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Homebuy Share Discussion Threads
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|Dr Death2 Your comments are incorrect to the point of being completely wrong.
None of the previous senior management team are involved in the new business.
This was made a condition by the new investors and debt providers before backing the new deal.
Specifically, the Head of Finance was a gentleman by the name of John Gilmore, who was Finance Director of Homebuy Group Plc, and not Steven Banks.|
|Well well the good ship SOS Homebuy has been re-floated but with nearly the same management team in place as before it wont be long before it strikes another iceberg. All I can say is that I hope the "Captain" and his Officers go down with the ship this time and not the ratiings as before. I also hope that the misery, despair and hardship these people helped to inflict on so many people in the past don't do it again to the "loyal" servants left behind on this sinking leaking vessel.
They say lightening doesnt strike twice, Watch this space. !!!!!!!!!!!
The Head of Finance has a very very similar name to the previous Head of Finance I seem to remember he was called er what was it now, GOT IT it was STEVE BANKS
I give it 12 months tops before the sun finally goes down on this Management Money Making Machine.
Oh a final note if this outfit re-join the AIM investors please please please
give your money to a worthwhile charity, unless you really do have money to throw away .............
Thats it my work is done I will just sit back now and watch this Titanic epic finally reach its conclusion.|
|Homebuy saved by management duo, M&A News Jul 2007
A provider of electrical products and household goods has been bought by two of its directors in a £22 million deal that has saved the business from insolvency.
Homebuy, which also provides cash loans, has been bought by its managing director and head of finance in a deal project managed by corporate finance adviser Orbis Partners.
Phil Goad and Steven Banks bought the West Midlands-based business after private equity fund Endless LLP and Landsbanki Commercial Finance agreed to back the deal.
Homebuy was put into administration in September following bad debts and rising costs and recommenced trading immediately following completion.
The Walsall-based company has a national distribution centre in Manchester and service depots in Belfast, Chester Le Street, Dundee, Glasgow, Rotherham, Sevenoaks and Wigan. The company was established in 2003 and joined AIM the following year.|
|Thanks Masurenguy. It's been a while since I was in this position, thankfully.
Any idea how long the process might take?|
|As soon as you have notification in writing from the administrators or liquidators that no dividend will be paid to shareholders, then you can report it on your tax return as a tax loss to offset any CGT for the current year or to be carried forward to offset against future CGT liabilities.|
|Anyone know if this is countable as a tax loss for this year?|
any point to that post?|
|Screwhomebuy, Well said I opted out of this "playground" battle between these two a few days ago. I put my point accross as to who was to blame and yes you are right it is time to move on. But as human beings we will from time to time take the lid off this box of tricks just to see whats going on. I dont know who you are and my identity has remained intact but I wish you well for the future in what ever you do. At least we both seem to be on the same side. Good Luck|
|Wizard10...(You seem a little narked, 4 threads on the bounce!). Let me explain, I have never been out of work and I'll make sure I never will, I have at the moment been approached by 2 long standing companies offering me jobs and will probably be able to go to one if Homebuy does eventually go. But I ain't one of those who will jump a sinking ship. I will do my best to help save it, because the people I work with are great people (and thats not the fleeing directors) thats the foot soldiers, the admin and the service people who are all in it together. And if you knew the history of the company, it started in the Midlands (Walsall) and there was'nt any Stuarts there and there never as been. Go and work for Mr Large, Sue Ashton and Mr Tickner, but that voyage will last as long as the Titanic did.|
|ex - home buy rep,if any one got there letters from chris large and his gang they must be mad to even think of going back to work for them lot,hes been involved in three business ventures and they have all went pear shaped, in fact i think they contacted all the sales reps/management guys by letter showing whats on offer, but theres nowt to offer anyone, just the thought of making them loads of cash again, to go with the vast sums they have anyway,I think what the vast people are saying is DONT DO IT!!!!!!!|
|p p ps actually you will probably be in a job for a while because i have kept in touch with a lot of collectors and i know of a lot thats left and at least 6 that have got new jobs and will be leaving in the new year so you will end up collecting all over so enjoy the work.homebuy must be such a great place to work at the moment having got rid of all the people that brought it down i cant understand why anyone should want to leave, its a complete mystery.|
|ps yes there is a collections manager called stuart and if you had been there from the beginning you would know that.|
|Wizard10....No my names not Stuart, proves your judgement was wrong again as it was with selling to customers! Infact I was'nt aware there was a Stuart who was a manager in collections! Anyhow if your such a good salesman why ain't you got a job selling quality deals to a quality customer base? Or do you prefer to be a goverment artist? (drawing dole)|
|More posts on this BB now than when they were listed.|
|dear drdufflecoat this explains so much i am 90% sure i know who you are (stuart) if i am right the collectors cant stand you dont want to work with you and have often called you much much worse than an idiot.you are probably that thick you think you will have a job forever with homebuy,what are you going to do when collections dry up,if i am right certain collection managers who where good at there job get the push for you step into there shoes that must make you feel great you worm.|
|I think I will let you two battle this one out. I would like to think that all the comments I have posted here have been constuctive and truthful. If you guys want a slanging match go ahead. I would however welcome constructive comments from the thread I posted on 20.11.2006|
|Oh, and for the record...I would never have invested in the company, as soon as I knew they were going on the stock exchange I laughed my socks off because I could see where it would end up, but hoped it would never happen!|
|Guys youre missing the point here and venting your anger and frustrations in the wrong direction.
A little over 12 months ago we had Assessors in place "The Company Fire Wall" as the position was known. At that time the success rate for collections on BZ1 & 2 calls was as high as 95% with a retention of 90%. The Assessors were replaced by "Laptops" and the flood gates opened. The success rate nosedived and so did the company income.
On the collection side an obscene amount of money was spent "plotting" the collectors working week using Masternaut. There is an old saying "If it aint broke dont fix it" but The Directors disire to waste money put the collection of money at risk for a number of weeks. Collectors were calling on customers either early or later than was expected and after a few weeks a decision was made to revert to the old method, ie where the collector and only the collector knew when to call on his or her customers. This had an obvious knock on effect to the income of the company and took 3-4 months for things to settle before the next mad cap idea came along of bringing collections forward by one week in order for the company to be able to pays its own bills when its shares were suspended. Its called "panic management" Instead of trying to identify and resolve an issue these directors thought they could manipulate their way out of a situation, and the frightening thing is they tried to convince prospective new investors that they could.
You cannot blame sales or collections personel for the demise of Homebuy. The people who must be held accountible were those people making the decisions. We were just the fall guys.
Just a final thought on how things are today, Did Homebuy buy Telebank or was it a reverse takeover ???? Seems to me that the majority of Telebank staff now hold high profile positions, sometimes at the expense of their colleagues.|