Pcf Share Discussion Threads

[seasidehippo] 13/10/2021 21:33

Isn’t this level of hiring and improvement to the control environment worthy of an RNS?

[hopespr1ngseternal] 13/10/2021 16:34

Linked In Premium lists the following senior management hires since April:

July 2021 Gareth Hagger Johnson Head of Data Science and Customer insight

July 2021 Reenit Shah financial controller

July 2021 John Free financial controller

Total employee count has grown by 7% over 6 months by 15% over 1 year and by 29% over 2 years.

Former CFO Bull is listed under ‘alumni’ as CEO at Eight Capital Partners PLC.

[hopespr1ngseternal] 13/10/2021 15:56

Graham: agreed. Also two more recent hires Head of Financial Risk Management Marc Bingley and Head of Change Martin Symes.

[graham1ty] 13/10/2021 15:38

Hopes, they have always said in the past that they can turn the tap on and off, on demand: when they need funds, advertise at a good rate, when they have enough, remove the rate, and stop taking deposits.

That may be clutching at straws, but would be one explanation......

[hopespr1ngseternal] 13/10/2021 14:58

There remains the nagging question: why are they not accepting deposits?

[hopespr1ngseternal] 13/10/2021 14:47

A new financial controller, Dave Paterson was appointed in April. He has a Linked In entry.

[graham1ty] 13/10/2021 11:55

If you look at PCF employees on LinkedIn ( I know this is semi-Private information, however, as they are on LinkedIn, a public site, I am not concerned), you can see new employees:
Adrian Bolton, Head of IT, started May 2021.....sorting out the mess ?
Gaynor Macauley, Finance Transformation Lead, started Oct 2021 “a senior change professional with extensive experience of delivering large scale change”

I am not a premium LinkedIn member so cannot see most of the profiles. However, someone who does might be able to add to this list: people brought in over the last few months to transform PCF....

[graham1ty] 13/10/2021 11:45

Hopes, thanks for suggesting LinkedIn for ideas.

First, Rob Murray lists himself as “Consultant at PCF”. That may be way out of date, but it is his current strapline. Is he helping sort out the mess ?

Secondly, deal flow. Yes, lots of if it:
Yesterday £43,300 to a van rental company
Week ago, £145,000 advance to a landscaping company
Two weeks ago, £145,000 for dumper trucks
Three weeks, £280,000 for engineering kit
1 month, £80,000 fleet purchase
1 month, £82,000 waste disposal company
2 months, £520,000 for a Cumbria rental company

Continuing writing of loans. While the Board and the plc tell us nothing, whoever at PCF keeps their LinkedIn feed updated carries on as if nothing has changed.

Lastly, it states 112 employees, up 7%. The most recent accounts ( 2019) listed 93, though that had expanded to 110 on 30 Sept 2019. Of course, one cannot Trust LinkedIn for the accuracy of their numbers, however, it suggests steady number of employees despite Covid. It might ( reading too much into all of this) imply that staff reductions from Covid have been matched by taking on better finance staff to sort out this mess.....

[hopespr1ngseternal] 12/10/2021 19:15

Deal= loan.

[graham1ty] 12/10/2021 19:08

Another deal ?

[hopespr1ngseternal] 12/10/2021 15:29

Another deal posted on PCF Linked In page 4 hours ago. Small comfort to minority shareholders but positive news of any sort is welcome.

[hopespr1ngseternal] 11/10/2021 19:15

Thank you CC. Sloppy of me to have missed that.

[rmillaree] 11/10/2021 18:28

One item someone pointed out to me ref bounceback loans was that the finanical instiutions that provided these loans would only be covered by the government if the company that fails and doesnt pay back goes into a formal liquidation (i have not prrof checked this to see if it is correct !!!) . Not sure if this tittle tattle is correct and if it is whether it could have any impact on any of the financing they have been providing (or could be an issue for bank shares in general?) . I know its not unusual for small business owners simply to walk away rather than do formal liquidation when the coffers run dry.

[cc2014] 11/10/2021 16:41

#3439
Straight from the RNS hopespr1ngseternal, not very far down. Due to the Bank of England.



Drawings of £62 million (2019: £25 million) under the UK Treasury Term Funding Schemes, in support of the SME sector

[hopespr1ngseternal] 11/10/2021 16:07

CC: the figure of 62m appears in the 2020 preliminaries under the line item 'due to banks'. Curious why you think the whole of this amount represents funding under the Treasury Term funding scheme?

[georgelees] 11/10/2021 14:56

When do companies make announcements? I can't think of any reason not to make them as soon as, but perhaps there is logic to announcing them after close.... perhaps on a Monday?...?

[hopespr1ngseternal] 11/10/2021 13:27

According to PCF's Linked In page they have recently made a number of sizeable business loans. So business as usual on that side of the B/S.

[cc2014] 11/10/2021 12:02

Another week goes by and still the accountants can't add up.

Companies House now shows them late filing their accounts. Nothing unexpected there as Companies House always take a few extra days to put that status on.

I note that as of 06/10 PCF have now stopped accepting new money into their last remaining savings products, their 100 day and 180 day savings products. No new money is permitted, withdrawals only.


So, regrettably regardless of whether the PRA have formally done any enforcement, in the background PCF is winding down their savings book and by extrapolation must be winding down the loan book too, because it sure isn't getting any money from the wholesale market. If I were being optimistic for you guys they could be sourcing funds from the UK Treasury Term funding scheme, from which they sourced £62m at year end closed which as far as I can tell closes on 31st Oct 2021.

(note on the UK Treasury Term funding scheme. I though this was limited to 10% of the loan book so I'm puzzled how PCF got £62m when their loan book was £434m at the time)


Graham - I got an elert from ADVFN last Wednesday afternoon saying you had sent me a message. Nothing arrived though.

[georgelees] 08/10/2021 12:23

Monday then. No excuses for further delay. They have the CFO, they have had more than enough time and a good trading environment.....

[seasidehippo] 07/10/2021 15:57

Ignore my last post I didnt see Hopes 14.37 post

[seasidehippo] 07/10/2021 15:53

I think you used the wrong pseudonym in your 12.01 post!!!!!!!!!!!!!!!!

[dandigirl] 07/10/2021 14:55

Hopes: Agreed. It would be naive to think otherwise after all they have a NED to represent their interests.

[dandigirl] 07/10/2021 12:01

Hips - I agree, again, far preferable for the new CEO [and CEO] to sign off.

FWIW I think there is a going concern at the end of this. Just need to know the extent of the damage - reputational and financial - to try to judge time for recovery.

Just hope that some of the benefits of a buoyant market are not passing by PCF.