Businesses in financial trouble

[keyboards]

I get the other brands in this thread but what are Typhoon Tea doing to make such incredible losses, that sounds deeper than the surface there, has to be some shenanigans or bad investments

 

By looks of it they've gone "ethical" changed the blend, increased costs, thus price has gone up in a credit crunch to consumeers and seemed to have forgotten they need to make money....Bizzare business decisions

Edited November 15, 2024 by keyboards

[LeMarchand]

Typhoo's in hot water, as it's not everyone's cup of tea now...

 

Link: Typhoo Tea teeters on the brink of administration - BBC News

 

So it'll be a 0 rather than an "oo" for Typhoo?

[mikes]

They're actually only closing 10 more stores as all the other stores closed in 2023.

 

Yeah drove through Newport they used to have about 5 stores only 1 left in the city centre ! "Ghost town"

[6Foot2]

Link: No-frills US carrier Spirit Airlines files for bankruptcy protection - BBC News

 

US budget carrier Spirit Airlines has filed for bankruptcy protection after a long run of financial losses and a series of failed merger attempts.

 

On Monday, the Florida-based airline said it had arranged an agreement to restructure its debt and raise money during a bankruptcy process that is expected to last until early 2025.

 

During that time, Spirit's operations will continue as normal and passengers will be unaffected, it said.

 

Spirit, which has not recorded a full-year profit since the start of the Covid-19 pandemic, is the first US airline to file for bankruptcy in more than a decade. American Airlines declared bankruptcy in 2011 to cut labour costs during a period of high fuel prices.

 

In a statement, Spirit said the bankruptcy process - known as Chapter 11 - will not impact employee pay or payments to aircraft leasing companies.

 

The company will be de-listed from the New York Stock Exchange in the "near term" and stock shares will be cancelled, with no value, as part of its restructuring, Spirit said.

 

Despite strong demand, the no-frills airline posted losses of approximately $360m (£285m) in the first half of this year.

 

Competition in the budget travel market has been rising and Spirit has also been forced to ground aircraft as a result of mechanical issues with some engines, which drove up operating costs.

 

Earlier this year, Spirit's highly anticipated $3.8bn ($3bn) merger with another US carrier, JetBlue, collapsed. A Massachusetts judge blocked the deal, arguing that a merger would reduce competition in the market.

 

Another attempt to merge, with Frontier Airlines in 2022, fell apart after Spirit was outbid by JetBlue.

 

Originally a long-haul trucking company founded in 1964, which pivoted to aviation in the early 1980s, the firm rebranded as Spirit in 1992. It is considered a pioneer in budget flying, forgoing many amenities that are standard on other airlines in order to keep ticket prices low.

[HarryMonkey]

Vauxhall owner to close Luton factory.

 

https://www.bbc.co.uk/news/articles/cy8n3n62wq4o

[Norphy]

I’m from that area, albeit I don’t live there any more. The Vauxhall factory closing was a disaster for the town. IBC going as well is going to be another nail in the coffin. There are going to be so many other businesses in the area that are going to be shafted by this as they would be supporting the workers that are there. The largest employer in the town is now going to be the airport.

 

Luton has its problems and this is going to exacerbate them massively.

[6Foot2]

Link: Brighton’s ‘vertical pier’ i360 files for administration | Brighton | The Guardian

 

It was meant to be Brighton’s answer to the London Eye. A 162-metre tall “vertical pier” perched on the seafront, the Brighton i360 was designed to pull in hundreds of thousands of visitors a year, offering panoramic views of the Sussex coastline and the bustling seaside city.

 

But eight years after opening, and saddled with £51m in debt, Brighton i360 has filed for administration, with the observation tower facing closure if it cannot find a buyer.

 

In a statement explaining the move, Brighton i360 Ltd blamed escalating costs, bad summer weather and the cost-of-living crisis, “which have collectively led to a significant decline in consumer spending across the UK”.

 

The company said the tower, which opened in 2016, will remain open as it files for insolvency and begins the search for a buyer.

 

Charlie Carter, associate director at management consultant Interpath, who is leading the sales process, said: “The Brighton i360 has become an iconic visitor attraction, welcoming hundreds of thousands of visitors each year, but unfortunately is now at real risk of closure unless a buyer can be found.”

 

Concerns over the i360’s financing have boiled over after years of trouble. The project was initially intended to be privately funded when planning permission was granted in 2006, but the financial crash two years later led the investors – fronted by the architect, Marks Barfield – to ask the council for a loan to help fund development.

 

Keen to support the building, councillors agreed to take out a £36.2m loan from the public works loan board, a government funding agency that made loans available to building projects at the time. Local people campaigned against the tower and the public loan.

 

Since opening, poor visitor numbers have meant Brighton i360 Ltd has struggled to repay its debt to the council. In 2022, the company asked councillors to consider new terms for the loan – a restructure that meant the council would take nearly all the profits from the Brighton i360. Schemes to boost visitors have proved unsuccessful, and the tower has finally run out options.

 

“Today is a day of shame for the Green party and a sad day for Brighton and Hove,” said the leader of the Labour-run Brighton and Hove city council, Bella Sankey. “Their calamitous decision to loan a vast sum of public money to this failed business venture has left the residents of Brighton and Hove £51m out of pocket.

 

“This will be their enduring legacy to the city – a huge debt that will be left to generations of residents to repay. Our council must now repay their folly amounting to over £2m each year for the foreseeable future – money that could’ve been spent on nurseries, play areas, public toilets, preventing homelessness, road repairs, transitioning to net zero and dozens of other vital local services.”

 

Green party councillor Steve Davis said it was a “sad day for our city and our thoughts go out to the staff at the i360 especially, who now face uncertainty about their future”.

 

“The i360’s history spans nearly two decades across both Green and Labour administrations,” he said. “Alongside the i360 came a huge amount of regeneration for a long-neglected part of the city, the benefits of which are still being felt today, and there is collective responsibility for both the positives and downsides to this investment in our city.”

 

The amount currently owed to the council by Brighton i360 Ltd is £51m, but the actual loss to the council – relating to loan debt and interest repayable to government – stands at about £32m, the council said.

 

The i360 was seen as a British attempt at the “Bilbao effect” – the idea of using showy architectural constructions to attract visitors and revitalise urban areas. The term was inspired by the successful effect that building Frank Gehry’s Guggenheim Museum had on Bilbao in Spain.

 

Initially sponsored by British Airways, the i360 followed The Public art gallery in West Bromwich, the Magna Science Adventure Centre in Rotherham and the London Eye – which had also been designed by Marks Barfield – in trying to breathe new life into areas.

 

The Brighton and Hove councillor and cabinet member for finance, Jacob Taylor, said: “It is extremely disappointing that the Brighton i360 is filing for administration. This leaves a large unpaid amount to the city council, which will have an impact on the overall budget.

 

“I think it is important that the council and the city reflect on the decisions that have led us to this point – and learn lessons for the future.”

[Roberto]

I’m from that area, albeit I don’t live there any more. The Vauxhall factory closing was a disaster for the town. IBC going as well is going to be another nail in the coffin. There are going to be so many other businesses in the area that are going to be shafted by this as they would be supporting the workers that are there. The largest employer in the town is now going to be the airport.

 

Luton has its problems and this is going to exacerbate them massively.

 

Yeah. My first thought was about all this too. Luton has got a raw deal again.

[Andrew_C]

Funnily enough, I was wondering driving in to work a few days ago where all the Vaxhauls had gone. Vile cars, but didn't expect them to disappear.

[HarryMonkey]

Funnily enough, I was wondering driving in to work a few days ago where all the Vaxhauls had gone.

 

Here's one (mine).

 

[MrEprise]

Funnily enough, I was wondering driving in to work a few days ago where all the Vaxhauls had gone. Vile cars, but didn't expect them to disappear.

 

And here's another one (borrowed while I wait for my Focus to be repaired.)

 

[Fazza]

Here's one (mine).

 

[ATTACH=CONFIG]72701[/ATTACH]

 

And here's another one (borrowed while I wait for my Focus to be repaired.)

 

[ATTACH=CONFIG]72705[/ATTACH]

 

So, what's it like to drive a "Vile car"?

 

I had one for years and never had any major issues with it, I had it so long I wore the brakes and exhaust out so had to have them replaced.

[HarryMonkey]

Mine is an absolute pleasure to drive.

[6Foot2]

Typhoo's in hot water, as it's not everyone's cup of tea now...

 

Link: Typhoo Tea teeters on the brink of administration - BBC News

 

Link: Typhoo Tea falls into adminstration - BBC News

[MrEprise]

Mine is an absolute pleasure to drive.

 

As is mine (well, my Mum's.) It's a 1.0 ecoflex which is similar to Ford's 1.0 ecoboost but has a timing chain not bathed in oil.

 

Quick and comfortable. Never understood the hate to be honest.

[MrEprise]

Link: Typhoo Tea falls into adminstration - BBC News

 

That was unfortunately expected given the vandalism they had earlier on.

[synaesthesia]

As is mine (well, my Mum's.) It's a 1.0 ecoflex which is similar to Ford's 1.0 ecoboost but has a timing chain not bathed in oil.

 

Quick and comfortable. Never understood the hate to be honest.

 

The chains in oil are generally good.

Belts however...

[Andrew_C]

Never owned one, but drove a freind's Astra on occasion. The drivng position was off centre to the wheel... Weird, rather than vile, maybe?

[Garacesh]

That was unfortunately expected given the vandalism they had earlier on.

 

To be honest I've always felt Typhoo tasted a bit naff, it doesn't surprise me that sales have slipped, especially since tea prices went up during COVID and, as is always the case, haven't really come back down.

[MrEprise]

Never owned one, but drove a freind's Astra on occasion. The drivng position was off centre to the wheel... Weird, rather than vile, maybe?

 

I remember earlier Astra's (much like my Mk4) had a slightly off centre wheel. I also remember the Nova had a steering wheel was considerably off centre!

[HarryMonkey]

Typhoo rescued

 

https://www.bbc.co.uk/news/articles/cre7dxdpj04o

[Fazza]

Typhoo rescued

 

https://www.bbc.co.uk/news/articles/cre7dxdpj04o

 

How long before there's a token on each pack and when you collect 10 you get a free vape?!

[TRSJon]

Never owned one, but drove a freind's Astra on occasion. The drivng position was off centre to the wheel... Weird, rather than vile, maybe?

 

Glad i've heard this from someone else... Thought I was going mad the first time I drove an Astra... R Reg it was. Nobody believed me!

[sigma]

Glad i've heard this from someone else... Thought I was going mad the first time I drove an Astra... R Reg it was. Nobody believed me!

 

My first BMW 320 circa 1990 was like that too.

[6Foot2]

Link: Harland and Wolff: Titanic Shipyard to go into administration - BBC News

 

Link: Navantia to buy Titanic builder Harland & Wolff, saving about 1,000 jobs | Shipping industry | The Guardian

 

A Spanish state-owned shipbuilder will buy Belfast-based Harland & Wolff in a deal that will secure all four of its shipyards and save about 1,000 jobs.

 

Navantia is to acquire H&W’s Belfast shipyard where the Titanic was built, as well as the Arnish and Methil yards in Scotland, and the Appledore site in Devon.

 

Talks between the company and the UK government had been taking place since H&W went into administration in September after ministers refused to provide taxpayer-funded support to keep it going.

 

Navantia wanted to secure a better deal on its contract to build three fleet solid support ships (FSS), which supply navy vessels with dry goods such as food.

 

The Northern Ireland secretary, Hilary Benn, said the deal ensured the delivery of the FSS programme to build three Royal Navy ships. In Belfast, about 500 jobs will be protected by the deal.

 

Benn said that with this deal, H&W would “now have a bright future ahead”, adding: “This investment is great news for Belfast, for the Northern Ireland economy and, above all, for Harland and Wolff’s hugely skilled shipbuilding workforce.

 

“Harland and Wolff is an iconic, internationally renowned company with a long and proud history.”