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Fat bloke finance..


spygirl
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Green Devil

Why bother posting links to FT paywalls? Cut and paste the text, no one can read it (unless they pay for FT).

Edited by Green Devil
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And so the hut for free cashflow begins ...

https://www.bbc.co.uk/news/uk-england-derbyshire-48432832

5 years and SD will be bust.

Even has a thread cross to 10m -+2m EUers

https://www.bbc.co.uk/news/election-2017-39973990

I first went to Shirebrook for the Today programme in the closing weeks of the referendum campaign in June last year, and what struck me almost immediately was that local people were at best uneasy and at worst afraid of what was happening to their town.

There were few obvious signs that anything much had changed - more men than you might expect wandering around in the middle of the day by themselves or in small groups, a couple of shops selling Polish food and, rather bizarrely, sticky tape stuck on windows.

The explanation for that? These were so-called HMOs - houses of multiple occupation.

Justa few EErs, just like you n me ....

 

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FT paywall so no whinging

https://www.ft.com/content/d43c8aba-839f-11e9-9935-ad75bb96c849

Lord Cuntweasel n Arcadia coming to a crunch with the LLs and pension regulator.

Cuntweasel says the 100m payment to the pension fund is the best posdible outcome.

“I believe my wife’s voluntary offer of £100m to support the scheme and the security the company has offered will be the best outcome for the pension fund, staff and creditors,” the retail tycoon told the Financial Times on Friday.

Ford Lord Cuntweasel, the HoC need to drag Lady Cuntweasel where the owner 9f 1bln pulled out of Acardia group can explain her financial genius.

The best outcome would be the return of 1bln and Lady Cuntweasel having to blow off tramps in tge park for loose change.

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Cuntweasel charged with groping.

Keep shovelling on the groping and harrasment charges, rub Lady Cuntweasels nose in it. Push for a divorce.

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  • 2 weeks later...

Lady Cuntweasel is having return more of 1bkn they robbed out of comoany.

Need to get all tgat cash out n more.

https://www.dailymail.co.uk/news/article-7131777/Sir-Philip-Greens-Arcadia-retail-empire-AVOIDS-administration.html

Blast from past. Showing what an idiot cameron - and all Pols are.

https://www.bbc.co.uk/news/uk-10961240

https://www.forbes.com/sites/andrewbusby/2018/10/27/the-rise-and-fall-of-arcadia-a-very-british-affair/#7517aadf3e00

Philip Green is well known for his aversion to all things technical - he famously still uses an old Nokia phone and never does email - and it is perhaps this aversion which led to years of under-investment, particularly in Topshop's e-commerce  platform which by now was rapidly being left behind by the new startups such as Asos, Boohoo and Missguided.

Because hes a lying bullshitting idiot.

Retail is pure logictics, which is all software.

 

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  • 2 weeks later...
  • 3 weeks later...

The great Mike Ashley shows lurches closer to disaster as the things that made Sports Direct so, err, shit come to and end - cheap labour (NMW increases hitting it), sourcing cheap Chinese versions of brands (China is expensive). buying up large cheap retail space (todays retail space is cheaper).

SD down 40% of then year.

 

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https://www.bbc.co.uk/news/business-49124375

There is confusion surrounding the release of results from Mike Ashley's Sports Direct, after the firm failed to publish them early on Friday morning.

In a statement, Sports Direct said it was "still finalising" the results, but anticipated publishing them on Friday.

It is extremely unusual for results to be delayed in this way, and one analyst called events "an utter shambles".

The full year results have already been delayed once - originally they were due to be reported on 18 July.

At the time it blamed the delay on uncertainty in trading at its House of Fraser chain and increased scrutiny of its auditor. It also indicated that it might not achieve its profits forecast.

 

Fine for a one man band running a market stall.

Not fine for a large listed company, employing 1000s.

 

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https://www.bbc.co.uk/news/business-49133626?intlink_from_url=https://www.bbc.co.uk/news/business&link_location=live-reporting-story

Sports Direct says it regrets rescuing House of Fraser in its much-delayed results, which revealed a €674m (£605m) tax bill from Belgium authorities.

The firm, which bought the department store out of administration a year ago, said: "If we had the gift of hindsight we might have made a different decision in August 2018."

It described problems at House of Fraser as "nothing short of terminal".

It added it was in talks with Belgium officials to resolve the tax bill.

The full-year results had been due to be published on 15 July but were delayed until 26 July, in part, because of uncertainty over the future trading performance of House of Fraser.

Doh!

Another 'retail genius' like Lord Cunty.

 

 

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4 hours ago, spygirl said:

Another 'retail genius' like Lord Cunty.

There is more coverage in Observer: https://www.theguardian.com/business/2019/jul/27/sports-direct-life-hard-retailers-crisis-ashley-own-making

I know it will sound like a conspiracy theory but I think he is hoping the share price tanks so he can buy some back (currently owns 62%).  I know the results are pretty poor but the statements appear to be more frank than usual for the accounts.  

I could be wrong.  

"

 

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9 hours ago, Bear Hug said:

There is more coverage in Observer: https://www.theguardian.com/business/2019/jul/27/sports-direct-life-hard-retailers-crisis-ashley-own-making

I know it will sound like a conspiracy theory but I think he is hoping the share price tanks so he can buy some back (currently owns 62%).  I know the results are pretty poor but the statements appear to be more frank than usual for the accounts.  

I could be wrong.  

"

 

I dont think Ashley thinks.

Seriously.

His business experience so far has been borrow shedloads cheaply. And ....

From wikipedia

The company was founded by Mike Ashley in 1982 as a single store in Maidenhead trading under the name of Mike Ashley Sports.[6] In 1984, Preston Sports shop was opened in London and by 1992 the company had 12 stores.[6] 1995/96 saw the stores change to Sports Soccer along with the re-location of head office and warehouse to a 100,000 sq. foot unit in Dunstable.[6] The number of retail stores had now increased to 50, along with the acquisition of the Donnay tennis and golf brand.[6] Ashley incorporated the business in 1999.[7]

By 2000, the business had 80 stores, and had formed a joint venture in Belgium, with 22 stores trading as Disport.[6] The Lillywhites chain of 10 stores and the Lonsdale brand were acquired in 2002 and by 2003, the number of retail stores had increased to 150.[6][7] In 2005 the company began a major rebrand of the stores, changing the fascias to Sports World.[6]

Until ~2000, he was pretty small scale, just flogging bankrupt sports related goods.

Come the idiots at HBOS looking for idiots to borrow loads of real estate related money, and Ashley is an idiot.

Chuck in TCs, zero hour contracts, EEs for the warehouse and SD is *the* poster boy company for the Brownian miracle.

 

Are you the Reading bearhug from Tos?

 

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9 hours ago, Bear Hug said:

Life is hard for retailers. But Sports Direct is in a crisis of Ashley’s own making

Government action is needed to preserve Britain’s high streets. But no law can protect a company from unrestrained ambition
 
Why FFS? The solution to the high street is in the high streets hand.
Shops fails, demand for high street real estate falls, so high street real estate rents and rates (which are connected to rents) fall.
Its that fucking simple.
 
If the rents (and rates) are not falling a youd expect then UKGOV needs to look at why i.e. Life compnaies/RE not marking shop values down as theres a debt issue.
 
Maybe a law applying full rates to empty units would help.
Besides mass, large scale retail is really just recent thing. Its did not exist until the mid  to late 80s.
Theres no way UKGOV should be trying to preserve high street retail more than than it should have tried to preserve Brithsh Leyland or the sales of Tamagochi.
Things changes.
Trends come and go.
 
 
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Id love to see more detail on the Belgian tax.

The coup de grace, the show-stopper, came at the end: an unresolved €674m (£605m) tax bill from the Belgian authorities. The final paragraph of the results came out of the blue and will almost certainly trigger a punitive response from investors on Monday and, in the medium term, an attempt to punish the company’s board.

SO, Guardian starts off on thei 'something must be done by UKGOV!!' line, then, a few paras later, gives the real reason - Ashley has blundered into a high tax, heavily related country - fuckknows why, Belgium is tiny - and now find  himself with a huge fucking bill.

Everyone - and I mean everyone- knows that you avoid Belgium as a country for business.

Its sign of how stupid and impulsive  idiot ashley is that he expanded there

 

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He makes out that he didn't do his homework when buying house of Fraser.  Seems doubtful albeit he always seemed on a mission to gobble up everything.

JD sports which I always compare with, seems much better company.  They also accumulate brands but they seem to manage to keep integrity.  I'm thinking of the likes of Speedo.  Ashley just appears to want his dirty fingers on any old brand, well recently the bigger or posher the better.  Maybe he has a master plan and I'm probably missing it though 

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Frank Hovis
1 minute ago, Dogtania said:

He makes out that he didn't do his homework when buying house of Fraser.  Seems doubtful albeit he always seemed on a mission to gobble up everything.

JD sports which I always compare with, seems much better company.  They also accumulate brands but they seem to manage to keep integrity.  I'm thinking of the likes of Speedo.  Ashley just appears to want his dirty fingers on any old brand, well recently the bigger or posher the better.  Maybe he has a master plan and I'm probably missing it though 

 

I think Spy's right that Ashley doesn't think.  He's been successful with a policy of expansion and was just doing more of what has worked in the past by buying HoF and trying to buy Debenhams; but now that's not working.  One old audit partner told me similar years ago in the wake of the Polly Peck / Asil Nadir scandal.  There are a lot of businessmen who can become initially rich on one good idea but if they want to continue to expand then they need to put around themselves intelligent advisers to whom they listen or they will just end up losing all the money that they made when that good idea becomes a bad one.

Like everyone else I laughed when I read about his Boardroom behaviour but it does very much paint a picture of a group that has a single unchanging strategy and no Plan B when that strategy starts failing because it hasn't bothered to develop one.

 

Quote

 

Sports Direct billionaire Mike Ashley vomited in a pub fireplace at a company meeting after downing 12 pints of lager during a drinking competition with a colleague, a court has heard.

The Newcastle United owner allegedly held senior management meetings which turned into 'pub lock-ins' involving flowing alcohol, kebabs and drinking games, a judge heard. 

It is also alleged that he played Spoof - a popular drinking game where the loser buys a round of drinks - to decide who paid an investment bank's fees.

He would also lie under tables and 'take a nap' at meetings he found boring, a judge heard today. 

 

 

https://www.dailymail.co.uk/news/article-4660614/Mike-Ashley-lay-tables-nap-boring-meetings.html

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Despite his protestations to the contrary last week, Ashley must be considering taking the business private and probably has the liquidity and financial contacts to make it happen. A business that was worth more than 800p a share at its peak in 2014 is worth 230p, or £1.2bn, now. It is also likely to be cheaper by the end of this week.

Jesus. The fuckheadedness continues...

Companies are machines. Run them right and they make money.

Run them wrong and the loose money.

Everythign abotu SD is wrong at the mo.

Sure Ashley could give all the money he made from the float back to sharehodlers, who'll take a hghe hit.

Butthen hed no longer be rich, would he.

He'll just be a cretinous moron, whose business is swallowing cash.

Again, SD is probably bust/zombie.

 

 

 

 

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4 minutes ago, Frank Hovis said:

 

I think Spy's right that Ashley doesn't think.  He's been successful with a policy of expansion and was just doing more of what has worked in the past by buying HoF and trying to buy Debenhams; but now that's not working.  One old audit partner told me similar years ago in the wake of the Polly Peck / Asil Nadir scandal.  There are a lot of businessmen who can become initially rich on one good idea but if they want to continue to expand then they need to put around themselves intelligent advisers to whom they listen or they will just end up losing all the money that they made when that good idea becomes a bad one.

Like everyone else I laughed when I read about his Boardroom behaviour but it does very much paint a picture of a group that has a single unchanging strategy and no Plan B when that strategy starts failing because it hasn't bothered to develop one.

 

 

https://www.dailymail.co.uk/news/article-4660614/Mike-Ashley-lay-tables-nap-boring-meetings.html

Look at the margins mass retail work on - sub 10%.

You have to have your logitics full automated and working smoothly.

This is why the likes of Waitrose and MnS are getting their arses served on a plate - they are tool slow, too little software.

Tnen you have the likes of Lord Cunty and Ashley, who operate with a nod and wink, no contractsm,wioth a bunch of family and drinking buddies.

Taht works OK on a small scale, where you are getting the odd blload of bankrupt stock to shift down the market.

But try doing that these days m,wehre you are sourcing stuff from all over and have to maintian anumber of expensive leases and large nubmer of employees.

Recipe for disaster.

Look a Waitrose. They were excellent in when retail was rn by people and managers. Outcompeted everyone, due to their unique postioning and employment structure n financing.

Now you seeing multiple factors hammering them - too much expansion away from the upper middle class areas. Upper middle areas housing sucking up the free cash/ fincsec joblosses. etc etc

But the main reason is they are years behind on developing their logistics platforms. They are lcueless how to start.

They always used to bang about investing in people, people first. That was fine up til about 2005. Then, companies needed to be investing in their *software assets n people*

Im deadly serious about this. Any 50+ employer company without a serious core of software people is going to die in the next 10 years.

You cannot outsource software as youll pay too much for stuff that does not meet your exact business needs.

 

 

 

 

 

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52 minutes ago, Frank Hovis said:

It is also alleged that he played Spoof - a popular drinking game where the loser buys a round of drinks - to decide who paid an investment bank's fees.

giphy.gif

 

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11 hours ago, spygirl said:

Life is hard for retailers. But Sports Direct is in a crisis of Ashley’s own making

Government action is needed to preserve Britain’s high streets. But no law can protect a company from unrestrained ambition
 
Why FFS? The solution to the high street is in the high streets hand.
Shops fails, demand for high street real estate falls, so high street real estate rents and rates (which are connected to rents) fall.
Its that fucking simple.
 
If the rents (and rates) are not falling a youd expect then UKGOV needs to look at why i.e. Life compnaies/RE not marking shop values down as theres a debt issue.
 
Maybe a law applying full rates to empty units would help.
Besides mass, large scale retail is really just recent thing. Its did not exist until the mid  to late 80s.
Theres no way UKGOV should be trying to preserve high street retail more than than it should have tried to preserve Brithsh Leyland or the sales of Tamagochi.
Things changes.
Trends come and go.
 
 

Looking at high streets in European mainland they're mostly not empty. The reason is that most European countries have laws giving favorable tax rates to smaller shops. Under the current UK system only chains can afford them not independents and that is why our high streets look awfully similar - same 10 brands everywhere. In France or Holland you struggle to find chains. 

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