sc0ott
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Registered: 16th Feb 09
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By any chance does cosmo know leslie summers
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Bart
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Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
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 ^
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Shell
Premium Member
Registered: 14th Oct 08
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http://forums.moneysavingexpert.com/showthread.php?t=4242331&page=4
There are rumours they've known this was coming since July and continued to take deposits and payments from brides. I'm certain if that comes to light, it's even more trouble for them. But I suspect it is nothing more than rumours.
Apparently the shop staff had absolutely no clue the stores were closing and were called on the Thursday night to say not to go to work on the Friday (not all staff however, some turned up to work to gutted stores) and all were due to be paid full months wage on the Saturday and obviously, they've had not a penny. So whilst the message on the website looks very helpful and such, the reality of how they've dealt very difficult situation isn't great. At least they are trying to get brides dresses to them though.
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Marc
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Registered: 11th Aug 02
Location: York
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quote:
Originally posted by Nath
Bet he has fingers in other pies though. He was switched on.
I bet it involves men from Rotherham masquerading as Brazilian families.
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John
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Registered: 30th Jun 03
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Owners, ie cosmo, will have walked away with a pretty penny while leaving a trail of distruction behind them. Probably never paid any tax.
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Baskey
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Registered: 31st May 06
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Lol at blaming the bank for not allowing a shit business more debt
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AndyKent
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Registered: 3rd Sep 05
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quote:
Originally posted by Shell
http://forums.moneysavingexpert.com/showthread.php?t=4242331&page=4
There are rumours they've known this was coming since July and continued to take deposits and payments from brides. I'm certain if that comes to light, it's even more trouble for them. But I suspect it is nothing more than rumours.
This comes up all the time when businesses fold, but its what has to be done.
If, at the first sign of trouble, you stop taking orders you've already stopped trading immediately.
If, however, they had managed to sort out whatever problem they had a kept trading the story would fade away and no-one would be any the wiser.
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LeeM
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Registered: 26th Sep 05
Location: Liverpool
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just remembered i read something in the echo the other day about a bridal shop in liverpool closing down, was that his as well or just coincidence?
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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Excuse me for being pedantic, but wasn't it his parents shops that he was an employee at? I got the impression his dad had money invested all over so I'm sure Cosmo will be hooked up with another job elsewhere. Very strange tho detailing everything on the website as mentioned. Funny John mentioning that pin thing, it's the first thing I remember when I think of Cosmo Seemed like a decent enough idea at the time.
[Edited on 23-10-2012 by Brett]
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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Looks like the banks have done that to the business, which is a great shame, he & his family had a few shops!
It's a joke what the terms were with the CC payments as well, that could have no doubt been sorted if they stressed the position they were in more, or at least move from them and collect the money they were holding. Weird.
Pointless saying OMG a 20k od... Accross X amounts of shops and the business doing quite well, it's bugger all. No doubt they'll recover and be back, as they had what seemed to the eye a good business.
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Jamie Walby
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Registered: 15th Nov 04
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quote:
Originally posted by Ian
quote:
Originally posted by Gary
Please explain why someone would need to be permenantly overdrawn?
Because there's a business case for borrowing. ie. borrow at 10%, return 15%, keep the 5%.
Would be bad business to not have one, particularly as there are other things to consider, market share, expansion, that type of thing. They were expanding fairly fast I think
Definitly a real shame. Never nice to see a business go down particularly at the hands of banks.
Ideally you wouldn't need debt but with that sort of plan, it seems difficult to not get tied up in it.
Perhaps too fast? Can quite often be a business biggest downfall, they get carried away with the success and before you know it the bubble has burst. Slow and steady wins the race when it comes to business expansion IMO.
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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quote:
Originally posted by Jamie Walby
Perhaps too fast? Can quite often be a business biggest downfall, they get carried away with the success and before you know it the bubble has burst. Slow and steady wins the race when it comes to business expansion IMO.
Couldn't agree more, a guy I know through business is exactly like that. He has become vastly unstuck lately.
He had a great idea, moved it along too quick, got it turning over a few mill then he decided to go worldwide, uk market fell and didn't make it in America and Oz. Business went under and now he's back at the start with a turnover no more than 50k.
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Matt L
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Registered: 17th Apr 06
User status: Offline
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quote:
Originally posted by jamied
quote:
Originally posted by Hammer
quote:
Originally posted by Gary
quote:
Originally posted by Hammer
quote:
Originally posted by Gary
No business should have and an o/d that large unless its short term
Very naive. Especially as you run your own pub?
I wouldn't say naive, maybe old fashioned. Please explain why someone would need to be permenantly overdrawn?
No one said anyone should be overdrawn all the time, although that in itself isn't a crime - especially just now.
With 90 days payment terms the norm the slack has to be picked up somewhere otherwise wages won't be getting paid.
If someone is turning over a couple of million a year a 20 grand OD is perfectly serviceable.
Exactly, company I work for turns over around 5 mill a year and have a 30k OD
I know of a company that i used to do work that was o/d by £250k for pretty much the last few years however still carried on a strong business.
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Lawrah
Premium Member
Registered: 25th Dec 04
User status: Offline
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Shame that.
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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quote:
UPDATE 22nd Oct 11.00: Letters have now all gone out, if you don't receive one in the next few days then please contact us via this website.
Is there any way for people to actually do that? I can't see any links on the site
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
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I think if he beleived in Aliens on the moon this wouldn't have happened TBH
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Chris x
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Registered: 11th Sep 08
Location: Bexhill
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quote:
Originally posted by Brett
quote:
UPDATE 22nd Oct 11.00: Letters have now all gone out, if you don't receive one in the next few days then please contact us via this website.
Is there any way for people to actually do that? I can't see any links on the site
f you do wish to contact us in the meantime then please do so by emailing us on enquiries@thebridalgallerygroup.com
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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quote:
Originally posted by Chris x
quote:
Originally posted by Brett
quote:
UPDATE 22nd Oct 11.00: Letters have now all gone out, if you don't receive one in the next few days then please contact us via this website.
Is there any way for people to actually do that? I can't see any links on the site
f you do wish to contact us in the meantime then please do so by emailing us on enquiries@thebridalgallerygroup.com
Fair enough.
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Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
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at least he's still supporting his local team 
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Nath
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Registered: 3rd Apr 02
Location: MK
User status: Offline
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quote:
Originally posted by Brett
Excuse me for being pedantic, but wasn't it his parents shops that he was an employee at? I got the impression his dad had money invested all over so I'm sure Cosmo will be hooked up with another job elsewhere. Very strange tho detailing everything on the website as mentioned. Funny John mentioning that pin thing, it's the first thing I remember when I think of Cosmo Seemed like a decent enough idea at the time.
[Edited on 23-10-2012 by Brett]
Yeah he just worked for them.
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by Nath
quote:
Originally posted by Brett
Excuse me for being pedantic, but wasn't it his parents shops that he was an employee at? I got the impression his dad had money invested all over so I'm sure Cosmo will be hooked up with another job elsewhere. Very strange tho detailing everything on the website as mentioned. Funny John mentioning that pin thing, it's the first thing I remember when I think of Cosmo Seemed like a decent enough idea at the time.
[Edited on 23-10-2012 by Brett]
Yeah he just worked for them.
He was on the books as a director according to that thread on MSE.
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SetH
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Registered: 15th Jul 01
User status: Offline
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Cosmo I know you are reading this, please come back we will support and cuddle you x
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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quote:
Originally posted by James
quote:
Originally posted by Nath
quote:
Originally posted by Brett
Excuse me for being pedantic, but wasn't it his parents shops that he was an employee at? I got the impression his dad had money invested all over so I'm sure Cosmo will be hooked up with another job elsewhere. Very strange tho detailing everything on the website as mentioned. Funny John mentioning that pin thing, it's the first thing I remember when I think of Cosmo Seemed like a decent enough idea at the time.
[Edited on 23-10-2012 by Brett]
Yeah he just worked for them.
He was on the books as a director according to that thread on MSE.
Cosy.
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mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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quote:
Originally posted by Shell
http://forums.moneysavingexpert.com/showthread.php?t=4242331&page=4
I bet sexybabe1982 is anything but
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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deffo a munter, mwg.
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