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karhu

More Good News For Uk Plc; Job Losses

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Odd thing to happen at his time of year!!

I would have thought that they would do well as more people opt for parties at home rather than down the local or theme pub??

Must be pressure from the supermarkets. What other types of shops are likely to go under given the popularity of them??

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I think that the suppliers have refused to trade with them so there was no stock left to trade with.

Had noticed in my local one that it had very little to sell, thought this was just re-organisation.

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Hundreds laid off as Unwins folds

Some 1,400 workers for beleaguered off-licence chain Unwins have been made redundant and all 350 of its stores closed, administrators have said.

Accountants KPMG were called in as administrators at 1700 GMT on Monday by Unwins' main creditor, HBOS.

....

http://news.bbc.co.uk/1/hi/business/4546876.stm

Edited by King Of Fools

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Inland revenue strikes again.

It was also hit by the growing popularity of "booze cruises" to France, where wines and beer are cheaper.

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a company with so many retail outlets, is bound to have some real goldmine ones in there.

you can lay bets theres at least 20-30 serious moneymaking outlets amoungst them that all closed.

you can also bet some of the management team will now cherry pick them from the accounts books to reserect for a guarranteed booming company.

Now thats how to make money

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a company with so many retail outlets, is bound to have some real goldmine ones in there.

you can lay bets theres at least 20-30 serious moneymaking outlets amoungst them that all closed.

you can also bet some of the management team will now cherry pick them from the accounts books to reserect for a guarranteed booming company.

Now thats how to make money

Most of the pickings will be from Unwin's properties rather than the shops themselves. Not all but many of the shops are on long leases or freehold so there'll be some property asset stripping - which is why they sacked nearly ALL of their live-in managers several months ago....so they could get their hands on the property, which is probably worth sixteen times the stock (if any) and any other assets.

See other thread about Unwins.

VP

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Not suprising really,

There are so many off-licences around (many of them Sri-Lankan family owned) working on small margins, you can't really make decent money out of anymore.

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I can think of four in my local area (one closed a couple of years ago)

All of them were in odd places, a long way away from the main shopping areas.

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Actually, I suspect there will be little hard assets - most of these places are leased not owned and there are early indications of potential wrongful trading by directors - the administrators seem to think it has been heavily loss making for a long time. The private equity house who bought it earlier this year are planning to sue (they were told it had net assets of c.£10m not liabilities of £3.5m...) The auditors would normally spot this unless things were being hidden from them. V smelly indeed.

This will get ugly - the real "public" issue will be whether the directors have sought to use employee pension contributions to support trading cashflow recently - I read some pension contributions had not reached the pensions company yet.

This will get ugly and I think the directors are neck deep in it.

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Actually, I suspect there will be little hard assets - most of these places are leased not owned and there are early indications of potential wrongful trading by directors - the administrators seem to think it has been heavily loss making for a long time. The private equity house who bought it earlier this year are planning to sue (they were told it had net assets of c.£10m not liabilities of £3.5m...) The auditors would normally spot this unless things were being hidden from them. V smelly indeed.

I stand corrected. You are right...it appears most of the shops were on high rent business leases, so except for the odd freehold here and there, an assigned lease is hardly worth anything.

Looks like the accountants who advised the recent purchasers of Unwins did a really bad job and didn't expose the core weakness of the business.

VP

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  • 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%



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