What's going to collapse next...

[Bus Stop Boxer]

On 28/10/2023 at 11:15, The Masked Tulip said:

 

Look fab. I will have a nose at that site.

I have been looking for 3 years now via Gumtree and ebay for a decent cheap bike to convert to a Bafang. Nothing anywhere decent. I am told that the best place is Facebook marketplace. I am loathe to join up to FB. though.

Ive just got the lite app on my phone for buying only. No "friends" or other interactions whatsoever.

I find this tolerable and does flag up the odd bargain.

[Stuey]

11 hours ago, Ash4781b said:

“The unseasonably warm weather in September also dented demand for its products, the statement added.” 

I don’t quite follow the thinking there to be honest.

is that really their HQ? Maybe rented I guess but Looks like their HQ needed new windows.

I guess there will be threads in forums as suspect some people will be losing deposits etc.

 

Looks horrific to work in, and I bet it veers between 16C and 26C depending if the sun is shining and who has control of the air con dial. 

[leonardratso]

4 hours ago, Stuey said:

Looks horrific to work in, and I bet it veers between 16C and 26C depending if the sun is shining and who has control of the air con dial. 

You buy one, you get one free.

[spygirl]

WeWork(ed)
Apparently.

https://www.bbc.co.uk/news/business-67281739

Amazing what a return to low to medium IR has done to magic economy.

Now the pain will be moving out ofthe private/business sector and into the business sector.

We';; soon find out how important all th the UK public setcor spend is.

A nice chart from BBC, showing the independence of the BoE

https://www.bbc.co.uk/news/business-67262339

Nothing to do with Liz n Kwsis then.

 

[Andersen]

Tata Steel in the UK is one to watch (UK plants being closed, production transferred to the Indian parent sites ?)

https://www.dosbods.co.uk/topic/26191-tata-steel-fiasco/ 

[sarahbell]

On 06/03/2023 at 16:28, sleepwello'nights said:

I reckon its the first. From the little I thought I knew about automotive Franchise dealers the sales side is a loss leader with the profitable bit being service and repairs. 

Please correct me if I'm wrong.

Electric car repairs: any money in that? 

[AWW]

On 04/11/2023 at 08:40, sarahbell said:

Electric car repairs: any money in that? 

From what I've seen, they don't break very often, but when they do, it's usually an expensive enough fix to write the car off. Sō, no.

Edited November 20, 2023 by AWW

[wherebee]

OOF

https://au.news.yahoo.com/china-wealth-manager-zhongzhi-flags-024319489.html

 

[UmBongo]

A lot of boarded up shops around Soho and Covent Garden. Business rates are eye watering. Even a tea shop that has been in business for 4 decades has had to close down and just operate online only.

 

[sancho panza]

cant be long before these sorts of businessess feel the pinch

thye must have a lot of leases

https://uk.finance.yahoo.com/news/topps-tiles-cautions-over-sliding-094610135.html

Topps Tiles cautions over sliding sales as annual profits slump

Retailer Topps Tiles has seen annual profits tumble by more than a third and warned over weaker recent trading amid a housing market slowdown and consumer spending woes.

The tile chain reported a 38 per cent plunge in pre-tax profits to £6.8 million for the year to September 30 as soaring costs offset a 6.3 per cent rise in group revenues.

Its main Topps Tiles brand saw comparable store sales lift 3.1 per cent over the year.

 

The group cautioned over a “weakening of discretionary consumer spending” that is impacting trading so far in its new financial year, with like-for-like Topps Tiles sales down 6.1% in the first eight weeks.

Overall group sales are three per cent lower in the two months, it added.

[sancho panza]

https://uk.finance.yahoo.com/news/pets-home-back-full-guidance-074022102.html

Pets at Home’s profit slumps as higher wages bite

Pets at Home has backed its full-year guidance despite recording a 19.3 per cent decline in underlying profit before tax for the 28-week period to 12 October.

The popular pet retailer blamed high costs and a rise in the national living wage for the hit to earnings.

During the period, retail revenue grew 5.2 per cent but fell 2.7 per cent on a like-for-like basis due to short-term availability issues on its stock.

 

The firm was also impacted by moving its goods to a new distribution centre in Staford, which now completes 100 per cent of its deliveries to stores.

[sancho panza]

he needs tog et on the phone to El Tone.

so let ol sancho get his traight.making £40mn loss on revenues of £45.2mn?????

Euan should become an MP

https://www.telegraph.co.uk/business/2023/11/28/euan-blair-start-up-multiverse-cuts-jobs-us-expansion/

A start-up founded by the son of former Labour prime minister Tony Blair has laid off dozens of its staff in fresh cut backs as losses tripled to over £40m.

Multiverse, which was founded by Euan Blair in 2016, told staff that 44 people, around 5pc of its total workforce, would be sacked after its efforts to break into the US stalled.

In an email to staff sent on Tuesday, Mr Blair said the job cuts were the “toughest decision I have made to date”. He said revenues had not grown as fast as hoped in the US and it had more staff than it needed.

The company’s net loss increased to £40.5m in the year to March, up from £14.2m in the 12 months prior. Revenues grew to £45.2m, an increase of 66pc.

Mr Blair said the company’s losses were “perfectly normal for a company at our stage”, but that it still needed to become a “sustainable, profitable company”. He said the cuts were “not a sign of financial instability”.

Multiverse has raised more than £300m in venture capital funding from investors including General Catalyst and Google Ventures, valuing it last year at £1.4bn. In its accounts, Multiverse said it now works with over 13,300 apprentices.

[sancho panza]

https://www.telegraph.co.uk/business/2023/11/29/halfords-warns-lower-profits-slump-new-bike-sale/

Halfords warns of lower profits amid slump in new bike sales

Customers are being careful about spending on non-essential products

Shares in the retailer plunged as much as 22pc as it trimmed its profit forecasts for the full year, saying it was now not likely to record underlying profits of £58m.

[Balding Badger]

Nottingham City Council - another one effectively bankrupt - presumably Christmas job losses to come?

[spunko]

19 hours ago, sancho panza said:

he needs tog et on the phone to El Tone.

so let ol sancho get his traight.making £40mn loss on revenues of £45.2mn?????

Euan should become an MP

https://www.telegraph.co.uk/business/2023/11/28/euan-blair-start-up-multiverse-cuts-jobs-us-expansion/

A start-up founded by the son of former Labour prime minister Tony Blair has laid off dozens of its staff in fresh cut backs as losses tripled to over £40m.

Multiverse, which was founded by Euan Blair in 2016, told staff that 44 people, around 5pc of its total workforce, would be sacked after its efforts to break into the US stalled.

In an email to staff sent on Tuesday, Mr Blair said the job cuts were the “toughest decision I have made to date”. He said revenues had not grown as fast as hoped in the US and it had more staff than it needed.

The company’s net loss increased to £40.5m in the year to March, up from £14.2m in the 12 months prior. Revenues grew to £45.2m, an increase of 66pc.

Mr Blair said the company’s losses were “perfectly normal for a company at our stage”, but that it still needed to become a “sustainable, profitable company”. He said the cuts were “not a sign of financial instability”.

Multiverse has raised more than £300m in venture capital funding from investors including General Catalyst and Google Ventures, valuing it last year at £1.4bn. In its accounts, Multiverse said it now works with over 13,300 apprentices.

One good thing about this coming recession is it'll take out all these leeches and non-businesses that are being propped up by private equity. In simple terms if a business cannot make a profit in 8 years then it isn't viable. The common response to this is that 'well, Amazon made a loss for XYZ years!" which is true but that was due to creative accounting to reduce tax bills.

If you're not turning a big profit after 3-4 years your company isn't viable.

[sleepwello'nights]

14 minutes ago, spunko said:

 The common response to this is that 'well, Amazon made a loss for XYZ years!" which is true but that was due to creative accounting to reduce tax bills.

If you're not turning a big profit after 3-4 years your company isn't viable.

There are other metrics to view Amazon's performance since its inception in 1995. It has actually been profitable for most of its existence. 

https://www.investopedia.com/how-amazon-makes-money-4587523

https://www.vox.com/recode/2019/8/21/20826405/amazons-profits-revenue-free-cash-flow-explained-charts

[belfastchild]

1 hour ago, spunko said:

If you're not turning a big profit after 3-4 years your company isn't viable.

Didnt that used to be a HMRC line or rule? Maybe not rule but I remember when I set up my own business (and subsequent ones) that they would take a dim view if you didnt make a reasonable liveable profit after 3 years. Back then it was hobby businesses and writing stuff off against tax unnecessarily. HMRC could decide you were at your lark the whole time and say cough up.

Before tax credits and all that stuff I suppose when you actually did have to make money or you went back to having a proper job when your savings ran out.

[spygirl]

On 29/11/2023 at 20:42, belfastchild said:

Didnt that used to be a HMRC line or rule? Maybe not rule but I remember when I set up my own business (and subsequent ones) that they would take a dim view if you didnt make a reasonable liveable profit after 3 years. Back then it was hobby businesses and writing stuff off against tax unnecessarily. HMRC could decide you were at your lark the whole time and say cough up.

Before tax credits and all that stuff I suppose when you actually did have to make money or you went back to having a proper job when your savings ran out.

It was about 2 years.

If you'd not shown any ability to make one after 2y they push to dissolve the LtdCo.

Partly to remove tax advantages, party to avoid paper work n partly to save people from themselves.

Iirc thus is one reason why FHL are hired off from LtdCo - tgetpy just don't make money.

 

[sancho panza]

https://www.telegraph.co.uk/business/2023/11/30/inside-scramble-save-saga-debt-mountain-euan-sutherland/

The scramble to save Saga from sinking under a mountain of debt

Saga is struggling with debts of £657m that dwarf its market value, which stands at a little over £160m.

 

 

Soaring interest rates have left it scrambling to reduce that borrowing pile rather than refinance at much higher rates.

Investment bank Lazard has been drafted in to help fix Saga’s finances and bankers have revived plans to sell Saga’s insurance underwriting business to raise cash.

Yet just as Lazard seeks to bail out the business, the captain is leaving the ship.

[sancho panza]

price up=sales ........

the aldi version tastes alreet.....

anotehr brand bites the dust

https://www.telegraph.co.uk/business/2023/11/27/branston-pickle-mizkan-euro-price-increase-costs-inflation/

Branston Pickle maker forced to make ‘unprecedented’ price increases

The maker of Branston Pickle has been forced to make “unprecedented” price increases after manufacturing costs soared.

Mizkan Euro, which sells Sarson’s Vinegar as well as the ploughman’s lunch staple, said in newly filed accounts that the business was impacted by the rising cost of energy and packaging.

This led to a 40pc jump in the price of Branson Pickle in some stores, as research shows that a 360g jar in Tesco rose from £1.50 to £2.10 over the past two years. 

[wherebee]

Ever get the feeling that ALL Banking systems are full of dead banks walking, covered up by fraud and corruption?

 

https://asia.nikkei.com/Spotlight/Society/Crime/Vietnam-alleges-12bn-embezzlement-by-property-firm-and-bank

[spygirl]

Austrian property group Signa Holding files for insolvency

Sam Jones in Berlin

Signa Holding, the sprawling European property empire of Austrian billionaire René Benko, has filed for insolvency proceedings in Vienna.

The heavily indebted group said in a statement on Wednesday it had applied for self-administration — a concept in Austrian corporate law where a company works to try to restructure itself without handing full control of the process to an external administrator.

“Despite considerable efforts in recent weeks, the necessary liquidity for an out-of-court restructuring process could not be sufficiently secured, and so Signa Holding has now applied for reorganisation proceedings,” the group said.

The filing will raise concerns for dozens of European banks, including Switzerland’s Julius Baer and Austria’s Raiffeisen, over their exposures to Signa and Benko, which have sent shares tumbling in recent days.

[spygirl]

Hard to stress how bad Sigma is.

Bentko had the clever idea to tie up lots of Euro Pols in hus venture.

Europe does offer a lot of opportunities for elder statements to leech off orgs why they retire, so they tend to blindly sink thier teeth into any turd, without looking.

In all, Signa claims to have a portfolio of buildings worth more than €27bn and a pipeline of developments worth €25bn, according to presentations it has given to investors.

 

https://www.reuters.com/markets/europe/benkos-complex-web-signa-chrysler-building-berlin-landmark-2023-12-01/

 

https://www.bloomberg.com/news/articles/2023-11-30/signa-founder-rene-benko-goes-from-high-flying-billionaire-to-wealth-blowup?leadSource=uverify wall

 

[spygirl]

Combine Sigma with EG group....

[sancho panza]

at the other ene dof the csale

https://www.telegraph.co.uk/business/2023/12/01/tunnocks-teacake-maker-thomas-tunnock-hit-jump-costs/

Tunnock’s Teacakes maker suffers 80 per cent drop in profits

Company grappling with 80pc plunge in profits despite hiking prices by 10pc since 2022

The maker of Tunnock’s Teacakes has seen profits plunge by more than 80pc after the company was hit by an “unprecedented” jump in costs. 

Sir Boyd Tunnock, head of the Uddingston-based Thomas Tunnock, said the rising cost of ingredients and energy had led to profits falling from £5.5m to £1m in the past year.

That was despite the business hiking prices by around 10pc since 2022, which has taken the cost of a six-pack of Tunnock’s Teacakes in Tesco to £1.10 – up from 99p.

Sir Boyd, who is the grandson of the company’s founder Thomas Tunnock, said in recent company filings: “These cost increases are very challenging and have impacted the company’s financial performance.” 

A spokesman said Tunnock’s had chosen to absorb the bulk of its costs but the company said it predicts they will remain high.

Edited December 4, 2023 by sancho panza