Businesses in financial trouble

[6Foot2]

Link: WATER SOLUBLE SOLUTIONS LIMITED overview - Find and update company information - GOV.UK

 

 

They were liquidated!

[FN-GM]

They were liquidated!

 

& Dissolved!

[psydii]

Sadly, anyone can make 'Tupperwear' these days, and for not a lot of financial outlay either.

Mind you, I can remember the Tupperwear Parties in the 70's and pretty much everyone had some somewhere in the house.

 

Social-Influencer driven sales.

 

Kind of surprised they didn’t/haven’t managed the pivot to social. Though I did see a load of vintage Tupperware being rediscovered by the millennial/gen-z side of TikTok last year.. so perhaps they were trying but didn’t manage it.

[mavhc]

If they'd sell online in UK I'd buy it, way better than the competitors, and I need some replacement parts for the stuff we bought 40 years ago (maybe that's their main problem)

[6Foot2]

Link: Masham-based Black Sheep brewery to go into administration | York Press

 

North Yorkshire's Black Sheep Brewery has announced it is going into administration, blaming 'a perfect storm' of Covid-19 and rising costs.

 

The move follows the brewery saying it has launched a "review of its strategic options" on April 11, which included a potential sale.

 

Then, last Thursday, the Masham-based business said its shares were no longer for sale, but a sale of the business and assets would be considered.

 

Black Sheep brewery of Masham announces 'strategic review'

 

Today, Black Sheep said it's board has resolved to file a notice of intention to appoint Kristian Shuttleworth and Clare Boardman of Teneo Financial Advisory Limited as administrators to the Company and BSB Retail Limited.

 

The Board is taking this action to protect the interests of its creditors.

 

No shares will be traded on Asset Match until further notice and an auction scheduled for Wednesday May 24 has been suspended.

 

Charlene Lyons, chief executive and executive chair of Black Sheep Brewery, said: "The directors have done their utmost to deliver new investment into the existing corporate structure. This has not been possible, but we are progressing with our discussions around a sale of the business.

 

"Black Sheep Brewery has great products, a compelling brand and is supported by a dedicated team of people who are capable of delivering great results for the business in a different structure.

 

Black Sheep Brewery is no longer for sale, says trading update

 

"We are focused on achieving continuity of the business and employment and thank everyone for their support so far. We have taken the decision to protect the business and its creditors, during this period, by filing a notice of intention to appoint administrators.

 

Charlene further explained: "The business has been hit very hard by the pandemic and the sudden rise in all costs. Covid loans were useful but, in the end, could not sufficiently compensate for reduced cash flow in the long term.

 

"It has been the perfect storm, but the team are confident that with a new structure Black Sheep will thrive and grow as the team set course in a new direction.”

[6Foot2]

NOTE: Not a political post: No political replies are expected, nor are they invited.

 

Link: Thames Water in urgent funding talks amid fears of collapse - BBC News

 

Thames Water is in talks to secure extra funding as the government says it is ready to act in a worst case scenario if the company collapses.

 

The water firm, which serves a quarter of the UK population, has billions in debt and is under pressure with its boss resigning unexpectedly on Tuesday.

 

The government said "a lot of work is going on behind the scenes" and it had a process in place "if necessary".

 

Regardless of what happens, water supplies will continue as normal.

 

Even if the firm were to collapse, it would not happen imminently, the BBC understands.

 

The UK's biggest water firm has been heavily criticised over its performance following a series of sewage discharges and leaks. Thames Water said it is trying to raise the cash it needs to improve.

 

It said it was keeping water regulator Ofwat informed on progress, and that it still had "strong" cash and borrowing reserves to draw on.

 

The firm leaks more water than any other water company in UK, losing the equivalent of up to 250 Olympic size swimming pools every day from its pipes.

 

If the firm cannot secure additional funding, it could be temporarily taken over by the government until a new buyer is found, in a special administration regime (SAR). This route was most recently taken with energy supplier Bulb after it ran into financial difficulties.

 

Asked about Thames Water in Parliament, environment minister Rebecca Pow said it was not her place to comment on the financial position of a company, but said water firms were "considered resilient".

 

Earlier Business Secretary Kemi Badenoch said she was "very concerned" by the situation, adding "we need to make sure Thames Water as an entity survives"...

[localzuk]

It takes some real business acumen to manage to drive a monopoly provider of a critical resource that everyone must buy, to the brink of bankruptcy.

[Andrew_C]

Thames Water reported pre-tax profits of £493.5m in the six months to September 2022, despite the firm introducing a hosepipe ban for its 15 million customers during the year.

Yet £billions in debt? How do they manage that?

[6Foot2]

Yet £billions in debt? How do they manage that?

 

Borrowing massively when the cost of that borrowing is low, and still having that same debt when interest rates rise rapidly, might be a part of the problem.

Edited June 29, 2023 by 6Foot2
Rephrased.

[triggmiester]

Stripping assests, huge shareholder payments, bosses Bonuses - all adds up

[Andrew_C]

Possibly hoping to go bust before the lawsuits for polluting the rivers arrive, thus the directors are fire-proof?

[HarryMonkey]

Seems that Woking Council is spending money like water.

 

https://www.dailymail.co.uk/news/article-12256969/How-tiny-council-ran-1-2billion-debt-trying-Singapore-Surrey.html

[Dos_Box]

Seems that Woking Council is spending money like water.

 

https://www.dailymail.co.uk/news/article-12256969/How-tiny-council-ran-1-2billion-debt-trying-Singapore-Surrey.html

 

Keep this about businesses and not about councils please. We don't want to end up back into the polical sphere again!

[mavhc]

Rename the thread: Businesses in financial trouble for no reason at all

[HarryMonkey]

Looks like Wilko might be about to hit the wall.

 

https://www.bbc.co.uk/news/business-66395824

[localzuk]

Looks like Wilko might be about to hit the wall.

https://www.bbc.co.uk/news/business-66395824

I'm a bit surprised by this one! Their shops are always busy every time I've ever been in one. Only thing that makes sense is mismanagement.

[ITGuyNW]

I'm a bit surprised by this one! Their shops are always busy every time I've ever been in one. Only thing that makes sense is mismanagement.

 

I went into the Preston one yesterday and it was empty of stock and customers, it just looked tired and empty, so I wasn't surprised when I read this earlier.

 

Wonder what will happen to the big one they were building in Blackpool...

[Dos_Box]

I'm a bit surprised by this one! Their shops are always busy every time I've ever been in one. Only thing that makes sense is mismanagement.

 

Indeed, Almost everyone I know uses Wilkos, and will recommend them (myself included). I can't see how an affordable 'hardware' store can go bad when all the ones around here are so busy.

I probably use them several times a year at least.

[HarryMonkey]

I use them regularly, so does my OH. It would be a shame to see them go. I guess they're up against the likes of The Range and B&M so competition is probably quite stiff in that area of the market.

[LeMarchand]

Our one is generally busy and it's one of my regular visits. I was always surprised that they basically took over doing what Woolworths did, but somehow managed to make a go of it. Guess they didn't!

[mikeprice]

WIlco is probably the most useful shop on our High Street (Yup we still have one!)

 

place you can go to get all those think that everyone else has stopped selling

like fuel for refillable lighters (for candles - we don;t smoke!)

 

 

Problem may the range of stuff they have - everything from DIY and bike parts to make up

 

which is the good thing about the place - but may not be economically efficient!

[Disease]

I can get all of those things cheaper on Amazon and with same day delivery or next day and easy returns I can see why stores like Wilco are going out of business.

[mikeprice]

I can get all of those things cheaper on Amazon and with same day delivery or next day and easy returns I can see why stores like Wilco are going out of business.

 

True - and sad as well

[Disease]

This was an interesting view point from a BBC article and says it all really:

BBC Article

 

 

Wilko stepped into the High Street gap left by the collapse of Woolworths in late 2008, but has struggled over the last decade in part owing to more competition. The likes of Poundland and B&M have meant it has had to share its traditional customer base.

 

Wilko's sales were larger than B&M's a decade ago, but now they are one-third of its competitor's. Its sales have also fallen below Poundland, Home Bargains, and The Range.

 

I must admit if I was going to go to that type of store I would go B&M first then The Range before Wilko.

Edited August 4, 2023 by Disease

[localzuk]

The big difference between The Range and Wilko though is that Wilko is on the high street, and The Range is a "big box" out of town store.

 

I suspect the "death of the high street" is one of the other factors affecting Wilko. Fewer shops on high streets, mean fewer "I'll just pop in and get" customers.