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Old 24 Apr 2020, 11:04 (Ref:3972613)   #1
andy97
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andy97 should be qualifying in the top 10 on the gridandy97 should be qualifying in the top 10 on the grid
Coys - in administration

Just seen this elsewhere:

https://www.thegazette.co.uk/notice/...7hKTjwPmmJD75w
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Old 24 Apr 2020, 11:47 (Ref:3972623)   #2
Robert Farrell
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Robert Farrell should be qualifying in the top 10 on the grid
Who`s next ?
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Old 24 Apr 2020, 12:11 (Ref:3972629)   #3
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Virgin Australia went into Admin. earlier this week.... and they sponsored the V8 championship. (with cheap flights for team and not much cash AFAIK.)

Apparently owing A$7 billion to creditors.
https://www.smh.com.au/business/comp...24-p54my4.html
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Old 25 Apr 2020, 09:19 (Ref:3972775)   #4
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justracing should be qualifying in the top 10 on the gridjustracing should be qualifying in the top 10 on the grid
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Virgin Australia went into Admin. earlier this week.... and they sponsored the V8 championship. (with cheap flights for team and not much cash AFAIK.)

Apparently owing A$7 billion to creditors.
https://www.smh.com.au/business/comp...24-p54my4.html
The scale of this dilemna is staggering and more than adequately demonstrated by this announcement, the loss of employment alone is frightening although it would seem that there are a number of consortiums showing interests already so hopefully the 10,000 or so employees and of course their dependants may have some salvation. That's not to mention the catering suppliers and their suppliers, et al. However it serves to demonstrate how far reaching this pandemic really is on just one, albeit major, company. I don't think the general public have grasped the likely outcome even after we get the get the all clear from the virus itself.
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Old 25 Apr 2020, 09:26 (Ref:3972777)   #5
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The Fat Clerk should be qualifying in the top 10 on the grid
Could be seen in some cases as separating the wheat from the chaff.
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Old 25 Apr 2020, 10:35 (Ref:3972787)   #6
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The scale of this dilemna is staggering and more than adequately demonstrated by this announcement, the loss of employment alone is frightening although it would seem that there are a number of consortiums showing interests already so hopefully the 10,000 or so employees and of course their dependants may have some salvation. That's not to mention the catering suppliers and their suppliers, et al. However it serves to demonstrate how far reaching this pandemic really is on just one, albeit major, company. I don't think the general public have grasped the likely outcome even after we get the get the all clear from the virus itself.
All the more frightening when you see the number of relatively trivial complaints from all sectors of society, and the political capital some are trying to take from the situation, when the effect on the economy is of terrifying proportions. The Chancellor is handing at millions/billions of cash to all and sundry that will have to be made good before too long. The Conservative Government's efforts to reduce the national debt it inherited has made fertile ground for opposition parties to attack them on, but how much worse will it get once the virus is under control, and taxes start to rise, and budgets cut?

The country could be in not just a financial crisis, but a political turmoil of ruinous proportions.

Just saying.
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Old 25 Apr 2020, 10:53 (Ref:3972789)   #7
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justracing should be qualifying in the top 10 on the gridjustracing should be qualifying in the top 10 on the grid
As you say the the financial implications are of truly biblical proportions certainly on a scale with WW2 but bigger since the whole world is at war with the unseen enemy. Unfortunately there will always be opportunists ready to take advantage on a political level and this situation is no different; I honestly believe that there should be a coalition in such circumstances for the good of all although this somewhat of a purist view and I have no idea how it would work.
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Old 25 Apr 2020, 11:37 (Ref:3972796)   #8
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Despite the promises of Government largesse to keep businesses operating it seems unlikely that the support will reach many of those who offer the best return from the investment.

Chatting to my next door neighbour yesterday he mentioned a very savvy relative of his in his native Lancashire. She has never done a days work in her life but is an expert at claiming every possible handout going for her and her family. She has, ho told me, the ability and quickwittedness to dominate any one in order to get her position to the prime position.

She and her family are doing very well at the moment, he told me.

On the other hand I was told about a successful business person with a very significant stack of cash in his business bank account who has taken advantage of the furlough scheme to furlough direct family members who are employed by the company. As I understand it there are also other claims that he wondered about relating to his personal loss of earnings where daily claims for a few pounds might be made.

Meanwhile there is the plumber with his own limited company and drawing the usual maximum amount each month then taking dividends to top up earning. Not a wealthy person by any means. Indeed the opposite.

Caught the virus and just out of 2 weeks or so in ICU. Obviously not able to work for a while as he's not fit enough apart from anything else. His wife's income has also stopped. He does not qualify for the support payments partly due to the fact that he only took the low "wage" from the business and dividends don't count.

There are many many people in a similar situation. Maybe a couple of million businesses.

Plenty of people who will lose not only their businesses but their homes as well putting further strain on the rest of the system. Also down stream employment for suppliers as well as upstream challenges for consumers in some cases for some supplies and services.

Businesses and suppliers that cater for basic needs - Food, Accommodation and some aspects of "security" - will likely survive if they play the game the right way. They may even prosper.

The "Leisure" and travel industry must be on shaky ground. It seems likely that the number of people around with significant amounts (or indeed any amount) of spare discretionary spending capacity will be much smaller than it has been for a while and, once the taxes to pay for the largess hit the street, smaller than might be required to maintain business as usual.

Beyond that the global effects of the virus problem seem likely to rumble on for a year or two at best. Perhaps much longer.

On that basis pumping money into airlines and everything that supports them may be the single worst investment a government could make. (Although there could be many similar examples.)

Pubs, Restaurants and Cafes, even if allowed to re-open, are likely doomed. If all of them are forced to operate with social distancing rules for an extended period they are mostly unlikely to be economically viable even if they hike the prices to compensate for the constrained capacity. Even that assume that they will find customers who can afford the higher prices and feel comfortable justifying them.

How thin is the veneer of civilization?

How likely is it that decisions taken result in winning the war (against the virus) but losing the peace?
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Old 25 Apr 2020, 13:17 (Ref:3972816)   #9
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Coys have form in doing this - there were questions last year about how long after an auction should the seller receive their money - several months after their cars had been sold.
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Old 25 Apr 2020, 17:29 (Ref:3972842)   #10
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Coys have form in doing this - there were questions last year about how long after an auction should the seller receive their money - several months after their cars had been sold.
Yes, going back the thread title, Coys were hardly the paragon of efficiency...... I think already being rescued though?
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Old 25 Apr 2020, 18:11 (Ref:3972853)   #11
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So hiding behind the "Coronavirus crisis" to hide the bad stuff and sell on as a going concern?

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Old 25 Apr 2020, 20:32 (Ref:3972868)   #12
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So hiding behind the "Coronavirus crisis" to hide the bad stuff and sell on as a going concern?

I can't help but feel that a lot of "smart" operators will be eyeing something similar across the entire economy.
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Old 27 Apr 2020, 15:19 (Ref:3973141)   #13
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Rudernst should be qualifying in the top 3 on the gridRudernst should be qualifying in the top 3 on the gridRudernst should be qualifying in the top 3 on the grid
Coys have been in administration before, well about 15 years ago.
There is a thread somewhere here on this forum.

They were very slow in paying out money in recent times again.
So the writing was on the wall.

As always, the unwary punters, the first time sellers get caught up in this,
reeled in by the adertising

Unfortunately,
if selling through a dealer
or an auction house
always do a background check
before handing over Your cherished piece of kit

I got burned as well once,
by a reputable dealer in my case
lots of advertising
and I had done a lot business with him
never mind, live and learn
a painful experience,
and it still makes me angry
but a reasonable amount
could have been much worse

RuE
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Old 27 Apr 2020, 19:27 (Ref:3973220)   #14
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John Elwin should be qualifying in the top 10 on the gridJohn Elwin should be qualifying in the top 10 on the grid
Back to the beginning, but only just seen this...

I very much doubt if Coys situation has anything to do with the Chinese virus.

One of the directors was arrested by the police at Techno Classica Essen last year, & I was told then that if you sold a car via them you then need a very good lawyer to extract your money.

The business is not quite as old-established as they would have you believe, either. They apparently bought-up the name of a very old petrol station.
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Old 28 Apr 2020, 17:20 (Ref:3973422)   #15
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