Pittards Share Discussion Threads

[triskelion] 01/9/2023 16:13

LOL! yes, a Friday evening, post-close RNS would be just what the company doctor ordered (or possibly, not)!

[clocktower] 01/9/2023 09:56

Well it's 10 days are up, so Monday morning is the day of reckoning, if not later today.

[clocktower] 30/8/2023 10:20

So one more day, I can hear them pray, just give me another day, they say each and every day.

[clocktower] 22/8/2023 17:16

Seems that way but will it be the company that Dr Burgess and Hankey registered?

[triskelion] 22/8/2023 15:54

From the RSS today: on 21 August 2023 the Company filed a second notice of intention to appoint administrators, to provide protection against creditors, for a further 10 business days, whilst a buyer for the business and assets is sought.

Prepack incoming?

[triskelion] 21/8/2023 16:35

Hankey not Hanley, see above Companies House filing, same person, just a typo.
Otherwise, tend to agree. Wonder what Ruffer might make of it too.

[smithie6] 21/8/2023 11:11

I agree with banner

"Not very ethical in my view"

'if' Hankey (oops, typo corrected from Hanley) is involved in any new company hoping to pick some parts out of Pittards, at a cheap price during administration process, which has happened with Hankey as the boss !

[clocktower] 21/8/2023 09:03

banger, I guess it is a last resort situation, and designed to save some jobs and the boards lifestyle as well one might assume.

The business must be running on fumes by now.

[baner] 21/8/2023 08:55

Hankey shall focus 110% on saving the company, not on setting up his own new company with an objective of making money from the disaster that he has been in charge of himself. Not very ethical in my view.

[clocktower] 18/8/2023 16:06

Seems to me that Dr Burgess needs Mr Hankey because of his knowledge in the industry but Dr Burgess is the significant shareholder in the new company, at the moment but I guess the two largest shareholders could play a part if they can finance it somehow.

Good find. Well done.

[vauch] 17/8/2023 08:18

Dorset what are the names of the registered?

[triskelion] 14/8/2023 21:27

Interesting. Seems prescient. Info presumably sourced from



Co. no. 15023734 - Incorporated on 24 July 2023
29 Hamble Road, Poole, England, BH15 3NJ
- has the Directors as Burgess and HanKey.
£1 paid up share capital.

Company of the same name, incorporated on 13 March 2018
Co. no. 11252864 - Dissolved on 14 March 2023 (basically dormant, struck off for inactivity - different officer names).
Lytchett House, 13 Freeland Park, Wareham Road, Poole, United Kingdom, BH16 6FA

[somertrade] 14/8/2023 20:55

This may be of interest. A new company 'Accendo' with Directors Reginald Hanley and Alan Burgess:
hxxps://suite.endole.co.uk/insight/company/15023734-accendo-ltd

Tanning and dressing of leather; dressing and dyeing of fur (15110)

Manufacture of luggage, handbags and the like, saddlery and harness (15120)

[bookbroker] 14/8/2023 13:48

If it is then there no chance for PTD., it is they who have contributed to the downfall, and buying the carcass without the liabilities will achieve nothing. They need a business to function, and the building and plant are likely secured against any loan.

[dorset64] 14/8/2023 13:29

I'm hearing that the MD(?) & the CFO have just registered a new company on companies House.Could this be a new venture to buy from the administrators perhaps?

[clocktower] 14/8/2023 11:40

bookbroker, thanks for your post but while it might appear normal from the outside on a weekend, I doubt very much that they can now be operating the factory in a normal manner.

Suppliers will not be delivering goods unless paid for up front or with a bankers draft or the likes of.

Will the energy suppliers just be willing to carry on as normal?

Will transport companies pick up and deliver there goods unless paid in advance?

I guess they are desperate to get a deal in place at this time because every day that passes, is like turning the screws tighter on the coffin lid.

[bookbroker] 14/8/2023 09:43

Drove past Yeovil site Friday, factory shop open as normal, and staff car park had twenty motors in main park for the factory. Things appeared as normal, and business has to be operated as a going concern. The fact that the company has made this announcement is that until their bank ceases offering services the company will function as normal. That being in the interests of the lender(s), if they wish to see any form of return.

[clocktower] 14/8/2023 09:17

So what PTD are trying to do it seems is to arrange a pre-pack that keeps creditors at bay. You can be sure nobody is supplying them with goods or services unless paid up front, so I cannot see this situation lasting long.

Customers that need goods are I expect being told they need to pay on collection/delivery because they are also not going to pay for goods until they are in their hands.

What a sorry state of affairs for the staff.

[clocktower] 10/8/2023 14:37

In case anyone missed yesterdays late RTNS:




Pittards (UK): Constituent Deletion
Changes in FTSE UK Index Series

09 August 2023

Following the appointment of administrators and suspension of trading in Pittards (UK, constituent), please see details of affected indexes and effective dates below:

Index

Effective From
Start of Trading

FTSE AIM All-Share Index

14 August 2023

[clocktower] 09/8/2023 16:16

To be fair the CFO never stood a chance but all the rest of of an age that they do not need other work, and besides the Chairman of Mulberry the others may also have other board positions I guess.

That 800k machine looked pretty good in all the pictures on their website and other reports they produced, and I guess it did speed up the turnaround time of drying the hides. So I would not say investment in the business was not a good thing Smithie6 but it's is all the other things we know about, let alone those we do not that caused this.

As for E&Y you can bet it is more than £500 per hour and they will have a host of others employees on the job, at top notch rates milking it as all liquidator's do. It's feast time for them, that is why BEG are always on the hunt for work.

Liquidator's will often quote a low fee to get a job, and then cause disputes so they can run up hue fees and then blame it on others and the original quote goes out the window.

The Courts supports them 99% of the time if anyone dares oppose them in any way, they then milk it even more - try removing a liquidator from their post once appointed - they will run up court fees as they have insurance to protect themselves.

The only time it works out fine is when a pre-pack has been pre-arranged.

[my retirement fund] 09/8/2023 12:09

Can we name and shame them, please, so we can look out for them in the future if we are unlucky enough to be involved with any business they manage to get involved with again. Hopefully, not, and their careers will be over, but you never know as these types seem to cop up infesting British businesses.

[smithie6] 09/8/2023 11:53

indeed. :-(

---------

how much does an administrator like Ernst & Young charge nowadays ?
£500/hour perhaps ? £250 ??

[baner] 09/8/2023 11:38

And the winner is……R30;……230;………………….ERNST & YOUNG who will now milk the Estate for mega-fees…R30;….while Lloyds Bank will face very substantial loan losses……….and in a worst case 200 staff will lose their Jobs. Terrible.

[dorset64] 09/8/2023 08:47

hTTps://www.insidermedia.com/news/south-west/pittards-to-appoint-administrators-amid-financial-uncertainty?utm_source=southwest_newsletter&utm_campaign=southwest_news_tracker&utm_medium=top_story_article