Jarvis Share Discussion Threads

[opto] 12/11/2010 11:27

How can they sue a company that no longer exists?

[jarbie] 11/11/2010 15:52

Now we know why JRVS collapsed
most likely they and NR
will be sued over the accident
with heavy fines to follow
which would cripple JRVS anyway
as reported in the Telegraph
or the BBC recently - DYOR please

[srpactive] 05/11/2010 14:51

pwhite73

Thank you.

[pwhite73] 29/10/2010 23:41

Serious allegations relating to fraud, mismanagement and bribes for contracts have been swirling around Network Rail for the last two years. It has now got so bad that in August the Transport Secretary Philip Hammond pledged to open up Network Rail to the Freedom of Information Act.

I am not aware of a date yet but when one is announced I will inform the thread. The FOI is the first step to compensation. For with this information shareholders and creditors will be able to see clearly the relationship that existed between JRVS and NR along with all documents relating to NR's refusal to guarantee future work to JRVS.

Its no secret the CEO Iain Croucher jumped in June whilst speculation abounded that the new coalition government was to put NR under closer scrutiny. Previously NR was exempt from the FOI although it received billions of tax payers funds.

The collapse of JRVS was absolutely shameful and the more so because the work and probably more of it is still there.

[nofool] 24/8/2010 10:20

So why did you invest so much of Mrs Active's money in Jarvis then? Why?

[srpactive] 01/8/2010 21:52

it is obvious to me why jrvs was pulled so
quickly, when you see the potters bar enquiries.

bust equals no comebacks.

terrible.

dyor

[zangdook] 30/7/2010 18:26

From Wikipedia:

"He is also Chairman of Balmer Lindley Holdings Ltd, and AMT-Sybex Ltd. He is Senior Independent Director of ITIS Holdings Ltd and a non-executive director of a number of other private companies."

[barf2] 30/7/2010 06:51

In the journo's 'timeline' it says

Feb 2010 - Jarvis issues a profit warning

It avoids saying

Feb 2010 - Jarvis issues profit warning and chairman says things looking up and contracts in place for next year.No mention of imminent collapse even though they MUST have known.

Overall, despite the very good performance of our Accommodation Services
business, this has been a disappointing year for us as we have battled the very
large reduction in rail volumes in 2009. However we have not stood idly by. The
new management team has concentrated on improving our performance and efficiency
whilst reducing our dependency on Network Rail. The emphasis we have placed on
this is already bearing fruit. The Evergreen contract is a huge boost and we
now have a strong bid pipeline with a significant proportion of work secured
already for next year.
Steven Norris
Chairman, Jarvis plc


What's Norris doing now? Presumably a well paid non exec role somewhere or charging for his consultancy nous!

[srpactive] 15/7/2010 16:57

Nice move on my ddt, 40p purchase to 120p
bid, nicely covers my jrvs disaster, can also
use the loss to bring the tax down, double excellent.

regards

active

go shrivel up and die no fool, merob or bailiffs,
or whatever idiot title you are calling yourself.
go bonds.

[nofool] 10/7/2010 17:23

Looks like Lax has really been taken to the cleaners now..

[stepin1] 01/7/2010 22:43

bye bye jarvis

[jarjar] 30/6/2010 16:41

I think some sort investigation is called for
into the collapse of Jarvis - something smells
and was not quite right that led Jarvis
suddenly straight into administration
with dire consequences for all the shareholders
these steps are generally not taken lightly

I expressed my doubts before about straight
debt problem - it must have been linked
to some sort of a problem with NR future
workload or contract problems or something else

there were other options that could have been taken
including a takeover at any price - and if not why not ?

[optomistic] 30/6/2010 09:20

Johnson Service Group aquires Jarvis contracts. Dry cleaners can run it but not Jarvis rail specialists!!

Johnson Service Group acquires Jarvis contracts
30th June 2010

By Rachel Covill - Business Correspondent
JOHNSON Service Group announced today that it has acquired three PFI contracts from Jarvis, the York-based rail network services group that went into administration earlier this year.

The group, which specialises in textile rental and dry cleaning, bought the contracts together with two related Special Purpose Companies (SPCs) from Jarvis.

The contracts, whilst under the management of Jarvis, generated revenue of £4m in the year to March 2010, employ around 86 staff and each have more than 15 years on the contract term remaining.

Johnson Service Group also announced that it has reached an agreement with Jarvis to manage, under licence, a further five FM contracts, together with the related SPCs, pending acquisition.

The five contracts, whilst under the management of Jarvis, generated revenue of £6.5m in the year to March 2010.

The aggregate consideration for the eight contracts and seven related SPCs is expected to be £3m in cash on completion and will be financed from existing bank facilities, of which £1.2m plus costs has been incurred to date.

Jarvis called in administrators in March after its lenders refused to extend further support to the company to help it continue trading.

[calamity] 29/6/2010 22:51

Well spud ...that was a late and may I say an understatement...we were literally bamboozled...ill informed....hoodwinked and many more phrases to put on the position we all find ourselves in...

[spud brown] 29/6/2010 13:08

we were robbed.........

[muckshifter] 15/6/2010 08:38

srpactive,
Frankly, anyone who thought that the loan facility would not have tight conditions (covenants) was perhaps a bit naive (or myopically optimistic?), so the terms were not a surprise to me.

Any banker looking at Jarvis' history, and the conditions / interest rates of the loans Jarvis initially replaced by the first Burdale facility, could virtually write his own rules. IIRC, the rates we were paying pre Burdale were absolutely extortionate - because the company was not at all sound in the eyes of the banking world. The rates post Burdale were still very high - perhaps half extortionate. You may, or may not, remember lots of posts by such as GSands "working out" the company's future results using normal bank interest rates, to which I often responded by pointing out that we were paying 11% ish not 4% (as well as other things). That is not the mark of a company which can negotiate hard with banks to get the best facilities, it is the mark of a company which has to take what it can get, and going from extortionate to half extortionate is an achievement.

Perhaps I should have written this post last year when I was constantly arguing with everyone here that the reduction in bank loans was NOT the good news it was being proclaimed to be (but no one would have taken any notice - they certainly didn't believe what I was saying at the time).

Anyway, srp, good luck with your "campaign", it's perhaps a good way to vent your anger, but my advice to you and others would be - don't waste any money on it, and try and learn something from your loss.

All the best to you and the other regulars with your future investments!
Regards.

[srpactive] 14/6/2010 21:13

muckshifter

Yes funding was obviously not as we thought, be it
was stated that funding had been extended until
Jan 2011 in the annual report, now that in a court
of law is definitely in our favour without a shread
of doubt imho. We shall see, we need the facts about
the asset backed funding that was in place, any
helpers.

Regards

Active

[muckshifter] 14/6/2010 19:00

Unfortunately srp, funding was not in place until Jan 2011. An amount of loan governed by covenants and based on the rail renewal workload was in place, but, as I've always realised, if the rail renewal workload went down, so did the facility because the covenants kept the facility proportionate to the workload being undertaken.
Sorry to keep repeating myself.
Regards.

[srpactive] 14/6/2010 17:52

muckshifter

The report did state the majority of the workload for
2010 - 11 had been won. Surely with management stating
that and the bechmarking was positive for the pfi division
and funding was in place until jan 2011, what more can
we say.


regards

active

[srpactive] 13/6/2010 21:46

muckshifter

Nwr could easily have influenced burdale to
keep the funding in place.

But all the longs even those with fantastic industry
insight got caught.

The only lesson to learn from recovery situations is,
when you get it right you make a fortune when wrong,
the lot goes.

You win some you lose some.

Good luck wherever you are investing, and you might
say friend sarcastically but I did read everyone of
your posts with interest, but I did honestly think
we would pull through before the real workload
at chiltern and more started.

I was wrong,

dyor

regards

active

[cyberbub] 13/6/2010 21:43

Which boards do you recommend muckshifter? III? Motley Fool? LSE? Unfortunately they are all IMO alternately ramptastic and shortastic! I was caught out here on JRVS basically due to lack of experience to understand what was going on, but I do recall your good warning posts and did read them. I am a bit frustrated, I had (foolishly) invested £5K at 25p, 2 years ago, and sat and watched it go all the way down to 4p and back up to 27p, and didn't sell. What a muppet eh! Easy to see with hindsight. The frustrating thing was that I had actually decided to sell in mid March and cut my losses, being over 60% down at 9p, I had literally logged in to sell the shares on the day it was suspended, I saw my trading platform said "9.4p, down 9.4p" and thought it was a technical glitch, before the truth sank in....
Just missed it by a few hours!!! GAH! Ah well I mustn't complain because a lot on here lost a lot more than me. It's all a sorry story but we have to learn from our mistakes. I hope other holders recoup their losses if they can. Good luck all.