What will collapse next....

[MarkG]

11 hours ago, Ghostly said:

New Look to stop paying suppliers: https://www.bbc.co.uk/news/business-52153183

I've read claims that the biggest US comic distributor has stopped paying suppliers because most of the comic stores are closed. So DC and Marvel may be going down the pan shortly (not that anyone will really miss Fat Lesbian SJW and Asian Batman).

I see one of our customers has apparently gone into bankruptcy in the US, though they're hoping to be bought up and restarted. Not heard anything official through the company yet, only online news.

[dpg50000]

https://www.bbc.co.uk/news/business-52158029

The government has pledged to guarantee £330bn of loans but only £145m has been lent so far.

Small firms say they have struggled with onerous eligibility criteria for the government-backed loans, which are being issued by High Street banks and other lenders.

They have also complained of facing interest rates of up to 30% and, before the rules changed, being asked to make unreasonable personal guarantees.

 

Says it all really. The "help" is nothing of the sort.

[Saving For a Space Ship]

Coronavirus: New Look delays supplier payments 'indefinitely'

https://www.bbc.co.uk/news/business-52153183

[Timbuk3]

7 minutes ago, Saving For a Space Ship said:

Coronavirus: New Look delays supplier payments 'indefinitely'

https://www.bbc.co.uk/news/business-52153183

Primark also cancelling orders and it is causing mass layoffs in Bangladesh.  Link is on Gaurdian if you need to know. 

[The Preacherman]

Coronavirus: Vintage retailer Cath Kidston lines up administrators

Cath Kidston has become the latest high street name to file a notice of intention to appoint administrators, Sky News learns.

 

https://news.sky.com/story/coronavirus-vintage-retailer-cath-kidston-lines-up-administrators-11968548

[reddog]

3 minutes ago, The Preacherman said:

Coronavirus: Vintage retailer Cath Kidston lines up administrators

Cath Kidston has become the latest high street name to file a notice of intention to appoint administrators, Sky News learns.

 

https://news.sky.com/story/coronavirus-vintage-retailer-cath-kidston-lines-up-administrators-11968548

Really?  I thought they were booming, ex-GF loved their stuff (I thought it was a bit too twee )

Edited April 4, 2020 by reddog

[The Preacherman]

1 minute ago, reddog said:

Really?  I thought they were booming, ex-GF loved their stuff (I thought it was a bit too twee )

I think the answer is another business screwed over by pirate equity.

Quote

The move comes a fortnight after A&M was instructed to find a buyer for the business, which is owned by Baring Private Equity Asia.

 

[reddog]

7 hours ago, Timbuk3 said:

Primark also cancelling orders and it is causing mass layoffs in Bangladesh.  Link is on Gaurdian if you need to know. 

It is quite interesting, we think of these people in Bangladesh as slave labour that we need to save be shutting down such factories.

 

Now these factories are being shut down, the alternative of no work will probably be much worse

Edited April 4, 2020 by reddog

[msi]

1 hour ago, reddog said:

It is quite interesting, we think of these people in Bangladesh as slave labour that we need to save be shutting down such factories.

 

Now these factories are being shut down, the alternative of no work will probably be much worse

A side of Globalisation that is often forgotten is the one sided risk loading.  The pain of layoffs and the resulting economic and political insuitability has also been offshored.  Primark and Newlook will get minimal backlash here.  Personally, they are tat merchants for the underclass and can disappear with no tears from me.

An interesting idea is whether the offshore factories now buy into a web based, direct distribution model (a la Boo Hoo etc).  You can cut the turn around from design to warehouse to under a month.

 

[The Preacherman]

13 minutes ago, msi said:

A side of Globalisation that is often forgotten is the one sided risk loading.  The pain of layoffs and the resulting economic and political insuitability has also been offshored.  Primark and Newlook will get minimal backlash here.  Personally, they are tat merchants for the underclass and can disappear with no tears from me.

An interesting idea is whether the offshore factories now buy into a web based, direct distribution model (a la Boo Hoo etc).  You can cut the turn around from design to warehouse to under a month.

 

A lot of the web companies such as Boohoo are using UK based production to enable the fast turn around. 

https://www.theguardian.com/business/2019/jun/22/cost-cheap-fast-fashion-workers-planet

[Habeas Domus]

Scary animation of long term unemployment growth in the USA - 2020 is dwarfing all previous recessions

https://twitter.com/ianbremmer/status/1246112977998282755

I predict Trump is going to struggle in November

[simvastatin]

https://www.forbes.com/sites/kenrapoza/2020/04/06/coronavirus-emergency-hits-japan-and-460000-chinese-companies-go-bust/#46c578a12ac7

Coronavirus Emergency Hits Japan, And 460,000 Chinese Companies Go Bust 

[Saving For a Space Ship]

8 hours ago, simvastatin said:

https://www.forbes.com/sites/kenrapoza/2020/04/06/coronavirus-emergency-hits-japan-and-460000-chinese-companies-go-bust/#46c578a12ac7

Coronavirus Emergency Hits Japan, And 460,000 Chinese Companies Go Bust 

 

cheers,

article not requiring reg.

https://www.scmp.com/economy/china-economy/article/3078581/coronavirus-nearly-half-million-chinese-companies-close-first

Edit: actually, i think it deserves its own thread !!

Edited April 7, 2020 by Saving For a Space Ship

[The Preacherman]

Chateau Impney Hotel and Exhibition Centre 'permanently' closes

A hotel in the county has permanently closed, after announcing a temporary closure last month due to the coronavirus pandemic.

Chateau Impney Hotel and Exhibition Centre in Droitwich, announced its closure on its website amid these "unprecedented times".

The statement reads: "With huge sadness, these circumstances have led us to take the most difficult decision to permanently close the Chateau Impney Hotel and Exhibition Centre, a decision which has not been taken lightly.

https://www.worcesternews.co.uk/news/18372244.chateau-impney-hotel-exhibition-centre-permanently-closes/

[Abstra616]

On 24/11/2018 at 13:28, TheCountOfNowhere said:

Purple Bricks, down 65 %

Countrywide down 98.6%

Foxton down approx 90%

Persimmon ( ****s) Down 23%

This baby is going down

What's bitcoin down now, 70%, it probably wont exist in 12 months. I know 2 people who invested heavily in this now.

On top of that, May's Brexit Betrayal, that alone could cause civil strife.

Why did no one see this coming and get out the country with all their profits before it was too late....

 

 

Just bought a Gold Sovereign of Bullion by Post cause I just can't figure where this is going, I think I'll get more though!

 

 

 

 

 

[spyguy]

11 hours ago, The Preacherman said:

Chateau Impney Hotel and Exhibition Centre 'permanently' closes

A hotel in the county has permanently closed, after announcing a temporary closure last month due to the coronavirus pandemic.

Chateau Impney Hotel and Exhibition Centre in Droitwich, announced its closure on its website amid these "unprecedented times".

The statement reads: "With huge sadness, these circumstances have led us to take the most difficult decision to permanently close the Chateau Impney Hotel and Exhibition Centre, a decision which has not been taken lightly.

https://www.worcesternews.co.uk/news/18372244.chateau-impney-hotel-exhibition-centre-permanently-closes/

I dont bet all these exhibition n conference things.

Only one I go to is mobile world Congress. And I only make the effort as I like Barca.

If it was held st 

NEC I'd just get the train up for a day or two. And be on the 8pm train out.

The seaside conference facilities only seem to have the odd party conference - I pity the poor town that gets the LibDems... - and stuff like masons or order of buffalos pissups.

[Si1]

I want to know when get rich quick motivational mind coaches are going to meet their leverage:

https://www.dailymail.co.uk/femail/article-8207933/amp/Wealthy-couple-build-6million-property-empire-discharged.html

https://www.gazettelive.co.uk/news/teesside-news/mind-coach-who-says-i-15647253

https://beta.companieshouse.gov.uk/company/09867867/officers

 

[spyguy]

41 minutes ago, Si1 said:

I want to know when get rich quick motivational mind coaches are going to meet their leverage:

https://www.dailymail.co.uk/femail/article-8207933/amp/Wealthy-couple-build-6million-property-empire-discharged.html

https://www.gazettelive.co.uk/news/teesside-news/mind-coach-who-says-i-15647253

https://beta.companieshouse.gov.uk/company/09867867/officers

 

Yeah. Commented on ToS.

https://www.gazettelive.co.uk/news/teesside-news/redcar-millionaire-power-couple-star-18050993

Id guess those '60 Redcar houses worth 6m' are all high LTV IO BTL,owned personally i.e. the full force of S24 is going to hit them. There are not 60 charges on their LtdCos.

At the average ~500/m LHA thats 40k/m income, of which 20k will now have to be as tax.

6m @ 4% =20k/m mortgage payments.

If the LHA drops - they are bust.

If they have voids - and they will,- they are bust.

If they pay more than 4% - and they, as noone wants to take on portfolio LLS - they they are bust.

The blokes 40 years old. Ex SM in army, so Id guess hed have been in army for 10 or 15 years, which tallies with all these companies being set up in 2015 -  18 + 15 = 33,  when he left with his payout.

Youcan easily spot IO BTL purchases:

https://houseprices.io/?q=redcar&p=2

House bought mid 200s, then sold in last few years for 30-40k less.

Typically theres a 30-40k loss on each house.

Redcar/East Cleveland r is going back to 2000 prices.

 

 

 

 

 

[Patfig]

3 hours ago, spyguy said:

Yeah. Commented on ToS.

https://www.gazettelive.co.uk/news/teesside-news/redcar-millionaire-power-couple-star-18050993

Id guess those '60 Redcar houses worth 6m' are all high LTV IO BTL,owned personally i.e. the full force of S24 is going to hit them. There are not 60 charges on their LtdCos.

At the average ~500/m LHA thats 40k/m income, of which 20k will now have to be as tax.

6m @ 4% =20k/m mortgage payments.

If the LHA drops - they are bust.

If they have voids - and they will,- they are bust.

If they pay more than 4% - and they, as noone wants to take on portfolio LLS - they they are bust.

The blokes 40 years old. Ex SM in army, so Id guess hed have been in army for 10 or 15 years, which tallies with all these companies being set up in 2015 -  18 + 15 = 33,  when he left with his payout.

Youcan easily spot IO BTL purchases:

https://houseprices.io/?q=redcar&p=2

House bought mid 200s, then sold in last few years for 30-40k less.

Typically theres a 30-40k loss on each house.

Redcar/East Cleveland r is going back to 2000 prices.

2000 or earlier I do hope so!!

3 hours ago, spyguy said:

 

 

 

 

 

 

[spyguy]

11 minutes ago, Patfig said:

2000 or earlier I do hope so!!

 

Redcar / East Cleveland has been hammered, job wise.

Steel works and Potash mine have laid off loads.

Difficult commute anywhere to n from Redcar /Saltburn - too far, too expensive.

[Patfig]

4 minutes ago, spyguy said:

Redcar / East Cleveland has been hammered, job wise.

Steel works and Potash mine have laid off loads.

Difficult commute anywhere to n from Redcar /Saltburn - too far, too expensive.

I'm waiting patiently 

[Fromage Frais]

7 hours ago, Si1 said:

I want to know when get rich quick motivational mind coaches are going to meet their leverage:

https://www.dailymail.co.uk/femail/article-8207933/amp/Wealthy-couple-build-6million-property-empire-discharged.html

https://www.gazettelive.co.uk/news/teesside-news/mind-coach-who-says-i-15647253

https://beta.companieshouse.gov.uk/company/09867867/officers

 

Must have 90% of assets not in limited companies then as looks a long way to 6+ million from whats on companies house.

https://companycheck.co.uk/director/919222394/MR-STEVEN-JOHN-GREEN/summary

 

"Mr Steven John Green holds 8 appointments at 8 active companies, has resigned from 0 companies and held 0 appointments at 0 dissolved companies. Their longest current appointment spans 5 years, 5 months and 12 days at SG PROPERTY RENOVATIONS LTD

The combined cash at bank value for all businesses where STEVEN holds a current appointment equals £42.2k, a combined total current assets value of £710.8k with a total current liabilities of £1.1m and a total current net worth of £430.4k. Roles associated with Mr Steven John Green within the recorded businesses include: Director"

 

Edited April 11, 2020 by Fromage Frais

[Will!]

Sky News: Oasis and Warehouse collapse threatens 2,300 jobs

They were owned by failed Icelandic bank Kaupthing.

[spyguy]

2 hours ago, Will! said:

Sky News: Oasis and Warehouse collapse threatens 2,300 jobs

They were owned by failed Icelandic bank Kaupthing.

https://www.vanityfair.com/culture/2009/04/iceland200904-2

[msi]

2 hours ago, spyguy said:

https://www.vanityfair.com/culture/2009/04/iceland200904-2

"The administrators are expected to furlough the majority of the employees who keep their jobs under the government's Coronavirus Job Retention Scheme."

 

My understanding the JRS was a bridge to keep viable businesses in stasis until they could be restarted.  As much as I have sympathy, why are they even allowed to apply?