Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Thomson Directories Placed Into Administration

Recommended Posts

http://www.thedrum.com/news/2013/08/14/thomson-directories-placed-administration

Thomson Directories, the UK subsidiary of Italian publisher of telephone directories and street maps, Seat Pagine Gialle (SPG), is understood to have entered administration. The Drum has learned that the local business directory has informed staff of administration process which took place today, with a consultation process over redundancies thought to be already underway. Staff are also said to have also been informed that there are three potential buyers for the business, although their identity is unknown at this time.

I nearly posted yesterday that this had been delivered and appeared even smaller and thinner than the previous years.

Hard to see how the business can be viable in the internet age. Can't even remember the last time I looked at it.

http://www.dailymail.co.uk/news/article-2393954/Sacked-left-stranded-phone-book-staff-called-HQ-fired-told-hand-company-cars.html

Sacked and left stranded: phone book staff called to HQ, fired and told to hand over company cars

People drove across country to be made redundant as company had gone into administration

Parents were told to remove child equipment before handing over company cars as well as company mobile phones

They were left to return home on public transport to places such as Devon, Leeds, Manchester and North Wales

Well handled by the administrators I think.

Share this post


Link to post
Share on other sites

http://www.thedrum.com/news/2013/08/14/thomson-directories-placed-administration

I nearly posted yesterday that this had been delivered and appeared even smaller and thinner than the previous years.

Hard to see how the business can be viable in the internet age. Can't even remember the last time I looked at it.

http://www.dailymail.co.uk/news/article-2393954/Sacked-left-stranded-phone-book-staff-called-HQ-fired-told-hand-company-cars.html

Well handled by the administrators I think.

I think the same about yellow pages, may have looked online once or twice, but never look through book one year to the next.

Share this post


Link to post
Share on other sites

Had yellow pages ppopped through the letterbox the other day, went straight into the paper recycling - haven't looked in one for over 12 months. Same with Thompson

Share this post


Link to post
Share on other sites

Had yellow pages ppopped through the letterbox the other day, went straight into the paper recycling - haven't looked in one for over 12 months. Same with Thompson

Poor Emma. Actually I think it's bad when they don't give some notice. To turn up to work and get a shock like that. Not right.

Read this a few weeks ago..

Yellow Pages publisher Hibu to be handed to lenders

hu Jul 25, 2013 12:03pm BST

(Reuters) - Lenders are set to take control of Hibu Plc (HIBU.L) in a debt-for-equity deal, ending the British Yellow Pages publisher's two-year struggle under the weight of 2.3 billion pounds of debt.

The proposed deal would cut the company's debt to 1.5 billion pounds and give lenders control of the business and access to any surplus cash generated.

The agreement is subject to approval from lenders holding 75 percent of the debt, the company said. The deal already has the backing of lenders holding 32.8 percent of Hibu's debt.

Hibu built its debt pile through a series of ambitious acquisitions in the mid-2000s, including a 3.3 billion euro deal to buy a Spanish directories business in 2006.

The company has struggled with a relentless fall in sales as its digital business has not grown fast enough to offset the sharp decline in print revenue.

more at http://uk.reuters.co...E96O0DG20130725

I guess just another example of how debtors matter most, and creditors not. :rolleyes:

Edited by Venger

Share this post


Link to post
Share on other sites
Guest eight

Struggling under £2.3bn of debt yet somehow if it's only £1.5bn suddenly it will be a profitable business? :lol::lol:

Even in this day and age £2.3B debt takes some getting into. Especially if all you do is print a doorstopper once a year. Epic fail.

Share this post


Link to post
Share on other sites

Had yellow pages ppopped through the letterbox the other day, went straight into the paper recycling - haven't looked in one for over 12 months. Same with Thompson

I have used one loads in the last few months.

Tons of businesses don't have websites.

Share this post


Link to post
Share on other sites

Struggling under £2.3bn of debt yet somehow if it's only £1.5bn suddenly it will be a profitable business? :lol::lol:

At least it looks to be debt owned by the banks, on a company they've now taken over.

Control taken by banks though, and shareholder taken a hit.

Probably previous owners and directors set to be pushed out from the nice earnings they were enjoying, despite mistakes by the company, and now perhaps to be replaced by younger meaner smarter blood to run the company for the banks?

To be given their opportunity to first try and steady things, restructure, and then generate some wealth for themselves. Perhaps at some stage offer the bank a buy-out deal maybe. How markets should work, imo.

Older failures out, not kept supported for their big debt mistakes, and younger people in with opportunity, hopefully having some caution for future operations, heeding why company hit problems in the first place. (Unlike Serpico, who bought in a bust, but overstretched to try and own everything in the next boom, and lost it all).

Shares trading at 604p in 2007

Today: 0.17p (possibly suspended at that level - I don't know)

52 wk High 1.82p

Hibu Chairman Bob Wigley said in a letter to shareholders that the deal would safeguard the company's 12,000 employees. (r.reuters.com/ryn89t)

However, DeGroote said he expects the new board to rationalise the business and cut jobs.

"I think it will be carnage. They'll take lots of heads out. I think the business will be pared right back and the focus will be on generating as much cash as possible."

Thomson Reuters LPC reported last month that the company was discussing a plan with a senior steering committee of lenders, which included Soros Fund Management, Blackstone's credit fund GSO and Deutsche Bank, involving a debt-for-equity swap.

Hibu, which had delayed announcing its full-year results pending a decision on its debt, reported on Thursday an after-tax loss of 1.81 billion pounds. Sales fell 16 percent to 1.35 billion pounds.

Share this post


Link to post
Share on other sites

Poor Emma. Actually I think it's bad when they don't give some notice. To turn up to work and get a shock like that. Not right.

+1. They must have known what would happen months ago. The stat minimum payout (such as it is) should be protected tho. Perhaps they wanted to make sure the cars were handed back?

wrt yell.com, now struggling under loads of debt. As you say they renamed it to "hibu". Why?

Reminds me of http://www.huhcorp.com

Share this post


Link to post
Share on other sites

Big companies are no better than small ones. The management keep borrowing money in a futile attempt to keep them afloat when the business is obviously failing. Do they consider winding it down in an orderly manner and paying their creditors? Do they hell, they just keep going until they can't borrow any more money.

Share this post


Link to post
Share on other sites

Big companies are no better than small ones. The management keep borrowing money in a futile attempt to keep them afloat when the business is obviously failing. Do they consider winding it down in an orderly manner and paying their creditors? Do they hell, they just keep going until they can't borrow any more money.

Totally,

£40K a year wages in a failing company in what is obviously a niche/monopoly market that has been totally blown open by the web.

Share this post


Link to post
Share on other sites

Big companies are no better than small ones. The management keep borrowing money in a futile attempt to keep them afloat when the business is obviously failing. Do they consider winding it down in an orderly manner and paying their creditors? Do they hell, they just keep going until they can't borrow any more money.

As long as they're getting their £100k+ salary and bonus they're al-right Jack. They'll move on to somewhere else when the sh1t hits the fan.

Edited by Eddie_George

Share this post


Link to post
Share on other sites

I help sort out my dad's advertising...Up to about two years ago, he was all Yellow Pages. I then did a half decent website, and he ploughed about 80-90% or the advertising spend from YP to Google Adwords (now only has two small ads in one directory)...Currently got work coming out of his ears...much more than when he was with YP.

As for dumping workers in the middle of knowhere after they were laid off...Comet did exactly the same thing too...

Share this post


Link to post
Share on other sites

As for dumping workers in the middle of knowhere after they were laid off...Comet did exactly the same thing too...

If I was laid off like that i'd be very tempted to just walk out of the office, drive the car back and leave a message on their answerphone for them to pick it up.

Share this post


Link to post
Share on other sites

If I was laid off like that i'd be very tempted to just walk out of the office, drive the car back and leave a message on their answerphone for them to pick it up.

Ah, they can hold back your redundancy pay until you've returned their "assets"...

Share this post


Link to post
Share on other sites

http://www.thedrum.c...-administration

I nearly posted yesterday that this had been delivered and appeared even smaller and thinner than the previous years.

Hard to see how the business can be viable in the internet age. Can't even remember the last time I looked at it.

http://www.dailymail...mpany-cars.html

Well handled by the administrators I think.

It is just back up toilet paper, nothing else.

Share this post


Link to post
Share on other sites

Ah, they can hold back your redundancy pay until you've returned their "assets"...

fair enough, maybe go out and do a few handbrake turns and burnouts up the road and then come back after 20 minutes saying i've cooled off now, sorry about that. (making sure not to pop the tyres in the process :) )

Share this post


Link to post
Share on other sites

I help sort out my dad's advertising...Up to about two years ago, he was all Yellow Pages. I then did a half decent website, and he ploughed about 80-90% or the advertising spend from YP to Google Adwords (now only has two small ads in one directory)...Currently got work coming out of his ears...much more than when he was with YP.

As for dumping workers in the middle of knowhere after they were laid off...Comet did exactly the same thing too...

Nobody picks up a paper book, and makes phone calls any more! :blink:

Share this post


Link to post
Share on other sites

Nobody picks up a paper book, and makes phone calls any more! :blink:

Perhaps the older generation rely on it more, because they don't have internet access, (and / or "don't trust computers")...Most orders for us, come via phone calls, but more and more enquiries are coming through either the web form on our site, or by just sending us an email..

Share this post


Link to post
Share on other sites

I never really get the 'they never even told us it was going bust' from the staff - why the hell would anyone sane do that?

Things like taking the cars back. Again, WTF? There's no money left, not even for a taxi ride home, and what are they expecting a cuddle off the administrators before they go as well?

Share this post


Link to post
Share on other sites

Poor Emma. Actually I think it's bad when they don't give some notice. To turn up to work and get a shock like that. Not right.

I think if she sorted out her eyebrow pencilling she'd look a bit less shocked TBH - and be a possible 7-8/10

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   212 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.