Airsprung Share Discussion Threads

[ursus] 20/6/2011 12:22

The stuffing seems to be coming out of yr matress, Liz.

[newbe] 20/6/2011 12:03

I remember the last lot,these are extra job cuts not to be confused with the ones that happened a few weeks ago,lots of drivers now gone as well

[cockneyrebel] 20/6/2011 11:56

Cest la vie - but doesn't sound positive does it.

CR

[daytraders] 20/6/2011 11:42

I did post this a while back, looks like wiltshire times a bit late on news, my mate was made redundant weeks ago with alot of others.

[neg] 20/6/2011 11:05

Wiltshire Times:

Trowbridge employer Airsprung Beds is making up to 30 staff redundant from its Canal Road factory.

Bosses broke the news to around 200 staff at a meeting on Tuesday. The redundancies include up to 25 jobs on the shop floor, and up to five office roles. All are believed to be full-time positions.

A notice was given out to employees saying that the decision has been made in light of current poor trading conditions and forecasts.

The posts will be lost within a few weeks and the firm is looking for volunteers to take redundancy, who have been told they need to apply by the end of Monday. Staff are expecting an update next Wednesday.

The news follows more than 600 jobs being lost in Trowbridge when mobile phone giants Virgin Mobile and Vodafone announced they were leaving the town.

One employee, who has worked for the firm for more than 10 years, said: "Over the last few months morale has been shot to pieces, we're constantly looking over our shoulders to see if who is going to be the next to go.

"I'm just fed up of the way this company is going and we're all fearing the worst. We expect the factory to close down in the very near future, which would have such a horrible impact on so many people's lives. Things have been very slow."

The notice, handed out to staff and signed by managing director Jim Murphy, says: "We regret having to take this action at this time, but it is essential we align the cost base to stay competitive in this challenging marketplace."

Eight employees at Airsprung took voluntary redundancy earlier this year.

The worker, who did not want to be named, said that there was anger on the shopfloor when the news was announced, adding: "Everyone is unhappy. We're just fed up of being treated like this.

"I'm worried for my future. I'm the only one working in my family and quite a few people there are in the same boat as me."

As well as the redundancies, staff have been asked to work a 40-hour week, instead of their current 39 hours, finishing 15 minutes later each day.

Airsprung Beds declined to comment on the redundancies or the hours change.

[newbe] 20/6/2011 08:23

Bit in the local paper this weekend about a lot of job losses at Airsprung

[lady liz] 12/6/2011 17:56

Hello Boys,

Not had much to say of late?
LLx

[cockneyrebel] 29/5/2011 12:01

Results the end of June.

1.4p eps in H1, if profits, 'profits to continue at that level' they say so if there's 2.8p eps this year the profit line up for next year looks a lot higher with Collins and Hayse acquisition added on - PE of single digits going fwd, in fact 4.3p eps forecast with the Collins and Hayse acquisiton so fwd PE just over 6, a fwd PE just over 4 if you strip out the cash.

£2m+ cash and tangible and property assets worth miles over the meagre market cap of £6.3m.

License fees set to rise nicely too.

Doesn't get much more solid than that and interestingly Andrew Perloff of Panther Securities buying 3%+ recently, he's an acquisitional value hunter, especiallt as far as under valued poperty assets go.

APG have a ton of property assets worth well over what they are valued at on the books having not been revalued for 15 years.

From Panther website:

"Andrew Perloff (Chairman)
He has over 45 years experience in the property sector, including 35 years experience of being a Director of a Public Listed Company mainly as Panther's Chairman. He has significant experience of corporate activity including several contested take-over bids and has also served on the Board of Directors of 6 other public listed companies."

Start of a move towards taking APG out at last possibly. Looking forward to the results this June in particular this month. It's looked a bid just waiting to happen for some time imo.

CR

[daytraders] 24/5/2011 21:24

mind you the above might be why share price went up(cost savings and all that)

[daytraders] 24/5/2011 21:23

Well i have some news from my mate that works at airsprung, i think he said the divan side of things is bad, also he has just taken voluntary redundacy(not sure if this is known yet), think he said there wanting 10 to go from factory, also 15 dhd drivers are to go, interesting the share price going up thou", dyor.

[cockneyrebel] 17/5/2011 13:41

I think Liz is Frauddy elmfield.

I dare say he's like that cross dressing artist Grayson Perry :-)

CR

[elmfield] 17/5/2011 13:37

cr, where is liz, asleep?

[cockneyrebel] 17/5/2011 13:26

Interesting move today - hadn't even noticed the recent trades where this has been so slow of late.

the 405k and 450k from a fortnight ago look interesting.

If you were't filtered Frauddy I'm sure your post would have been as futile as those on the SCPA thread.

CR

[elmfield] 17/5/2011 12:56

to us that wait maybe just maybe..........!

[ydderf] 08/5/2011 18:50

on another thread (crooknees dean) you were advising against buying and holding 'deep value' long term..........is this the excpetion that makes the rule or is it the investment you rue.....?

btw - nice header, what happened to the daffs this year?

[newbe] 04/5/2011 17:12

who sold all those shares yesterday?

[cockneyrebel] 07/4/2011 16:50

hmm, that could be positive or negative.

CR

[neg] 07/4/2011 16:33

Business appears to be difficult for its competitors:

Huntingdon: 70 jobs could go at bedmakers Myer's

Wednesday, March 30, 2011
9:53 AM

HOPES of an economic recovery for Huntingdon were dealt a blow this week with a round of 70 potential job losses announced at a major employer in the town.

Bed manufacturers Myer's in Windover Road has revealed it is looking at making redundancies from its 414-strong workforce as part of a major restructuring process, which will also include changes in working practices and to the final salary pension scheme.

Poor market sales and soaring prices for raw materials were blamed for the move. Two years ago, the 135-year old company, founded by Horatio Myer in London, made around 90 people redundant in the wake of the credit crunch.

As yet the company is shedding no further light on where the cuts would be made, but a trade union spokesman said redundancies were being considered across the board.

A 30-day period of consultation was due to begin with staff next Wednesday, April 6, with a final decision likely to be made in May.

A statement issued by Myer's commercial director David Chrystal said: "We read daily in the press that overall UK consumer demand has weakened. In our market sector sales have dropped by up to 20 per cent during the past 12 months.

"The reduction in orders combined with soaring material prices has contributed to this decision. The business faces substantial challenges. Among other influences, there is the stagnant housing market, exacerbated by instability in the financial market.

"With the potential of interest rate increases and the prospect of substantial job reductions in the public sector it means that consumer confidence and spending are being relentlessly squeezed.

"The management believes that the outlook for 2011 remains challenging. In order to ensure the business will be in a strong position to respond to any recovery in the market, a decision has been taken to enter into consultation with employees on potential redundancies, more agile working practices and changes to the final salary pension schemes."

Alan Costello, a regional representative for the GMB union, said the announcement came as no surprise to staff. For six weeks the workforce has been on short-term working.

Mr Costello said: "Short-term working historically is followed by redundancies. It certainly was not unexpected, but I was not expecting that many. Most departments will be impacted.

"The company is reducing the workforce to meet the demands of a reducing workload, but hopefully we will come out the other side of this process a stronger organisation."

He added those who were made redundant would face an uphill struggle getting back into work.

"The Huntingdonshire area is not doing particularly well in relation to employment. Myer's used to be one of the biggest employers in Huntingdon. A lot of manufacturing has disappeared. Hotel Chocolat are the only people recruiting.

"There is only so much we can do. We can point people in the right direction, but there is not a lot of work in that area and not much more in Peterborough. Certain age groups - the under-20s and over-50s - are finding it particularly hard."

[dnfa1975] 27/1/2011 23:09

THE pressure of soaring inflation saw the Bank of England edge closer to an interest rate hike, it has emerged.

Minutes of the Bank's Monetary Policy Committee January meeting showed a three-way split, with two members calling for a rise of 0.25% in the base rate.

The meeting took place ahead of new data which showed a shock decline of 0.5% in GDP between October and December.

Among those concerned at any rate rise is Allan Meek, managing director of Caerphilly- based building management and ventilation firm SCS Group.


"A rise in interest could be disastrous for us," he said.

"We are bidding for work at low margins with no scope to increase prices, and typical contract periods are a year or more.

"Inevitably there will be pressure on wages and suppliers will be increasing prices as raw material costs increase. We are caught between a rock and a hard place because we have to keep selling at low prices or we will run out of work but if inflation rises we could be trading at a loss in the future as costs rise."

Phil Cooper, managing director of business support organisation Venture Wales, warned that any rate rise would hit confidence.



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[dnfa1975] 06/1/2011 10:32

not a good time to be a furniture supplier at a time when consumers are under unpresedented squeeze

[philjeans] 22/12/2010 15:59

Mattress seems to have a nice bounce - springs feel good to me!

[cockneyrebel] 22/12/2010 00:56

Much better now thanks - and APG quitely puffing up the duvet with fivers for me :-)

CR

[cockneyrebel] 13/12/2010 18:38

Yep, the acquisition looks good. Been dying from a kidney infection today so hardly feel up to posting much. I suspect these still won't get people excited judging by todays response but I'm happy to wait for the pay back. A bit of a recovery next year and addec earninigs from C&H and APG might look a far more interesting investment to many in 6-12 months say.

CR