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PTD Pittards Plc

5.375
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pittards Plc LSE:PTD London Ordinary Share GB00BM8NGB73 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 5.375 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Pittards Share Discussion Threads

Showing 901 to 923 of 1500 messages
Chat Pages: Latest  48  47  46  45  44  43  42  41  40  39  38  37  Older
DateSubjectAuthorDiscuss
22/5/2021
16:40
their annual turnover of ~100 million is ~ 7 x the value of stock !

while at Pittards the last annual turnover was equal to the value of stock !!

:-(

-----

they have 215k options
& 10.3 million shares

2.1% of the co.
(& it phps includes employees)

versus 10% of the co. at Pittards
5 times higher.

yet Scottish Leather is a much bigger company than Pittards with much higher turnover & much higher number of UK staff, 4-5 times as many
(imo 10% of Pittards as an incentive is too high imo)

-----

Scottish Leather have a leather trading office in Shanhai

perhaps they make their money selling their hides in China (where many famous brands have factories these days ) (BMW, Tesla do & I assume many more; & China probably has more millionaires than any other country, & many/all wanting leather in their luxury cars & their sofas)

smithie6
22/5/2021
16:28
they have 3 subsidiaies
& 2 or 3 locations (1 in the middle of Glasgow & one nearby in Paisley)

"Bridge of Weir Leather Company is the UK’s only leather manufacturer for the automotive industry, and as part of the Scottish Leather Group operates one of the largest tanneries in Europe exporting to over 60 countries around the world"

so, they are notably bigger than Pittards

I thought Pittards also supplied the automotive sector ??

(I wonder if they were the co. that tried to buy Pittards in the past; if a takeover offer was received now then the dirs get 10% of the co. if the offer was at >=100p !

I wonder if that would make them more receptive now of any offer ! je je

smithie6
22/5/2021
13:04
'Scottish leather group'

interesting

turnover of >£100 million !!

looks like they phps have their own tannery (yes ?) so I guess they wouldn't want another one

-----

have you looked at how their turnover coped with the Covid year 2020, compared with Pittards ?

----

btw
Lewis leathers. uk
tall m.bike boots.
£450 !
second hand, on ebay £150-200 !!

smithie6
21/5/2021
17:25
Do you think there is a chance that The Scottish Leather Group might be interested in taking over Pittards Smithie6?

The group has a turnover of over £100 million so it would make a nice fit imo.

Mulberry use Muirhead.



They are a private company that might want to go public through a RTO possibly or a straight buy. Plenty of assets and the cash just to buy them out at £1 plus even judging by theirMarch 2020 accounts.




Full copy of accounts on the Companies House website.

clocktower
21/5/2021
13:54
I agree that luxury should have a good year
smithie6
21/5/2021
13:31
I am surprised the bid has not dropped in view of the sells today, is there a buyer in the background like JR picking up loose stock?

I was waiting to pick up just a couple of thousand more on a drop but I think I will put the funds elsewhere now and just sit tight on my current holding of PTD.

Making brands for others can at least help to keep a well trained skilled workforce until you have rebuilt your own brands and found the niche where they sit plus you need the good designers and right people to market your designs - I am not sure they are down in Yeovil though.

Still I have put more funds into MUL as I think they are headed back in the right direction as well.

Luxury is back big time imo.

clocktower
21/5/2021
13:01
making stuff in the UK for other brands

personally I think the only way to make money, & have some defence of turnover & margins, is to be making your own designs
(& we think that the number of staff involved in that has increased a lot, so, fingers crossed that they can design some products that then sell in solid volumes)

making products for other brands has numerous obvious negatives

smithie6
21/5/2021
12:58
'they' need to get the underlying turnover to be higher, in a repeating way

the MD has imo shown since 2006 that he is not capable of doing it

hopefully the chairman who joined in ~2016 is capable of doing it

if the shoe venture in Ethiopia has taken off as we hope then we might see that the cashflow has markedly improved, due to using high existing stocks (at 0€) to produce finished shoe products & hence get cash for the free stock that has been used & cash for the work done & a % profit.

in July we should see a trading report

smithie6
21/5/2021
12:04
Apparently there is a business study published in March 2021 about Pittards supplying Louis Vuitton leather in Europe - the article is behind a paywall I am told - have you read or heard of this S. I am not sure if it is fake news or not, mind you but if anyone can confirm it or otherwise it would be helpful.

Additionally, I understand that following all the problems a short time ago with the blockage of the Suez Cannel, supply of certain hides became in short supply forcing the price up - I am not sure if that is correct either but it was reported in an article that I read online, as well as a rumour circulating that there was a buyer looking to purchase a Tannery in the UK because of possible supply issues.

I believe it is in a market report at Leatherbiz.com

clocktower
20/5/2021
21:21
...but also needs to report on-going profitability, to help make that discount to nett assets more appealing to share buyers, which has hopefully continued from H2

& is why dirs & J.Rendell kept buying shares

;-)

smithie6
20/5/2021
17:28
This sums it up fairly well S.



Net assets over £13m = over 90p a share



Current Market Cap £8m

clocktower
20/5/2021
16:17
"you're a figures expert"
you are too kind

Value in Ethiopia. no idea,
2 sites

but I do know that the tannery site is very big I think, lots of m2.
fairly modern for Ethiopia I think I recall. quite good for control of pollution I think I recall.

moving it or using less m2, perhaps difficult

----

+ some Capex this year & last yrs.
to reduce costs
which also increases the value of assets
but UK and/or Ethiopia ??

smithie6
20/5/2021
16:11
they had better not let the factory workers use the coffee shop with the luxury leather goods !!
:-0

no way !

smithie6
20/5/2021
11:18
Featured and advertising in May 2021 Conduit Magazine.



Having McDondals nearby might help make their coffee shop get busy though S.They got a Five Star Hygiene rating in 2018 for their Abyssinia Coffee Shop at Pittards - so small it maybe but I guess they opened this to keep the customers and factory workers a place to meet.

clocktower
20/5/2021
10:57
Smithie6,

Let us say the factory is now worth around £4,000,000 - at the last count there was £15,000.000 worth of stock and what do you think the assets in Ethiopia are worth?

Plus not to forget goodwill value etc, then we can deduct the debt and I think by then most will agree that the company is well undervalued at half of the price that funds were raised to purchase the factory back in 2015.

Your a figures expert, so how do you see the numbers S?

clocktower
20/5/2021
10:49
I agree S but I am talking about the site value now now not burgers. :-)
clocktower
20/5/2021
10:47
McDonalds is obviously a low cost food destination.

The customers for luxury bags are statistically more likely to be found at the local Thai restaurant or some smart eatery.

smithie6
20/5/2021
10:46
Lets look back to around May 2015 when money was raised to sort out the pension issues in 2007 and then buy the factory back 2015 - I wonder if the book value of the factory has increased since 2015 and will the arrival of McDonalds nearby add value to the site.

Money raised at £1.20 then, so some of the big shareholders must be nursing losses even though they might have averaged down since I guess, still that may soon change.

"Pittards, the leather products manufacturer, plans to raise £5.8m through a share placing to fund the purchase of its Yeovil facility.

The company has agreed a conditional contract to acquire it Sherborne Road premises for a consideration of £3.6m.

To fund the purchase, it has announced placing and open offer of up 4.8 million ordinary shares at a price of 120p per share.

Pittards also intends to accept a mortgage offer from Lloyds Bank to cover £2.1m of the purchase price.

In 2007 the company completed the sale and lease back of the Yeovil 140,000 sq ft site, raising £3.1m. It entered into a ten-year lease at an annual rent of £254,000, revised upwards in July 2012 to £272,000 per annum.

The proceeds of the sale were used to repay a loan of £3.18m from from trustees of the company's pension scheme as part of arrangements made in 2006 in order to resolve the deficit on the pension scheme.

In a statement, the company said: "The directors firmly believe that the acquisition represents an excellent opportunity to secure the freehold of a purpose built leather production factory from which the group has operated successfully for over 50 years, without disruption to the established workforce and with associated support services and scope for further expansion, which the company is unlikely to see again for a considerable time."

clocktower
19/5/2021
21:02
McDonalds

interesting

"The drive through entrance will be almost directly opposite the entrance to the Pittards shop and factory on the Flushing Meadows side road."

although I guess that the factory shop sales are not that material for the annual turnover of Pittards

But if Pittards had a hot product, who knows; well they will have a big traffic flow at their door.

but perhaps only a small % of McDonalds clients are potential customers for a £300-500 bag.

smithie6
19/5/2021
20:05
clocktower
in case you thinking that someone might read this thread that can whisper in the ear of someone at Pittards, let me give some comments

1) at the Pittard website
if one clicks on "shop now"

(on a mobile phone running android, probably the biggest group of site visitors)

it lands on a page that says
"Gardening & work gloves"

& no other option is visible

is that really the sum of Pittards or the main on-line shopping offer ??

"gardening & work gloves" !

2) the screen display presented to potential buyers is, well, terrible. (viewing it using a phone in vertical, which is of course the std. way to use a mobile phone)

a woman wearing a back satchel/bag in the lower part of the screen, well she has had her head cropped off in the photo !!

& she has a dark bag on her back, is that really the most attractive/stylish & colourful bag to show as the main photo for "bags" ? (no it is not, the blue mini duffel bag is much more appealing)

& then there is a fraction of a photo on the right hand side of the text "Gardening & work gloves"
& a fraction of a photo on the lhs. :-(

perhaps the idea is that it looks trendy but it looks a mess imo, it looks terrible

& the text "New Range" on the left side needs a small space inserted before it to separate it from the fraction of photo it is next to.

3) the correct page produced in response to "shop now" should of course show the different main product categories that are being offered by Pittards

& I suggest that bags should be the first category to be presented since it is the most prestigious, & not "garden & work gloves" !
(which are low price & low profit per unit)

4) visitors are looking to shop for leather products
yet there is no mention or link to products from Daine & Hathaway.
Is that perhaps a mistake ? I think it is.

would it not make sense to include a link on the Pittards shopping site to the site or products of Daine & Hathaway, & vice versa ?

5) money has been spent on models & video crew & photography crew

yet the male model is wearing gloves that are imo are too big for his hands & look baggy; & hence look poor imo.
If that male model has skinny hands & skinny fingers, not very suitable for modelling of Pittard men's gloves, then that should have been found out before the actual photoshoot.

5b) the male model is shown using smart black gloves while carrying a thick log

Are these really being marketed as work gloves ?!

Basically they are not suitable gloves for the work being done.
The correct gloves to use need to cover the wrist (& the thin skin & veins in the inner side of the wrist), ie. gauntlet type gloves.

6) Has the photo & video shoot material been used ?
For example, I don't see that much of it on Youtube.

7) Have products been reviewed or presented by influencers on Youtube ?
I don't see anything or much.

While I have some shares in a different company & 1 product they make is vegan pies & I can open Youtube & see videos of different people eating/testing these pies.

Why hasn't Pittards & D & H done something similar for the Pittards products ?

8) & as mentioned before
the spelling of "10% of" is spelt wrongly.

------

if the MD was any good then these errors would not be there imo

Successful people, Gary Linneker, Christain Ronaldo, Einstein, Elon Musk, Bill Gates etc etc

they all have some things in common :- interest & determination & dedication & hard work (& trying to achieve good level/quality/standard)

Does the MD have these qualities or is he 'not that bothered' ? (after 15 years being the MD & 30 years at the co.)

smithie6
19/5/2021
17:15
A lot more potential customers very near to the McDonald's due to be built in place of a garage site very near to Pittard's - If their factory outlet was easy to see and access from McD's they might pick up a fair amount of retail trade, if they were to signpost it well as a factory outlet for seconds, be it skins or imperfect bags etc.



Is this another product made in the Somerset factory, as they use Pittard leather.

clocktower
19/5/2021
12:03
Attention to detail is important, I agree S but COVID made them turn to the internet - at long last and they have clearly found new energy as they stated this in the Results in March:

"As a result of COVID-19, our retail venues were forced to close and we decided not to renew our lease at Clarks Village, Somerset, and to focus more on digital channels which achieved increased sales this year."

The new website clearly helping achieve increased sales - and the new website has not been up that long either, and certainly the bag offerings are improving in design and value - In fact I would say the new website pages that offer the bags for sale is quite slick.

I may try buying a bag as a gift to see how well it all works and to see if they deliver to secondary address (not the payers).

clocktower
19/5/2021
11:58
if the recent months have been good (as the buying by dirs & J.Rendell might infer)

then we should be told this in July, in the trading statement if not before.

smithie6
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