Roll on Thursday! Results day, 27th. |
even more surprised at the share price action at BEG - at least here we are approaching the previous highs again |
Extraordinary that this morning's economic news and scale of recession (and implications for number of insolvencies) didn't have more of an upwards impact on share price here, after the fallback yesterday following an initial flurry of interest.
This company is clearly still under the radar and coming results could surprise the market to the upside. |
Pop this morning :) |
Not surprised to see strength leading up to results here. Seems I always see leading companies admitting having troubles - and the articles end up with co is being advised by FRP. Gotta be busy in the office. Plus it's only just been listed so no real anchor-point to the share price Will be an interesting week. |
Hold this along with Begbies, well placed in the current climate, the market appears to be finally catching on |
Could be a combination of exhaustion of an institutional seller plus possible leaking (or at least anticipation) of upbeat results in a couple of weeks? |
Has this been tipped somewhere? |
Some movement at last.... |
Large trade just reported, 698,737 at 116.50p. If that's the finishing rump of a long-running disposal, I would expect (all other things being equal) a more positive outlook for the share price from now on. |
Notice of results given, due in 3 weeks' time on 27th August. As others have commented, this should finally spark some interest and hopefully stem the drift of recent weeks - which I can only assume is due to original participants of Placing looking to redeploy, not offset by enough new buyers. |
 Kate Andrews
Is the jobs cliff-edge fast approaching?
4 August 2020, 3:15pm
" ... Many expect the jobs cliff-edge to come at the start of November, when the option to furlough employees is officially gone and employers are back to bearing the full weight of salaries and costs. But is evidence of an unemployment spike already here? This morning Pizza Express announced the closure of 67 restaurants, putting more than 1,000 jobs at risk, and Currys PC World joined in before noon to announce an axe to more than 800. In the pre-Covid-era, either of these announcements would be leading the day’s business news. Now, both fall into the general news cycle, joining DW Sports and Hays Travel who made similar announcements the day before, and countless other companies before that.
Unemployment rate data is yet to show a meaningful change from the trend of the past couple of years – but the huge rise in universal credit claims and major recession means an increase in the unemployment rate is not far behind. The question now is how much longer the furlough scheme can hold off the surge ..." |
Anyone know when final results are published? This month i believe. Need good news to get this moving upwards ... |
FRP Advisory are seeking a buyer for Rileys Sports Bar, after the chain fell into administration. The company has already closed four of its 21 locations, after the COVID-19 pandemic caused it to speed up the closure of underperforming sites.
In a statement, the company said: “It is with great sadness that yesterday (July 16) we had to make the very difficult decision to permanently close our sites in Grays, Wolverhampton, Worcester and Sheffield.”
“The COVID-19 pandemic has a far-reaching effect on the business and the wider hospitality industry. As such we have re-evaluated the business to ensure that we have a strong proposition to take forward into the post-coronavirus world.”
FRP partners Philip Watkins and Geoff Rowley have been appointed as joint administrators and tasked with finding a buyer for the company. Rileys’ 17 remaining sites are expected to resume trading once a buyer has been found. A number of potential buyers are reported to have expressed interest in the chain.
Rileys Sports Bars feature snooker and pool tables, dart and table tennis, as well as live sport and food and drink. Before the recent site closures, the company employed 208 staff, 44 of whom have now been made redundant. Prior to the coronavirus lockdown, the Milton Keynes-based company had recorded eight months of like-for-like growth.
Joint administrator Philip Watkins said: “Rileys is a well-known brand with a popular proposition that has become well-established in towns and cities across the country. As we market the business for sale, we expect there to be interest from prospective buyers who will take the sites forward and welcome back customers as the UK leisure market opens back up.” |
FRP Advisory, Liquidators to Patisserie Valerie are preparing to take legal action against Grant Thornton
Oliver Shah
Sunday July 19 2020, 12.01am, The Sunday Times
Liquidators to Patisserie Valerie are preparing to take legal action against Grant Thornton, which audited the cake-shop chain for 12 years until it collapsed because of suspected fraud.
FRP Advisory recently commissioned a report from the accountancy firm Smith & Williamson into Grant Thornton’s work. The report is understood to suggest there were significant failings in its auditing of Patisserie Valerie, which went into administration last year after the discovery of a £40m hole in its accounts. It was later reported that cheques worth millions of pounds had been used to artificially inflate cash reserves and secret overdrafts of almost £10m had been run up with the help of forged company minutes. |
In the trading update they suggested 'late August', so hopefully in just four weeks or so. |
When are the final results? |
And another reported earlier today. Trenchard Aviation, £24 million turnover, gone into administration and handled by FRP. Hopefully in many of these cases the result will be survival but in a different form and ownership.
Odd that the FRP share price isn't yet reflecting this rapid acquisition of significant new clients, but if you've got determined sellers for whatever reason (presumably original placees at 80p looking to redeploy) then it just requires patience. Annual results next month should spark more interest. Current forward yield is around 3.3% based on 3.9p dividend in 2021, so would have thought further downside from here is limited. |
Two days ago.
FRP Advisory appointed liquidators of Glasgow airport car parking investment companies |
The significance of having high profile clients is not just the extra revenues, but more about reputational recognition. |
Another very high profile case - Laura Ashley:
"The pensions rescue service has forced the appointment of a second administrator to scrutinise the finances of Laura Ashley prior to its collapse into administration in March."
"The new administrator, FRP Advisory, is also likely to investigate the role of the fashion chain’s former directors, including the chairman and chief executive Ng Kwan Cheong, who stepped down in January" |
The Financials analyst at Canaccord has an excellent reputation so hopefully this gets some traction. Feel we're still very much under the radar. Risk/reward here doesn't get much better given current environment and outlook imo. |
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