Warwick-Watcher Posted January 29, 2013 Share Posted January 29, 2013 2e2 going insolvent. Based in Newbury employing over 1,500 people apparently. Turnover £400 million, debts of £270 million. Not looking good, unless you're a director or a vulture PE fund (who are no doubt preferred creditors). Quote from The Times (repeated from The Register) :- "It represents a notable fall from grace for 2e2, which had long been regarded as a potential candidate for a stock market flotation. In 2010 the information technology provider acquired Morse, a listed rival, for £70 million. In 2011 it was the subject of a takeover bid from Cable & Wireless Worldwide that valued it at £360 million. But 2e2 breached its banking covenants in December, according to The Register, a technology blog, and was rumoured to be running short of cash after a series of late payments." Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 29, 2013 Share Posted January 29, 2013 Hopium is strong in this company: "Customers will be asked to undertake to pay amounts due to the companies (without set-off or counterclaims) together with an undertaking to pay for the ongoing cost of services as they are incurred at the existing contractual rates," the memo to staff stated. 2e2 advised its workers that when "fielding calls" from vendors considered "critical" to the business, staff should "continue to trade and make a note of the contact details and message and forward by email to Martin Oxley" - who is the UK finance director." so they are bust, they owe a fortune, cant pay the staff, yet expect everyone to pay up normally. Saying that, Ive never heard of them. Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted January 29, 2013 Author Share Posted January 29, 2013 Hopium is strong in this company: "Customers will be asked to undertake to pay amounts due to the companies (without set-off or counterclaims) together with an undertaking to pay for the ongoing cost of services as they are incurred at the existing contractual rates," the memo to staff stated. 2e2 advised its workers that when "fielding calls" from vendors considered "critical" to the business, staff should "continue to trade and make a note of the contact details and message and forward by email to Martin Oxley" - who is the UK finance director." so they are bust, they owe a fortune, cant pay the staff, yet expect everyone to pay up normally. Saying that, Ive never heard of them. Me neither but the story was in the Times so it must be true ! Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 29, 2013 Share Posted January 29, 2013 Me neither but the story was in the Times so it must be true ! A Director: http://www.parliament.uk/biographies/lords/anthony-st-john/26505 loses a job, but he's not so lazy as to have another one at hand. Quote Link to comment Share on other sites More sharing options...
Venger Posted January 29, 2013 Share Posted January 29, 2013 2e2. I'm sure bubble thinking has a lot to do with the choice names. Like G4S. I was surprised when jonb explained it was from the merger of high recognition brands of Group 4 and Securicor. A4E. Stupid. Dumbed down. 2e2 has written to its creditors and suppliers, and it is understood there are some rather meaty debts owed to distributors, vendors and rival reseller-cum-integrators, believed to be in the ballpark of tens of millions of pounds. http://www.channelregister.co.uk/2013/01/29/2e2_redundancies/ Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted January 29, 2013 Share Posted January 29, 2013 Hopium is strong in this company: "Customers will be asked to undertake to pay amounts due to the companies (without set-off or counterclaims) together with an undertaking to pay for the ongoing cost of services as they are incurred at the existing contractual rates," the memo to staff stated. 2e2 advised its workers that when "fielding calls" from vendors considered "critical" to the business, staff should "continue to trade and make a note of the contact details and message and forward by email to Martin Oxley" - who is the UK finance director." so they are bust, they owe a fortune, cant pay the staff, yet expect everyone to pay up normally. Saying that, Ive never heard of them. They owe us a few bob from supplying services nothing to lose sleep over. Poorly managed but staff generally good. Not a comet the majority will be on new contracts by Friday direct with clients or people like us. Poor mans Computercentre in terms of business offering Quote Link to comment Share on other sites More sharing options...
chronyx Posted January 29, 2013 Share Posted January 29, 2013 2e2. I'm sure bubble thinking has a lot to do with the choice names. Like G4S. I was surprised when jonb explained it was from the merger of high recognition brands of Group 4 and Securicor. A4E. Stupid. Dumbed down. http://www.channelregister.co.uk/2013/01/29/2e2_redundancies/ FU2 Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 29, 2013 Share Posted January 29, 2013 They owe us a few bob from supplying services nothing to lose sleep over. Poorly managed but staff generally good. Not a comet the majority will be on new contracts by Friday direct with clients or people like us. Poor mans Computercentre in terms of business offering we'll probably find many of their staff are nothing to do with the end product...and some employees are just not cut out to be contractors. Quote Link to comment Share on other sites More sharing options...
Venger Posted January 29, 2013 Share Posted January 29, 2013 FU2 Is that your credit rating? Quote Link to comment Share on other sites More sharing options...
Travisher Posted January 29, 2013 Share Posted January 29, 2013 In 2010 the information technology provider acquired Morse, a listed rival, for £70 million. In 2011 it was the subject of a takeover bid from Cable & Wireless Worldwide that valued it at £360 million. Ho hum, from my experience of buying from Morse they overpaid for them, but then I'd reckon that, whatever they paid for Morse. As to C&W bidding £360M to take it over, they specialise in buying high and selling low so they missed a trick on this one. Quote Link to comment Share on other sites More sharing options...
easy2012 Posted January 29, 2013 Share Posted January 29, 2013 They owe us a few bob from supplying services nothing to lose sleep over. Poorly managed but staff generally good. Not a comet the majority will be on new contracts by Friday direct with clients or people like us. Poor mans Computercentre in terms of business offering It would have survived if not being loaded with debt to the eye ball by the private equity. Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted January 29, 2013 Share Posted January 29, 2013 FU2 A friend's postcode used to end 4QU. Quote Link to comment Share on other sites More sharing options...
200p Posted January 29, 2013 Share Posted January 29, 2013 A4E EE Floorz2go Assetz Quote Link to comment Share on other sites More sharing options...
phead Posted January 29, 2013 Share Posted January 29, 2013 Hopium is strong in this company: so they are bust, they owe a fortune, cant pay the staff, yet expect everyone to pay up normally. Lol thats a good one, espically as i overheard talks today between the customers and other companies about how they would be dumped like a bad smell. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted January 29, 2013 Share Posted January 29, 2013 (edited) This fecklessness is catching! The only answer is to ban daytime TV and hire window knockers in the morning and have council wardens fine people for leaving their blinds or curtains closed all day. Edited January 29, 2013 by Secure Tenant Quote Link to comment Share on other sites More sharing options...
bigkid Posted January 29, 2013 Share Posted January 29, 2013 Massive government waste on failed IT projects being reined in? Will still be massive waste just not quite as a massive as before. Quote Link to comment Share on other sites More sharing options...
Olebrum Posted January 30, 2013 Share Posted January 30, 2013 Some part time, zero hour contract, jobs will be right along to replace those and make things look all rosy, just like Daves little cheeks. Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted February 8, 2013 Author Share Posted February 8, 2013 Some part time, zero hour contract, jobs will be right along to replace those and make things look all rosy, just like Daves little cheeks. And as forecast 2E2 has indeed gone pop. http://www.channelregister.co.uk/2013/02/08/2e2_cloud_nightmare/ And now it seems that the NHS will be impacted. So much for Business Continuity Planning if it could take 16 weeks to re-locate data centres! Quote Link to comment Share on other sites More sharing options...
billybong Posted February 8, 2013 Share Posted February 8, 2013 (edited) There starts to come a point when it sounds like the in-house paper systems were better - or at least more reliable and ultimately cheaper. Especially in the days of cheapish labour. Edited February 8, 2013 by billybong Quote Link to comment Share on other sites More sharing options...
Conrad Posted February 8, 2013 Share Posted February 8, 2013 They were a well run business many moons ago. But typical private equity backed and went on a buying sprey of hostile takeovers aiming one day to float on the stock exchange. Greedy C**nts Quote Link to comment Share on other sites More sharing options...
Conrad Posted February 8, 2013 Share Posted February 8, 2013 When it goes into administration I take it the money lenders get there money first and the customers can wait in line Quote Link to comment Share on other sites More sharing options...
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