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Ste

Premium Member

Registered: 5th Mar 03
Location: Taif, Saudi Arabia
User status: Offline

22nd Oct 12 at 20:55

My missus was going to buy some stuff from there and then this

http://www.thebridalgallerygroup.com/

I would rather lose by a mile because i built my own car, than win by an inch because someone else built it for me.

Nath

Member

Registered: 3rd Apr 02
Location: MK
User status: Offline

22nd Oct 12 at 20:56

Bet he has fingers in other pies though. He was switched on.

Nismo

Member

Registered: 12th Sep 02
User status: Offline

22nd Oct 12 at 20:59

Never known a company to declare the financial ins and outs of a liquidation / administrators process like that, seems a bit amateur to me

Gary

Premium Member

Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline

22nd Oct 12 at 21:00

20k o/d?! Jesus.

Hammer

Member

Registered: 11th Feb 04
User status: Offline

22nd Oct 12 at 21:02

quote:
Originally posted by Gary
20k o/d?! Jesus.

Impossibly to make that statement without knowing their turnover and cash flow.

Harsh on him tbh, he was alright for a cunt.

Gary

Premium Member

Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline

22nd Oct 12 at 21:04

I suppose they would have a lot to shell out before payment for a dress. But normally that's on top of 30 days credit.

No business should have and an o/d that large unless its short term

VegasPhil

Premium Member

Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Offline

22nd Oct 12 at 21:06

Harsh.

Good of him to give the detail to his customers though. Usually those pages just say Closed, Soz.

Corsa 2.0 16v Vegas - Sold

willay

Moderator
Organiser: South East, National Events
Premium Member

Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline

22nd Oct 12 at 21:06

I believe he was establishing business deals with J da Silva.

Hammer

Member

Registered: 11th Feb 04
User status: Offline

22nd Oct 12 at 21:08

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?

Sam

Moderator
Premium Member

Registered: 24th Dec 99
Location: West Midlands
User status: Offline

22nd Oct 12 at 21:09

Their credit rating has been pretty abysmal for some time TBH.

Shame really, the business in general seemed quite popular with their customers from what I recall. Be good if they started up again soon.

nathy_87

Member

Registered: 14th Aug 08
Location: West Mids. Drives: Škoda Fabia VRS 5J
User status: Offline

22nd Oct 12 at 21:13

I didnt mind Craig, he was alright. Bit of a shitter though.

N16K

Member

Registered: 4th Oct 04
Location: Belfast, NI Drives: Corsa D SRi, Tuned Cooper S, B
User status: Offline

22nd Oct 12 at 21:15

quote:
Originally posted by willay
I believe he was establishing business deals with J da Silva.

at this.

Gary

Premium Member

Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline

22nd Oct 12 at 21:20

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?

LeeM

Member

Registered: 26th Sep 05
Location: Liverpool
User status: Offline

22nd Oct 12 at 21:20

quote:
Originally posted by Gary
I suppose they would have a lot to shell out before payment for a dress. But normally that's on top of 30 days credit.

No business should have and an o/d that large unless its short term

when i worked in car insurance my companies overdraft was well into the millions.

Sam

Moderator
Premium Member

Registered: 24th Dec 99
Location: West Midlands
User status: Offline

22nd Oct 12 at 21:26

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?

Cashflow I guess. But then there are probably better ways of improving cashflow than overdrafts.

Nismo

Member

Registered: 12th Sep 02
User status: Offline

22nd Oct 12 at 21:27

tbh it could be for the best, wipe debt clean, could potentially buy the name back from the administrators and start up again.

This time work with a cash flow rather than OD.

Hammer

Member

Registered: 11th Feb 04
User status: Offline

22nd Oct 12 at 21:28

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.

Generation

Member

Registered: 7th Jul 09
Location: Essex
User status: Offline

22nd Oct 12 at 21:32

Workif at hsbc, seen loads of successful businesses using what we would consider a huge o/d...

Can still be millions in profit per year..

[Edited on 22-10-2012 by Generation]

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

22nd Oct 12 at 21:43

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.

Bart

Member

Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline

22nd Oct 12 at 21:49

Since 2009 it looks like the company has been worth minus 500k, with a number of CCJ's against them.
Head screwed on or not, things haven't been going swimmingly for a long time...

John

Member

Registered: 30th Jun 03
User status: Offline

22nd Oct 12 at 21:53

He's invested in that new pin technology and chrome wheels, will be a millionaire and not need the bridal shop.

Gary

Premium Member

Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline

22nd Oct 12 at 22:02

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.

i

If that was your plan then surely you take out a lower interest loan and pay 5, keep 10?
We have an o/d but don't want to be in it unless needs must

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

22nd Oct 12 at 22:08

Made up figures, you see my point.

Theoretically if its 1% difference you're still up.

Obviously it doesn't work for everyone, hence this thread.

[Edited on 22-10-2012 by Ian]

SetH

Member

Registered: 15th Jul 01
User status: Offline

22nd Oct 12 at 22:16

Poor Cosmo

1) fell in love with a man from Rotherham
2) ousted to look like a kebab shop owner
3) business goes bust

Poor cunt tbh

jamied

Member

Registered: 27th Oct 03
Location: Marbella,Spain Drives: C63
User status: Offline

22nd Oct 12 at 22:37

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

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