Havelock Europa Share Discussion Threads

[magpie15] 03/7/2018 14:13

What is the Newco registered as?

[dspanker] 03/7/2018 13:08

Administrators appointed to sale and new company created within 5 mins

Theres going to be some unhappy suppliers out there

[clocktower] 03/7/2018 12:05

So at long last administrators have been appointed - now the move to a pre-pack as they continue to trade, should all be tied up very soon I expect, as they would have been in discussions of how to go about it for a while I expect.

Will AB former suggested director have anything to do with the new venture?

[jblocko] 02/7/2018 12:32

I can guarantee that their current major suppliers will not deal with them on credit terms. Not to say competitors will see an opportunity to grow business. As one of their major suppliers, if I do not receive full payment of monies owed pre collapse, I will no longer be supplying any material to any company which rises out of the ashes. If that does happen, all orders will be dealt with strictly proforma.

[neverforget] 02/7/2018 10:18

He will stay on as part of the prepack deal. That way he gets rid of the pension deficits gets rid of those pesky suppliers. Gets rid of staff he doesn’t want without redundancy. Clears all the unsecured debt and moves on with a business that will be part his.
Only suppliers can stop him by failing to deal with the Phoenix that rises. But they won’t and Godden and Ormrod will fashion something to continue to squeeze some money out of this whilst not worrying about the people.

[2perfect] 02/7/2018 09:38

Blaming the suppliers is disgusting. I have spoken to a few of them last week who have lost in excess of £100K. If it was not for their support this would have happened moths ago. The suppliers have been lied to by a certain individual. They were promised money this week last week and payment plans agreed although he knew when telling them it was going to go pop and he could not keep to his promises. And as usual the week something goes down he is on holiday and not taking calls. I do not know how some people sleep at night. You should be ashamed. I really hope they can rise from the ashes. There are a lot of good people at Havelock. It really I sad to see the company in this state.

[truthful tommy2] 02/7/2018 06:46

Ormrod telling staff everything is going to be fine on Fri. Blaming suppliers and sub contractors at the same time. Yet there not talking to anyone, a major contractor has been trying to find out about a banks furniture since Wed. Has anybody been brought to task over this. I bet not.

[goodoldays] 01/7/2018 18:08

Coolspool, well said, I predicted this from the day he was appointed, so sorry for the loyal hardworking employees, suppliers and their families. What a disgraceful shambles !!!!!RIP

[coolspool 29] 01/7/2018 16:52

The moment Godden brought in his underling from Farnborough International,the writing was on the wall.
I said at the time that this man Shaun Ormrod was a lightweight well out of his depth and with a fabricated CV. He has never run a manufacturing business , has no experience in real industry or manufacturing and has clearly shown us all that he has finally reached his own level of incompetence with disastrous results .
Someone needs to look into the process by which he was appointed. He will now run for cover --as he has done before at Telford and the NEC and no doubt reappear somewhere having blamed the suppliers and market conditions along side extravagant claims of earlier marketing successes .

No doubt lured by money and status to join hi mate Godden as his lackey , the reasons for his sudden departure from Farnborough international will eventually surface. Having tracked this person and seen first hand as a supplier, his dishonest actions while at Farnborough, as I have said before, his vacuous face book page gives a true understanding of this shallow and status conscious person.
So sorry Havelock Europa --another well know company has been wrecked by poor management and cronyism. Godden, do the decent thing and fall on your sword. You should be ashamed.

[neverforget] 30/6/2018 00:25

One word.
Prepack.

[homegrown] 29/6/2018 21:34

TT2 is absolutely spot on. Yes it is awful what's happened. Move on its getting boring now. Far worse situations going on in this world other than the calamity at HVE.

[capricious71] 29/6/2018 13:16

Lots of new names here since I last looked on this thread. I hope you got out at the right time. I'm glad I bailed out of this share a long time ago.
I read Styles and Wood were taken over. They went from strength to strength. It's very sad about HVE. I particularly feel sorry for the employees.

[truthful tommy2] 29/6/2018 12:49

Havelock management have been blaming everyone but themselves for years.
They have never taken
responsibility or been made accountable for there actions. Not paying suppliers and sub contractors, treating clients with contempt is normal at Havelock.

[tomboyb] 29/6/2018 12:26

jblocko -

I should imagine so. The truth hardly ever gets told -

Unfortunately there are only excuses -

[cookpeter1958] 29/6/2018 12:16

TV Cameras outside the Factory now.

[jblocko] 29/6/2018 11:35

Luckily we haven't been 'taken' for much in comparison to other suppliers which I know of. But I take extreme offence to the narrative they posed in their first statement blaming suppliers.

[cvileservant] 29/6/2018 10:02

Jblocko, hope like many you are not to exposed to the crash, it never seemed an issue to HVE to send someone else off the cliff, so the statement about a surprising 'credit squeeze' surprised me as well. Looks like they've robbed people this morning of the last remedy of slapping a winding up notice on HVE by calling in the administrators.

Guess what goes around comes around, or from the old butch management culture, your on the train or your under the train!

Wonder how much cash was sitting in uncollected retention funds from the main contractors, the credit control folks always seemed to busy with their private lives to chase like the hound dogs they should have been. Pot was over half mill last time i extracted figures. Could have kept them going another day or so!

[tomboyb] 29/6/2018 09:02

Thanks jblocko -

[jblocko] 29/6/2018 08:57

As a supplier to Havelock Europa and after many meetings with the finance and purchasing team. The 'credit squeeze' they are blaming is false and is designed to mask other issues within their senior management team. Suppliers have worked as close as possible to them, with very little communication coming back and as a result credit terms have been stretched to breaking point and suppliers have had to pull back. This has not been 'unexpected' as claimed. A blind man could see it coming for a long time. Don't pay your bills on time, companies will review credit.

[homegrown] 28/6/2018 15:51

Very well articulated

[cvileservant] 28/6/2018 14:17

TT2, seems a fair reflection of what's already been happening - school furniture with outlandish margins purchased through PFI, PPI, and SFT contracts, taxpayers will remain paying for this for the duration of the deals! Contract works to LBG when 43% owned by joe public? Scottish Enterprise lending monies when most peoples ideas of the SE remit was to kick start finance new firms, not bail out firms once valued at over £100m (yes, shares were once over £2.00, not Jordan Belfield pink-sheets.
Apparently its a sunny day in Fife, for an early finish....

[truthful tommy2] 28/6/2018 13:04

If you used public tax payers money to prop up Havelock. The only thing you would be doing, is paying the salaries of the over paid managers and directors that got Havelock in the mess its in at present. History will tell you that. Never in the real commercial world would anyone employ these incompetent useless idiots.