Companies going bankrupt/into administration

[kenneal - lagger]

From Farming News, this seems to be a company going down the tubes but trying to do the decent thing while they're about it.

Countrywide in exclusive discussions with Mole Valley over its retail business
04 Oct 2017
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Categories: Frontdesk / Finance

Following the announcement of its intention to explore the potential sale of the Retail business in April, Countrywide reports encouraging progress towards a sale and confirms that it has entered into exclusive discussions with Mole Valley Farmers Ltd.

This process and negotiation of detailed terms is expected to take a number of weeks to conclude, with the Company targeting completion by the end of the year. This represents an excellent opportunity to secure the future of the retail business with an established sector leading company for our customers and employees.

Countrywide also confirms today that it has completed the sale of its 80% shareholding in MSF Welland Valley Feeds Ltd to the existing Management team for a consideration of £1m. MSF Welland Valley Feeds Ltd comprises a single retail store based in Market Harborough which operates as an entirely standalone business. Net proceeds from the sale will be utilised to reduce bank facilities.

Countrywide also further confirms that it is in the process of winding down and transferring its Turf and Amenity business to an alternative provider, enabling the Turf and Amenity team to continue to serve customers under new ownership.

We are encouraged to report that trading performance in the LPG business continues in line with expectations.

In light of the developments confirmed today, the Countrywide Board has taken the decision to suspend trading in its shares with immediate effect.

[clv101]

Our local Countrywide store closed around a year ago.

[raspberry-blower]

BBC: Palmer and Harvey fails, 2500 jobs lost

P&H, which is the UK's largest tobacco supplier, had been struggling with debts and owed substantial sums to key suppliers.

It is the UK's fifth biggest privately-owned firm, and delivers more than 12,000 products, including food and alcohol.


It supplies about 90,000 outlets around the UK including major chains, convenience stores, corner shops and petrol station forecourts.

[emordnilap]

Toys'r'Us are also realigning their business strategy, with the potential loss of 800(?) jobs).

[emordnilap]

BBC: Palmer and Harvey fails, 2500 jobs lost

P&H, which is the UK's largest tobacco supplier, had been struggling with debts and owed substantial sums to key suppliers.

It is the UK's fifth biggest privately-owned firm, and delivers more than 12,000 products, including food and alcohol.


It supplies about 90,000 outlets around the UK including major chains, convenience stores, corner shops and petrol station forecourts.

This is partially through large retailers (Tesco et al) wanting to control the whole supply chain, rather than go through a middle agent. They get that chunk of the profit and can exert even more pressure on producers.

[raspberry-blower]

Another couple of stores in serious trouble include Poundland

Investors are meeting in London on Tuesday to decide the fate of household goods giant Steinhoff.

The firm owns 6,500 retail outlets in 30 countries, including the UK's Poundland and furniture chains Bensons and Harveys.

After revelations of accounting irregularities, Steinhoff's shares collapsed and executives resigned.

Now, shareholders must decide whether to keep Steinhoff afloat or sell off assets to recoup some money.

BBC: Steinhoff fate in balance: ex-CEO Wiese in spotlight

[cubes]

"One more credit insurer abandons Maplin Electronics"
https://www.theregister.co.uk/2017/12/1 ... er_hermes/

Looks like the new year may be retailer carnage.

[PS_RalphW]

Toys r us in Europe facing administration after pension fund demands 9 million top up.

[cubes]

They've come to an agreement. So administration is put off another 2 years or so imo.

[adam2]

Not looking good at House of Fraser.
Appeals for rent reductions, plans to reduce size of existing stores.
http://www.bbc.co.uk/news/business-42581940

[johnhemming2]

The gradual move online will continue to affect bricks and mortar.

[adam2]

Indeed, and I would go so far as to say that most traditional high street stores are doomed, department stores especially.

Most goods are cheaper and available in a much better choice from on line suppliers.

There will always be SOME demand for shops in which goods can be examined before purchase, but this is a small and declining part of the total retail market.

A few examples include. A neighbour wanted to buy some single size cotton sheets, sounds simple ? They drove to Taunton, spending money on petrol and parking, and taking a couple of hours.
Several likely shops, large and small were tried to no avail. one shop had only 3 sheets in stock, others had only polyester or other fake stuff, and one shop had stock at £12 each !
Time and money wasted, and carbon emissions produced to no useful result.
A quick fleabay search found a pack of 10 for £45, delivered.
Well that is one family who will probably never again buy bedding from a high street store.

I recently needed some Volterol tablets, for the relief of gout pain in the feet. These are no longer available over the counter in England.
I could make an appointment with the doctor, this takes a couple of weeks, and costs 2 cab fares and a prescription charge.
Much quicker and simpler to buy on line, available by return of post from a German pharmacy.
And BTW, when the tablets could be purchased in the UK, they cost £8 for a pack of 9 tablets, and only one pack could be purchased at a time.
On line, they come in packs of 20 tablets, and ten of these packs cost under £70 including airmail from Germany.

As another example, I wanted a copy of a book "Auckland unplugged" a few years ago, I ordered this in person from a well known high street bookshop. This took about an hour of being sent from one person to another. Delivery at a significant extra cost took some weeks.
A second copy was obtained from fleabay, at a lower price, and with free delivery in a couple of days.

[BritDownUnder]

Auckland Unplugged sounds an interesting read. I wonder if mail order will be more resilient than bricks and mortar in times of crisis. From my understanding mail order is not that new. It was big in the Wild West era apparently.

[kenneal - lagger]

According to Michael Portillo the railways prompted the start of mail order buy enabling the quick transport of goods ordered by post from adverts in newspapers. The first mail order company, in the UK at least, was a drapers started in Wales.

[adam2]

Looks as though the end is near for Carillion.

http://www.bbc.co.uk/news/business-42675427