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One Of The Largest Independent Electrical Retailers Belly Up

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Sad day for the east but indicative of things ahead, this firm was founded in the 50s:

http://www.edp24.co.uk/business/norfolk_electrical_firm_bennetts_goes_into_administration_1_826790

Norfolk electrical firm Bennetts goes into administration

by Dan Grimmer

Friday, March 11, 2011

11:21 AM

Hundreds of workers are facing an uncertain future after Norwich-based electrical retailer Bennetts went into administration.

Stores shut early yesterday as staff were given the news that administrators PKF had been called in and that their jobs were on the line.

Managing director Mike Jones last night said he was too “shattered” to speak after the day he had endured.

A press conference is being held this morning at the firm’s head office in Bowthorpe.

The electrical company employs 300 people and has 14 stores across the country, including outlets in Norwich, Costessey, Great Yarmouth, Holt, Cromer, King’s Lynn, Diss and Dereham.

While both Mr Jones and the administrators were staying tight-lipped ahead of this morning’s further announcement, staff said they had been told a buyer was being sought.

One worker at the Bennetts store at Costessey’s Longwater Retail Park said: “It came completely out of the blue, we got a telephone call at 12pm saying we had gone into administration.

“We are not being told a lot, but they said they are trying to find a buyer for the company. I asked what about our wages and they said they couldn’t tell us anything.

“It came all of sudden. We sales people had noticed a few problems with stock over the last few weeks, but we hadn’t thought much of it.

“Retail hasn’t been good, though. We thought it was down to the bad weather, but it hasn’t picked up this month.

“The people who have been coming in have been getting things fixed rather than buying something willy nilly. When I first started here you’d get people coming in who would decide there and then they were going to buy a 42-inch plasma screen TV and that isn’t happening now.”

Caroline Williams, chairman of the Norfolk Chamber of Commerce, said: “It’s dreadful news. It’s a shock and very sad that this has happened to a company which has been so supportive of developing in Norfolk and has so many stores locally.

“It’s a worrying time for staff and for other retailers which operate in the retail parks Bennetts is based in, because the mix of stores does pull people into them.

“We have to hope there is a buyer out there who will come in.”

Recent figures from the British Retail Consortium showed a worse-than-expected 0.4pc decrease in like-for-like sales for the high street as a whole, compared with February 2010. Mrs Williams said: “This shows just how fragile Norfolk businesses can be. Last year lots of businesses restructured and started cutting costs but the longer the difficult period continues the less resources they have got to draw on.”

Simon Wright, Norwich South MP said it was very bad news for the county and the city.

He said: “Bennetts is a firm with a long history in the county and a firm with a strong reputation. Everyone will be shocked by this news.

“My thoughts are with the workers who are facing a very uncertain time and I would certainly encourage them to get in touch with me.

“I very much hope a buyer can be found that will continue the retail business and keep those workers in their jobs.”

Chloe Smith, Norwich North MP, said: “This is obviously worrying news and it will be a very anxious time for workers and their families.

“The most important thing in tough economic times like these, are jobs and everybody will want to do all that they can to help in this situation.”

Visit this site for news from the press conference later today.

Customers with concerns should call the helpline on 0845 458 2000.

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Bloke at my daughter's school owns an electrical retailer chain. One minute he was 'going bust', next minute he had bought it off the administrators for a pittance having wiped out the debts and the next he's ringing his daughter at school telling her about his new Porsche that he'd bought.

PERHAPS HE WILL BUY BENNETTS FOR ANOTHER POUND FROM THE ADMINISTARTOR :P

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Lot's of people were going to buy a new TV but the interest on their savings is so low they have decided not to bother.

nonsense, clearly this firm hasnt invested in DIVERSITY.

Public procurement is placing growing demands on businesses to provide information on their equality and diversity practices in order to meet both business and legal objectives and imperatives. The public sector spends close to £160 billion annually on purchasing goods and services from the private sector with 30% of British companies (and rising) contracted by the public sector.

DWfL's Procurement Standard for Equality and Diversity will help you to meet public sector equality and diversity criteria. It is also an effective method of demonstrating to buyers that you understand the business case for diversity.

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There is a lot of money in electricals for the right people

Kesa

Thierry Falque-Pierrotin 2009 to 2010

£521,838 to £2,105,430

http://kesaelectricals.com/results-and-reports#117|tab=136

Even if the company is issuing a profit warning:

Kesa (KESA.L), Europe's number three electricals retailer, reported a drop in sales over the Christmas period and warned that adjusted pretax profit was likely to come in at the lower end of market expectations. The owner of Comet stores in Britain and the Darty chain in France pointed to severe winter weather conditions as a reason for the sales drop although it also blamed a particularly weak UK market for its downbeat outlook.

http://www.reuters.com/article/2011/01/19/kesa-idUSLDE70I07220110119

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That spin off with this sort of thing is that many consumers might start steering clear of small independants now for fear of losing out if they should go bust and theres no easy way to get things sorted for problematic products.

I take it you've never had a problem with something you bought at curry's without paying the "optional extra warranty". Just for laughs call up their customer service line and choose the option "without extra warranty". Look forward to an infinite loop of Girl from Ipanema. I now only every buy from small independents but get them to price match with the best internet price i can find. Never fails.

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Norwich/Anglia is pretty unique stuck out here with no other serious city competition for approx 100 mile round trip in any direction!

All the companies take the pee on prices here, eg B&Q is FAR cheaper in North London warehouses than here!

With a quick check online for price comparison they can't get away with overcharging anymore!

With austerity hitting hard on proles, job cuts and as the population gets more internet savvy - well.

They still haven't relet the huge ex-Woolworths warehouse-shop on a major retail park called Riverside - how many years is that now?

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The era of buying a new TV every 2 or 3 years is over.

I changed mine at the end of the year, only because it had failed and been fixed and the 5 year extended warranty was up. Decided to get a new TV and get a better picture quality was never 100% happy with the old TV.

Not planning on buying another TV now for at least 5 years, if not longer.

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They also have a shop in Bangor, Wales - don't know how they came to have a shop there but a friend of mine used to be the area manager and would have to make the long trip over there from Norwich. I also know one of the directors of Bennetts through him and he's been a customer of mine for a number of years..... a sad day.

But Norwich like many other areas went through one of the biggest booms it's ever seen - I can't remember the year, maybe it was 2005?....... but Norwich was #1 in Nationwides 'property hotspots' beating London and recording a gain of 30% for just one year on the average house price.

The last year of the boom it was recording an 18% increase on the previous year - the highest in England and only 2nd to Belfast in the UK.......

From 2007:

Norwich Named As Britain's Property Boom Hotspot

There's not much money about and wages in this area are low compared to other regions because of the links to agriculture rather than industry. Don't know what average earnings are now - probably not much more than they were at the peak in 2007, but desposable incomes are a lot less now. As this bubble continues to deflate then people are going to feel poorer and poorer and will spend less and less on things they can do without and simply 'make do and mend'

You just made a grand statement of the stupidity of high house prices.

When they get to a certain point they only make bankers/housing related industries (initially) richer - bankers on the interest they vampirically suck out of the economy leaving nothing to be spent on 'replenishment' items bought in the local economy.

Companies like Tesco/Sainsbury/Asda/B&Q eg Nationwide multiple chains suck all the profits out of local economies leading to another End-game as the local economies collapse!

Your mayors/chief execs/councillors (present and past) have seriously mislead and ripped us all off allowing these beasts into our towns and cities!

Edited by erranta

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DWfL's Procurement Standard for Equality and Diversity will help you to meet public sector equality and diversity criteria. It is also an effective method of demonstrating to buyers that you understand the business case for diversity.

Sounds almost like an Atlas Shrugged quoted. I can just imagine Wesley Mouch dictating that.

A firm goes bust and there's no puns on HPC yet? How about "the plug's been pulled" or "their current loan was cut off" or "receivers socket to 'em".

Are things gutting too grim for bad puins?

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Sounds almost like an Atlas Shrugged quoted. I can just imagine Wesley Mouch dictating that.

A firm goes bust and there's no puns on HPC yet? How about "the plug's been pulled" or "their current loan was cut off" or "receivers socket to 'em".

Are things gutting too grim for bad puins?

Shocking story...

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Sounds almost like an Atlas Shrugged quoted. I can just imagine Wesley Mouch dictating that.

A firm goes bust and there's no puns on HPC yet? How about "the plug's been pulled" or "their current loan was cut off" or "receivers socket to 'em".

Are things gutting too grim for bad puins?

The greatest singer of all time Teddy sings one here for you:

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Maybe they should have listened to their accountantsL

“I really am both personally and professionally excited about the new benchmarking tool. I am often asked to meet organisations that are about to embark on the D&I journey and are quite overwhelmed. It’s so useful to be able to refer them to your site and suggest that they use the benchmark to start developing their strategy. I think the benchmark for larger organisations is long overdue. I am looking forward to formally completing it and being able to track our progress.”

Fleur Bothwick, Ernst and Young - Diversity & Inclusiveness Director

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Sad day for the east but indicative of things ahead, this firm was founded in the 50s:

http://www.edp24.co....ration_1_826790

Norfolk electrical firm Bennetts goes into administration

by Dan Grimmer

Friday, March 11, 2011

11:21 AM

Nice to see 'Lion-brand' Norfolk Worstead Wool is still going strong! B)

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nonsense, clearly this firm hasnt invested in DIVERSITY.

C'mon its starting to grate like a broken record now.... even me and Inijn have backed off the printy printy meme.

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C'mon its starting to grate like a broken record now.... even me and Inijn have backed off the printy printy meme.

My point is this.

This is NOT a meme. This is CURRENT POLICY....If you want to win contracts with public sector...you GOTTA BE IN IT. Austerity will be impossible while they carry on with this.

Suggest you read the links....

http://www.diversityworksforlondon.com/server/show/nav.006....see how Diversity works for SMEs and small businesses.

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The era of buying a new TV every 2 or 3 years is over.

The TV i bought second hand from a TV rental place (who does that now) when i was a student 15 years ago died recently so i got a mint Sony Trinitron widescreen CRT for NOTHING off Freecycle. The picture is super sharp, can't see how it could be better and I can't see the back when i'm looking at the front. Should be good for another decade or 2. **** consumerism.

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The TV i bought second hand from a TV rental place (who does that now) when i was a student 15 years ago died recently so i got a mint Sony Trinitron widescreen CRT for NOTHING off Freecycle. The picture is super sharp, can't see how it could be better and I can't see the back when i'm looking at the front. Should be good for another decade or 2. **** consumerism.

yeah, but you try putting that in a modern two bed, executive, exclusive, wireless doorbelled apartment, and try to open the front door to guests.

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yeah, but you try putting that in a modern two bed, executive, exclusive, wireless doorbelled apartment, and try to open the front door to guests.

:lol: that's true. I don't live executive style thankfully. The TV is only 24" and with only 2" wide borders so it's not huge. It's about the right size to not dominate the room.

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It'll be interesting to see how much any austerity redundancies will diverge from the principle of management keeping their jobs troughing off the taxpayer and the rest diversifying into the dole office.

Edited by billybong

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It'll be interesting to see how much any austerity redundancies will diverge from the principle of management keeping their jobs troughing off the taxpayer and the rest diversifying into the dole office.

This group already took over the miller brothers outfit a couple of years ago.

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