What's going to collapse next...

[Bilbo]

Not looking good out there!

Daily Telegraph again

Christmas cost crunch sees 76pc jump in insolvencies

The number of companies running out of cash in December jumped 76pc as inflation and strikes put pressure on businesses, new government figures show.

Senior economics reporter Eir Nolsøe has the latest:

Rising interest rates, squeezed household budgets and economic uncertainty are increasingly weighing on companies, with 1,964 becoming insolvent in December.

This happens when a business is unable to pay its bills or has more liabilities than assets, meaning it is in danger of being closed down.

The figure, for England and Wales, is higher than the December before the pandemic and is also 32pc higher than during the same month last year. Government intervention suppressed insolvencies during and in the immediate aftermath of the pandemic.

Christina Fitzgerald, president of insolvency and restructuring trade body R3, said strikes, bad weather and the last three year's economic challenges are adding to pressures faced by business owners.

She said: "December and January are critical periods for many firms. Directors are very concerned about the effects of energy and staff costs, as well as fears about how the cost-of-living crisis will impact on their income this year."

[spygirl]

Anyone watching Adani?

Indians being Indian ...

 

[HousePriceMania]

1 hour ago, spygirl said:

Anyone watching Adani?

Indians being Indian ...

 

I was going to short them buy couldn't see anywhere that I could.

And now I am really annoyed...

 

 Adani Enterprises Ltd

2,834.10 INR-554.85 (-16.37%)today

[HousePriceMania]

Get;s more annoying, I was looking up the wrong symbol and coulda shorted them on Interactive Brokers :-( 

[Bilbo]

Byby Flybe again!

https://www.bbc.co.uk/news/uk-64436500

[spygirl]

On 27/01/2023 at 07:55, spygirl said:

Anyone watching Adani?

Indians being Indian ...

 

[spygirl]

 ‘Patriotism is the last refuge of the scoundrel.’

Adani Group says short seller’s report was ‘calculated attack on India’

Research from Hindenburg wiped more than $50bn from conglomerate’s value last week

https://www.ft.com/content/f0403ce4-98f9-4aed-8af7-a7f0b3ad1445

[Bilbo]

Paperchase gone again.

https://www.dailymail.co.uk/news/article-11696363/Paperchase-plunges-administration-failing-buyer.html

 

[Stuey]

1 hour ago, Bilbo said:

Paperchase gone again.

https://www.dailymail.co.uk/news/article-11696363/Paperchase-plunges-administration-failing-buyer.html

 

 

[Option5]

1 hour ago, Bilbo said:

Paperchase gone again.

https://www.dailymail.co.uk/news/article-11696363/Paperchase-plunges-administration-failing-buyer.html

 

Stock and business name bought by Tesco, who are also laying off 2000 people.

Perhaps an accountant figured out that buying Paperchase stock was cheaper than buying 2000 farewell cards from a wholesalers?

[HousePriceMania]

Paper chasing t he market down

[Boon]

Really it is amazing that Paperchase lasted so long, quite the definition of a zombie company.

If the shops and brand disappeared tommorow nobody would give a shit and people would just buy other stuff.

It surprised me why they had stores in London terminus stations. Much like Tie Rack it just seemed to depend upon last minute impulse buys. 

Nevertheless is probably still some equity in the brand name.

[sancho panza]

https://uk.finance.yahoo.com/news/wilko-plans-cut-jobs-part-182647180.html

Wilko plans to cut 400 jobs as part of restructuring after fall in sales

 

“Wilko is going through significant changes at the moment and ultimately the business is in a fight for survival,” said Nadine Houghton, GMB national officer.

“We are seeing continued and increasing job losses throughout the retail sector and this is something that warrants an urgent, strategic response from the government.”

The cut-price retailer borrowed £40m from restructuring specialist Hilco and rejigged its leadership team as it faced a cash squeeze after falling to a loss.

At least one credit insurer has withdrawn cover for the retailer, prompting some suppliers to pause deliveries. Wilko told suppliers in a meeting before Christmas that it was “debt free” but did not have sufficient funds to pay them upfront.

Former Bensons for Beds chair Chris Howell has taken over from Lisa Wilkinson, a member of the founding family, as chair, after another former Bensons executive, Mark Jackson, stepped in as chief executive before Christmas, the group’s third in three years.

Wilko’s struggles come as the number of shoppers out and about remains more than 10% below pre-pandemic levels.

While consumer spending has been better than expected in recent months, retailers say shoppers are being cautious about what they buy amid rising energy bills, food costs and mortgage rates.

[Phil]

Mate just phoned me. He's gaffer formain contractor on Social housing scheme Dudley. The goundworkers just been told they are getting a 16% cut in wages. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

So for the big box thingy. Phone playing up.

 

 

[Underwhelmed]

5 minutes ago, Phil said:

Mate just phoned me. He's gaffer formain contractor on Social housing scheme Dudley. The goundworkers just been told they are getting a 16% cut in wages. 

 

brutal, surely better of on benefits

[Phil]

33 minutes ago, Underwhelmed said:

brutal, surely better of on benefits

They will all be subbies to the subbie. 200 a shift. Now 168 a shift. The subbie has had to cut the money as the principal contractor will have had to make a saving. Shit rolls down hill. Groundwork is a dirty manual job. That said, at least they have their big fat public sector pensi…… oh, they don’t. Con….struction. It’s in the name. 

Just now, Phil said:

They will all be subbies to the subbie. 200 a shift. Now 168 a shift. The subbie has had to cut the money as the principal contractor will have had to make a saving. Shit rolls down hill. Groundwork is a dirty manual job. That said, at least they have their big fat public sector pensi…… oh, they don’t. Con….struction. It’s in the name. 

Doubt they will claim. Most don’t until totally desperate.

[Option5]

Purple Bricks?

BBC News - Purplebricks: Struggling online estate agent puts itself up for sale
https://www.bbc.co.uk/news/business-64678984

[leonardratso]

1 hour ago, Option5 said:

Purple Bricks?

BBC News - Purplebricks: Struggling online estate agent puts itself up for sale
https://www.bbc.co.uk/news/business-64678984

they should use foxtons to advertise it.

[Option5]

1 hour ago, leonardratso said:

they should use foxtons to advertise it.

I hope Zeus Capital don't charge them a commission.

Oh Commissary !

[Ash4781b]

3 hours ago, Option5 said:

Purple Bricks?

BBC News - Purplebricks: Struggling online estate agent puts itself up for sale
https://www.bbc.co.uk/news/business-64678984

Blimey. I wonder what their balance sheet looks like. Might take a look later. Is their brand value there? I don’t like the branding personally. I mean I heard of them but presume have to spend loads on marketing. 

[reformed nice guy]

24 minutes ago, Ash4781b said:

Blimey. I wonder what their balance sheet looks like. Might take a look later. Is their brand value there? I don’t like the branding personally. I mean I heard of them but presume have to spend loads on marketing. 

It probably has healthy levels of ESG, a strong and growing diversity quotient, and a strong commitment to net zero...... but no money or real assets

[gibbon]

On 17/02/2023 at 19:08, Ash4781b said:

Blimey. I wonder what their balance sheet looks like. Might take a look later. Is their brand value there? I don’t like the branding personally. I mean I heard of them but presume have to spend loads on marketing. 

£1 million a day wasn't it at one point? 

I reckon we're at the precipice now. Mass business bankruptcies. The banksters can't do anymore QE without sending us into Weirmar republic 2.0 hyperinflation land.  Any business that doesn't directly rely on importing millions of gimmigrants a year/people farming/rentierism/btl is going to rapidly start to go under as this seems to be the only soultion TPTB can come up with. 

I need to buy more gold.

[JoeDavola]

On 17/02/2023 at 19:08, Ash4781b said:

Blimey. I wonder what their balance sheet looks like. Might take a look later. Is their brand value there? I don’t like the branding personally. I mean I heard of them but presume have to spend loads on marketing. 

I always thought that their branding looked a bit 'bargain basement'.

People are up their own arses when it comes to selling their pwoperdeeeee so like an EA with a posh-sounding name like some law firm to give a kind of facade of prestige even though in reality they're all scumbag dodgy used car salesmen.

If it's losing 10 million a year I don't get how it's worth anything quite frankly, maybe someone can buy it digitally transform it and move it to the cloud or something.....

 

 

 

 

 

 

....and by that I mean outsource the lot to India.

Edited February 20, 2023 by JoeDavola

[One percent]

I really didn’t know where to post this.  My car was booked in to the main stealer for a service this week. I’ve just had a call to cancel the appointment as the garage is shutting.  Never, ever heard of a main stealer shutting before.  

[eek]

47 minutes ago, One percent said:

I really didn’t know where to post this.  My car was booked in to the main stealer for a service this week. I’ve just had a call to cancel the appointment as the garage is shutting.  Never, ever heard of a main stealer shutting before.  

which brand?