interestrateripoff Posted August 15, 2013 Share Posted August 15, 2013 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. Quote Link to comment Share on other sites More sharing options...
awaytogo Posted August 15, 2013 Share Posted August 15, 2013 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. Quote Link to comment Share on other sites More sharing options...
jfk Posted August 15, 2013 Share Posted August 15, 2013 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 Quote Link to comment Share on other sites More sharing options...
Venger Posted August 15, 2013 Share Posted August 15, 2013 (edited) 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. Edited August 15, 2013 by Venger Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 15, 2013 Author Share Posted August 15, 2013 more at http://uk.reuters.co...E96O0DG20130725 I guess just another example of how debtors matter most, and creditors not. Struggling under £2.3bn of debt yet somehow if it's only £1.5bn suddenly it will be a profitable business? Quote Link to comment Share on other sites More sharing options...
Guest eight Posted August 15, 2013 Share Posted August 15, 2013 Struggling under £2.3bn of debt yet somehow if it's only £1.5bn suddenly it will be a profitable business? 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. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted August 15, 2013 Share Posted August 15, 2013 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. Quote Link to comment Share on other sites More sharing options...
Venger Posted August 15, 2013 Share Posted August 15, 2013 Struggling under £2.3bn of debt yet somehow if it's only £1.5bn suddenly it will be a profitable business? 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. Quote Link to comment Share on other sites More sharing options...
dryrot Posted August 15, 2013 Share Posted August 15, 2013 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 Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted August 15, 2013 Share Posted August 15, 2013 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. Quote Link to comment Share on other sites More sharing options...
onlyme2 Posted August 15, 2013 Share Posted August 15, 2013 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. Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted August 15, 2013 Share Posted August 15, 2013 (edited) 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 August 15, 2013 by Eddie_George Quote Link to comment Share on other sites More sharing options...
GloomMonger Posted August 15, 2013 Share Posted August 15, 2013 Are you allowed to borrow more than the companies total asset value? Quote Link to comment Share on other sites More sharing options...
koala_bear Posted August 15, 2013 Share Posted August 15, 2013 Are you allowed to borrow more than the companies total asset value? Frequently during the doom, especially with now defunct retail chains. Quote Link to comment Share on other sites More sharing options...
OnionTerror Posted August 15, 2013 Share Posted August 15, 2013 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... Quote Link to comment Share on other sites More sharing options...
motch Posted August 15, 2013 Share Posted August 15, 2013 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. Quote Link to comment Share on other sites More sharing options...
OnionTerror Posted August 15, 2013 Share Posted August 15, 2013 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"... Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted August 15, 2013 Share Posted August 15, 2013 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. Quote Link to comment Share on other sites More sharing options...
motch Posted August 15, 2013 Share Posted August 15, 2013 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 ) Quote Link to comment Share on other sites More sharing options...
MrPin Posted August 15, 2013 Share Posted August 15, 2013 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! Quote Link to comment Share on other sites More sharing options...
OnionTerror Posted August 15, 2013 Share Posted August 15, 2013 Nobody picks up a paper book, and makes phone calls any more! 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.. Quote Link to comment Share on other sites More sharing options...
SNACR Posted August 16, 2013 Share Posted August 16, 2013 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? Quote Link to comment Share on other sites More sharing options...
SNACR Posted August 16, 2013 Share Posted August 16, 2013 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 Quote Link to comment Share on other sites More sharing options...
SHERWICK Posted August 16, 2013 Share Posted August 16, 2013 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. Clearly you looked at it yesterday? Quote Link to comment Share on other sites More sharing options...
dryrot Posted August 16, 2013 Share Posted August 16, 2013 Bought out of admin already? http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10246577/Thomson-Local-rescued-from-administration.html "The Thomson Local telephone directory business has been rescued from administration, saving 320 jobs out of the 490–strong workforce" Still qucik way to sack half the workers... Quote Link to comment Share on other sites More sharing options...
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