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

Nationwide

Recommended Posts

anything to do with expected crash? http://www.eveningtimes.co.uk/hi/news/5046363.html

MORE than 120 Glasgow workers fear their jobs will be axed after a property letting firm was put up for sale.

At.Home Nationwide, which rents luxury homes to young professionals, is being sold by the Nationwide Building Society.

Stunned staff, who work at the firm's base in St Vincent Street, were told the news at a mass meeting yesterday.

Bosses insist they will seek assurances from any buyer that the full workforce will be retained for at least a year, but staff say they've been told no-one can be guaranteed a job.

One worker said: "We were told there were no plans for redundancy deals and no-one could be assured of a job.

"We couldn't get a straight answer from the management and everyone fears for their job. The announcement came as a big shock because we had absolutely no warning."

Another member of staff said: "There are no redundancy offers on the table and some workers have been here for more than 10 years. There were no guarantees from Nationwide and it's extremely worrying."

At.Home Nationwide, established in 1987, is one of the UK's leading home rental organisations. It has offices in Aberdeen and Manchester, but most of the 122 staff are based in Glasgow.

They deal with inquiries from customers via the firm's website and 24-hour helpline and handle properties in west Scotland and London.

A Nationwide spokesman said: "We are confident any new buyer will retain the highly-skilled workforce in Glasgow.

"We have put the business up for sale because we want to concentrate on our core interests. If we can't find a buyer or get an acceptable offer, we will retain the business in its existing state.

"The staff have been fully briefed."

Tim Poil, general secretary of the Nationwide Group Staff Union, said he believed it was looking for a buyer who would take on the assets and the employees.

He said: "Nationwide says it wants to sell to someone who won't make the workers redundant, but nobody knows if there is actually a buyer in the marketplace. "

Publication date 02/12/05

:o

Edited by rogerthelodger

Share this post


Link to post
Share on other sites

They're crap.

They rent out some really awful places.. going on the ones that I looked round in Bristol.

And to top it off they seem to have put the rental prices up YoY since I first looked at one of their proeprties 3 years ago, despite rents falling slightly for most other properties.

No wonder Nationwide want to sell the company... its small and no use.

Share this post


Link to post
Share on other sites

They're crap.

They rent out some really awful places.. going on the ones that I looked round in Bristol.

And to top it off they seem to have put the rental prices up YoY since I first looked at one of their proeprties 3 years ago, despite rents falling slightly for most other properties.

No wonder Nationwide want to sell the company... its small and no use.

Used to look in this window on way to work about 3-5 years ago. Prices were totally unrealistic, even for the "young professionals" market. It was never that busy. Am surpised there's 120 staff in the Glasgow office. Obv not the best that people are probably going to lose their jobs, but not bothered to see this place go to the wall.

Share this post


Link to post
Share on other sites

Used to look in this window on way to work about 3-5 years ago. Prices were totally unrealistic, even for the "young professionals" market. It was never that busy. Am surpised there's 120 staff in the Glasgow office. Obv not the best that people are probably going to lose their jobs, but not bothered to see this place go to the wall.

That is probably why they are concentrating on their core business. They have realised that they are just totally crap at the periferal stuff. I once worked for a (very big) telecommunications firm on a project that cost 500K and earned 47 (and was totally amateur and misconcieved). The instigators got a promotion when it was sold for about 1/3 of what had been spent??? The contractors (thats me ) got sacked on the spot. Thats the nature of a badly run big business. One of the guys that was doing the sacking wasn't told about it until 5 minutes before the first contractor was pulled in. The look on his face was priceless :lol:

Share this post


Link to post
Share on other sites

I first really noticed them when a colleague from a previous job went to work for them.

Took a few looks in the window and thought "I can't afford that, or that, or that." Incidentally, the girl that went to work there wouldn't have afforded anything for what they paid her either.

You can also look in the back office as you walk past and I can't believe there are 120 people in that room! Of course, maybe they are hot-desking and different people work at the same desk at different times of the day.

Btw my ex-colleague isn't there any more so can't get any inside info.

NDL

Share this post


Link to post
Share on other sites

If you do a search on their site to include all properties only 145 come up. They have 120 staff? Work that one out?at.home

Reading around on their website I noticed this:

We differ from other letting agencies because we own the majority of the properties that we lease thus enabling us to provide an assured standard of accommodation and service.

Does that mean 145 properties will shortly be coming onto the market?

Also how many more companies are there like this? When corporates start folding like this it's significant, although if they had their heads screwed on they should have been ditching the stock long ago, maybe they have? Does anyone know how many houses were on their books say a year or two ago?

Edited by Foobar

Share this post


Link to post
Share on other sites

How interesting.

Presumably they can't make their business pay with that staffing level.

How interesting,

perhaps the tail is wagging the dog.

At an average price of say 180k the portfolio might be worth 25 million. If NW think the market will tank, they might as well sell up now.

Perhaps it is the wish to recoup that capital that lies behind the whole thing?

Share this post


Link to post
Share on other sites

Looks like nobody "at home" at the Nationwide.

What other part of other parts of their business is unsustainable and built on totally unrealistic pricing?

:lol:

Share this post


Link to post
Share on other sites

Looks like nobody "at home" at the Nationwide.

What other part of other parts of their business is unsustainable and built on totally unrealistic pricing?

:lol:

Why do all of these banks with a vested interest in housing also stick their nose in the other side of it. This is a classic of the web of involvement of a vested interest???

We have Halifax and their estate agents attempting holding up prices. We have Nationwide and their rental numbers attempting to hold up yields (therefore prices). Who does that serve? Not your average punter that wants a home that they can live in sustainably. This thread has convinced me that I would actually like to see a couple of banks go to the wall, just to teach them (preferably on the back of losses from one of their market manipulating businesses)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

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.