder what term they give to those over £5k.

The large rise in % of internet retailing suffering is more worrying IMO. Governments are more likely to step in to shore up bricks-and-mortar businesses, nobody in Whitehall gives a toss about online ones. Which generally has worked out well for the larger players as they dominate as a result.

Over competition, it happened in the early 2000's it was horribly brutal,I was independent developer, income dropped 70% in two years, same happened with start up I was involved in. A lot of etailing  has bumbled along on thinnish margins but access to cheap product from China so done alright but if you are not the cheapest you are dead without volume(particularly if on Ebay/Amazon), old co-director got into early in niche market and became millionaire out of it, without supply of cheap tat and demand 10,000's of toddler companies who have over extended and got premises now have commercial rents and rates hanging round their necks.

[spygirl]

On 02/03/2020 at 11:10, spygirl said:

NMC Health seeks leniency from lenders amid crisis

FTSE 100 company is scrambling to shore up its finances

https://www.ft.com/content/9f54e9a0-5c5c-11ea-8033-fa40a0d65a98

NMC Health discovers almost $3bn of debt hidden from its board

Middle Eastern-focused healthcare group said debt was used for unknown purposes

https://www.ft.com/content/ebe322f2-62ef-11ea-b3f3-fe4680ea68b5

Fuck me! Who knew that was there......

 

NMC has been run thru the finest n most expensive UK auditors....

[spygirl]

Well worth registering for the piccies.

https://ftalphaville.ft.com/2020/03/10/1583859127000/NMC-Health--presented-without-comment/

You know this finsec that ukgov goes on about earning loads of money....

[One percent]

2 minutes ago, spygirl said:

Well worth registering for the piccies.

https://ftalphaville.ft.com/2020/03/10/1583859127000/NMC-Health--presented-without-comment/

You know this finsec that ukgov goes on about earning loads of money....

It’s behind a bloody paywall. 

[spygirl]

3 minutes ago, One percent said:

It’s behind a bloody paywall. 

No, registerwall.

The Board of NMC received an update on 10 March 2020 that the Group's debt position was materially above the last reported number as at 30 June 2019, and is currently estimated to be around $5 billion. The work on verifying this figure is ongoing.

In addition to $2.1 billion Group debt reported at 30 June 2019, the Company has identified over $2.7 billion in facilities that had previously not been disclosed to or approved by the Board.

[spygirl]

Phew

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/NMC/14455400.html

Theyve brought in PWC... who could not count about 100 votes.

https://fortune.com/2017/02/28/pricewaterhousecoopers-pwc-scandals-oscars/

[One percent]

4 minutes ago, spygirl said:

No, registerwall.

The Board of NMC received an update on 10 March 2020 that the Group's debt position was materially above the last reported number as at 30 June 2019, and is currently estimated to be around $5 billion. The work on verifying this figure is ongoing.

In addition to $2.1 billion Group debt reported at 30 June 2019, the Company has identified over $2.7 billion in facilities that had previously not been disclosed to or approved by the Board.

5 billion in debt?  Wow, thats akin to a small country isn’t it?  Who the fuck would be stupid enough to lend that kind of money?  

[spygirl]

2 minutes ago, One percent said:

5 billion in debt?  Wow, thats akin to a small country isn’t it?  Who the fuck would be stupid enough to lend that kind of money?  

MnS turned over / revenue is 10bln.

Its trading, so low margins

~5bln of debt is a lot of fucking money.

 

[TheCountOfNowhere]

Next thinh to collapse, me. 

 

Can't breathe very well sincr ciming back fron Italy 

[maffo]

On 20/06/2019 at 15:23, maffo said:

Interest rates.

0.25% UK base rate

[maynardgravy]

3 hours ago, maffo said:

0.25% UK base rate

One trick ponies. The Deontay Wilders of the financial industry.

[TNS]

Can't be long before INTU goes up the wall given the virus will soon destroy the high street footfall.

[karelian]

11 hours ago, TheNickos said:

Can't be long before INTU goes up the wall given the virus will soon destroy the high street footfall.

https://www.bbc.co.uk/news/business-51851791

[Errol]

On ‎11‎/‎03‎/‎2020 at 14:07, maynardgravy said:

One trick ponies. The Deontay Wilders of the financial industry.

To be fair Deontay has a pretty good trick (for a boxer) - he has knocked out every opponent he has faced with the exception of Fury and his knockout-to-win ratio stands at 98%, with 20 knockouts in the first round.

It's an insane record:

Total fights - 44

Wins - 42

Wins by KO - 41

Edited March 12, 2020 by Errol

[headrow]

I'm going for William Hill.

 

No football.

Racing to go too? Grand National must surely be at risk?

Golf cancelled.

F1 gone.

 

Their last results were shocking . No sport and a high risk that town centres get locked down like in Italy and it is the perfect storm for a debt laden company like William Hill.

Wish i had the balls to short it.

Edited March 13, 2020 by headrow

[Transistor Man]

On 10/03/2020 at 08:12, spygirl said:

The net profit is negative.

A business like this will require a couple of people to run it. Always put in 30k/head in salary costs for owners.

Then they will need staff to clean and cook and whatnot.

Go to an accountant and theyll always recommend paying a low multiple of turnover for any business.

So, as a business, this places is not worth 150k - it DOES NOT MAKE FUCKING MONEY.

Its a large house where you want someone to pay 550k to basically spend their days cooking greasy breakfasts and cleaning toilets.

Fuck that.

The pitch is - spend 500k to be a fucking skivvy.

@The Idiocrat @spygirl : http://www.llwynonnguesthouse.co.uk/

I know around there well. The location is terrible.

They say Betwys Y Coed, but it's 9 miles away. The wrong way! 

Too far outside of the National Park -- on the wrong side. No one wants to stay there. It's too far from the mountains for the climbers/ walkers.

If it was 2 miles outside Beddgelert, and the owners knew how to access all the Welsh development-finance handout schemes, then it might be okay. 

But you'd still be competing with the National Trust.

 

 

 

Edited March 13, 2020 by Transistor Man

[Castlevania]

On 13/03/2020 at 12:43, headrow said:

I'm going for William Hill.

 

No football.

Racing to go too? Grand National must surely be at risk?

Golf cancelled.

F1 gone.

 

Their last results were shocking . No sport and a high risk that town centres get locked down like in Italy and it is the perfect storm for a debt laden company like William Hill.

Wish i had the balls to short it.

Yeah. As a shareholder in both William Hill and GVC I’m a bit concerned of a prolonged blank sporting calendar. I’d put GVC as being shakier than William Hill - they have more debt, more shops and also have physical casinos, so if those shops/casinos were forced to shut they could well be in trouble. 

Conversely if we return to normalish within a month those shares are cheap.