40 Stores to Close... (part 2)

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expressman33
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Re: 40 Stores to Close... (part 2)

Post by expressman33 » Fri Oct 12, 2018 11:09 am

Pandora wrote: For one thing, auditors only turn up once a year.
Not always
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Re: 40 Stores to Close... (part 2)

Post by Prawn_Lover » Fri Oct 12, 2018 11:31 am

I heard on the news that Coast (the clothes shop not the TV program or the bit between the land and the sea - just to be clear) is vanishing after having financial difficulties.
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Re: 40 Stores to Close... (part 2)

Post by planteria » Fri Oct 12, 2018 1:13 pm

Patisserie Valerie are in a pickle - i am a regular drinker of their tea/cocoa as it happens..

and Really pickly today: https://www.bbc.co.uk/news/business-45833597

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Re: 40 Stores to Close... (part 2)

Post by Constantine » Fri Oct 12, 2018 1:39 pm

Coast's problems appear to stem from the HoF collapse.

Karen Millen have bought parts of the business from the administrators. Interestingly enough, both Coast and Karen Millen are owned by the Icelandic bank Kaupthing.

https://www.retailgazette.co.uk/blog/20 ... istration/
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Re: 40 Stores to Close... (part 2)

Post by Constantine » Fri Oct 12, 2018 1:45 pm

planteria wrote:Patisserie Valerie are in a pickle - i am a regular drinker of their tea/cocoa as it happens..

and Really pickly today: https://www.bbc.co.uk/news/business-45833597
The reference to the FD being "arrested on suspicion of fraud by false representation" suggests he was fiddling the books and overstating profits.
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Re: 40 Stores to Close... (part 2)

Post by pabenny » Fri Oct 12, 2018 4:23 pm

Constantine wrote:Coast's problems appear to stem from the HoF collapse...
Yet the concessions have been acquired by the new owner, along with the online business and the stores in mainland Europe. A slick offloading of the UK retail estate while retaining the business. Expect to see more of this where there are businesses in common ownership.
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Re: 40 Stores to Close... (part 2)

Post by Constantine » Fri Oct 12, 2018 4:48 pm

I think it's the £1m loss from the HOF collapse that tipped them over the brink. Which doesn't impact on the ongoing profitability of the concessions.

Yes, the fact that Kaupthing owns both means that what we have is a reorganisation of Kaupthing's asset portfolio i.e a way of dumping some liabilities. It all dates back to the Great Icelandic Expansion of the noughties. Mosaic I think it was, bought a lot of UK retailers using money borrowed from Kaupthing, When everything collapsed circa 2008, Kaupthing ended up wit the assets.
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Re: 40 Stores to Close... (part 2)

Post by Constantine » Fri Oct 12, 2018 5:03 pm

Good news. PatVal has been saved. Luke Johnson, who owns 37% of the company, has offered up to £20m in loans to fill the black hole.

All your cakes should continue to be available. :)

https://www.bbc.co.uk/news/business-45839392
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Re: 40 Stores to Close... (part 2)

Post by planteria » Fri Oct 12, 2018 9:34 pm

indeed. i do wonder whether it is viable though.. as it happens i was querying that on monday, at a branch of Druckers.
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Re: 40 Stores to Close... (part 2)

Post by rayf » Fri Oct 12, 2018 10:54 pm

I'm probably the only one but until the news broke this week, I had never heard of this company.
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