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Old 16-07-2016, 07:20   #1341
Ste7en
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Originally Posted by Jim989 View Post
GBP is still higher than it was 5 yrs ago, heck it's still higher than it was 3 yrs ago. Sounds like a poor excuse to blame their business model on something that hasn't even happened yet.
Nah, this is a poor excuse:

http://downtothewoodsfestival.co.uk/

Yes, it is all down to Brexit. Nothing at all to do with the crap lineup
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Old 18-07-2016, 07:56   #1342
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http://www.bbc.co.uk/news/business-36810558

Holiday booking company Lowcost Travelgroup has gone into administration, as uncertainty ahead of the EU referendum and the fall in the pound were blamed for its demise.
The group has 27,000 holiday makers in resorts and 110,000 more with bookings.
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Originally Posted by Jim989 View Post
GBP is still higher than it was 5 yrs ago, heck it's still higher than it was 3 yrs ago. Sounds like a poor excuse to blame their business model on something that hasn't even happened yet.
The problem seems to be like most holiday companies they take the customers money up front but don't pay the hotel until just before you are due to go.

With the pound crashing post Brexit then it was costing them a lot more in pound terms as most of their hotels around the Med had been contracted in euros, and obviously they had not hedged their currency risks or paid for the hotels earlier.

In terms of currency falls the value of the pound although fallen against the euro has absolutely tanked against the dollar as think that rate is back to the 90s definitely much lower than 3 or 5 years ago.
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Old 19-07-2016, 12:50   #1343
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The problem seems to be like most holiday companies they take the customers money up front but don't pay the hotel until just before you are due to go.

With the pound crashing post Brexit then it was costing them a lot more in pound terms as most of their hotels around the Med had been contracted in euros, and obviously they had not hedged their currency risks or paid for the hotels earlier.

In terms of currency falls the value of the pound although fallen against the euro has absolutely tanked against the dollar as think that rate is back to the 90s definitely much lower than 3 or 5 years ago.
So as they were not ATOL protected, people are going to get £7.78 each refund it seems! http://www.bbc.com/news/business-36834408

Why people book with non-protected companies is mind boggling to me given how many have collapsed over the years.
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Old 19-07-2016, 12:56   #1344
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Originally Posted by Kryten View Post
So as they were not ATOL protected, people are going to get £7.78 each refund it seems! http://www.bbc.com/news/business-36834408

Why people book with non-protected companies is mind boggling to me given how many have collapsed over the years.
It used to be Atol protected so people might not have checked that still were. Also people are always after a bargain and ignore the lack of protection.
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Old 19-07-2016, 13:54   #1345
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The problem seems to be like most holiday companies they take the customers money up front but don't pay the hotel until just before you are due to go.
So they are blaming their poor business model on Brexit. If they had paid up-front then there wouldn't be an issue and they could have adjusted their prices based on the latest agreement with the hotels plus current currency rates.

Also, if they hadn't paid yet then why are people only getting £7.50 back? Seems like there's a whole load of deeper issues with the way they were running their business to me.
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Old 19-07-2016, 13:59   #1346
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I'd imagine they'd spent the money from more recent purchasers on customers with bookings due soon, and the rest on the CEO's holiday home in the Bahamas.
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Old 19-07-2016, 14:15   #1347
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If your business (which is always at the mercy of FX) can't handle a change in the pound from 1.3 euros to 1.2, then you have far more serious issues than "brexit"
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Old 19-07-2016, 14:48   #1348
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It used to be Atol protected so people might not have checked that still were. Also people are always after a bargain and ignore the lack of protection.
Wow - I didn't realise that, checked my mails as I used them in October 2013 (when they quoted 1.14 as the Euro rate as helpful advice for travellers!).

They applied to have their ATOL revoked which went through 12th November 2013.
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Old 19-07-2016, 16:01   #1349
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So as they were not ATOL protected, people are going to get £7.78 each refund it seems! http://www.bbc.com/news/business-36834408

Why people book with non-protected companies is mind boggling to me given how many have collapsed over the years.
Blame the EU as the ATOL levy would have cost them £2.50 on every holiday for the insurance protection. This is because a UK registration now requires 100% protection of customer monies, introduced after the debacle of companies like XL going bust some years ago.

They could though legally move to a Spanish registration in the Ballerics which only required a €1.5m safety deposit bond on £50m+ of turnover. Hence customers will get back around 2% which equates to the on average £7.50 quoted by all the papers today.

Last edited by malcy; 19-07-2016 at 16:03.
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Old 17-08-2016, 22:29   #1350
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Metrodome

https://www.theguardian.com/film/201...administration
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Old 17-11-2016, 14:40   #1351
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Physical Staples Stores go bye-bye

http://www.bbc.co.uk/news/business-38013806
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Old 26-11-2016, 22:00   #1352
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http://www.bbc.co.uk/news/business-38119754

GB Energy Supply ceases trading after wholesale price rises
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Old 27-11-2016, 05:32   #1353
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So put your customers on a cheap fixed tariff and then go out of business when it goes up. Doesn't seem much of a business model
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Old 27-11-2016, 11:17   #1354
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So put your customers on a cheap fixed tariff and then go out of business when it goes up. Doesn't seem much of a business model
I think it was like many companies who only looked at the one direction for exchange rates and ignored the risks if the reverse happened.

In this case they bet on continued low oil prices which are rising, but they have been clobbered even more by the crash in the value of the pound vs dollar given oil is priced in dollars.

The airlines with large numbers of British passengers paying in pounds are really suffering. Both Ryanair and Easyjet have seen big falls in their profits this year. Both the airlines and energy companies will need to start increasing any prices they charge in pounds significantly next year.
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Old 19-01-2017, 07:09   #1355
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http://www.edp24.co.uk/business/norf...ders_1_4854328

Zenos Cars have gone into administration. I'm quite a fan of the E10, especially as they're local.
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Old 19-01-2017, 09:57   #1356
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Originally Posted by ShakeyJake View Post
http://www.edp24.co.uk/business/norf...ders_1_4854328

Zenos Cars have gone into administration. I'm quite a fan of the E10, especially as they're local.
Not overly shocked, these niche manufacturers of cars like this tend to struggle This is where it would be good for the larger auto companies to invest if for no other reason that the foster good talent and ideas.
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Old 19-01-2017, 12:29   #1357
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I was passing earlier so I thought I go have a look and there was no activity and all closed up. I hope they survive, they're cool cars when you see them driving around.
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Old 07-03-2017, 14:40   #1358
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http://www.bbc.com/news/business-39190845

Budgens is closing down. 800 jobs over 34 stores.

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The stores are spread around the UK, from Dorset to Norfolk to Scotland, and were bought from the Co-op in 2016.
The closures do not affect the remainder of the Budgens chain, which has more than 100 stores.
So not all of them (as most are owned by Booker Wholesale) but the ones that were co-op owned it seems.
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Old 08-03-2017, 03:59   #1359
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Think it was a silly move Booker allow other companies to use the Budgens name. Here in West Sussex it's only Littlehampton closing another 6 remain trading.

Must be very confusing for customers.

http://www.wscountytimes.co.uk/news/...ures-1-7854182
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Old 26-03-2017, 18:30   #1360
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The warnings about Jones the Bootmaker materialise.

Has done a pre-pack administration with the venture capital company Endless. Think they are one of the companies with poor record of business survival long term.

72 stores remain open but 31 closed.

http://www.bbc.com/news/business-39383527
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