so ..... basically they're bust - - - continued

M

Monkeybusiness

Well-known member
V8Druid said:
read the figures FFS " Ecclestone has agreed in a civil settlement to repay almost £653m to HM Revenue and Customs (HMRC), " .... if he agreed to that what must the true figures be ??? :mad: :mad: :mad:
Click to expand...
That’s probably why he’s not gone to prison - I doubt HMRC would get anything if they send him down!
 
6

6feetdown

Well-known member
V8Druid said:
read the figures FFS " Ecclestone has agreed in a civil settlement to repay almost £653m to HM Revenue and Customs (HMRC), " .... if he agreed to that what must the true figures be ??? :mad: :mad: :mad:
Click to expand...
Exactly my thoughts
 
S

Stroppymonkey

Well-known member
Screenshot_20231110_205859_Chrome.jpg
 
S

Stroppymonkey

Well-known member
Company my wife works for are owed money by this lot. Doubt they will see any.
 

Attachments

  • Screenshot_20231110_210110_Chrome.jpg
    Screenshot_20231110_210110_Chrome.jpg
    148.5 KB · Views: 156
V8Druid

V8Druid

do it as well as you can,but learn to do it better
Jimbo69 said:
Just heard this, guys I know subbied into them are on site now clearing their gear out.

www.bbc.co.uk

More than 200 jobs lost as housebuilder Stewart Milne goes bust

The north-east Scotland based Stewart Milne Group failed to attract any viable offers after being put up for sale.
www.bbc.co.uk www.bbc.co.uk
Click to expand...

" Stewart Milne Group was up for sale and, following significant interest, two bids were submitted. The bank has not accepted either bid and withdrawn its funding.
"I tried everything I could to find a way to achieve a better outcome for the business and the people who depend on it.
"I believe one of the bids could have delivered a comparable, financial return to administration and, crucially, allowed the business to continue to operate, safe-guarding hundreds of jobs and protecting livelihoods "

one of those bids being his own buy back proposal (probably writing off 90% of debts) :mad::mad:
 
TiltyShaun

TiltyShaun

Well-known member
Bank Withdrawn Funding……take this as we still see a chance of getting all our money back.
I have heard of several developers around my area struggling to meet their quarterly interest payments after over committing themselves on land purchases and finding their cash flow struggling with sales slow down.
 
V8Druid

V8Druid

do it as well as you can,but learn to do it better
TiltyShaun said:
Bank Withdrawn Funding……take this as we still see a chance of getting all our money back.
I have heard of several developers around my area struggling to meet their quarterly interest payments after over committing themselves on land purchases and finding their cash flow struggling with sales slow down.
Click to expand...
banks are preferential creditors anyway Shaun .. lower down the food chain'll probably see now't :mad: :mad:
 
TiltyShaun

TiltyShaun

Well-known member
V8Druid said:
banks are preferential creditors anyway Shaun .. lower down the food chain'll probably see now't :mad: :mad:
Click to expand...
I understand. The bank will look to cover its loans and costs and not give a stuff about true value. No one goes bust because they lost money. They go bust when the cash isn’t flowing!! House builders are capital intensive and use a lot of other peoples money.
 
V8Druid

V8Druid

do it as well as you can,but learn to do it better
TiltyShaun said:
I understand. The bank will look to cover its loans and costs and not give a stuff about true value. No one goes bust because they lost money. They go bust when the cash isn’t flowing!! House builders are capital intensive and use a lot of other peoples money.
Click to expand...
A LOT go bust 'cos they've siphoned off all the profits and a lot more
 
Vinpetrol

Vinpetrol

Well-known member
Stewart Milne group a big housing contractor locally have gone into administration . Aberdeen based group . 200 jobs . I don’t know what they were like , @Jimbo69 territory I think . I hope they haven’t taken too many with them
Edit . Sorry , I didn’t realised it had already been covered
 
Vinpetrol

Vinpetrol

Well-known member
TiltyShaun said:
Bank Withdrawn Funding……take this as we still see a chance of getting all our money back.
I have heard of several developers around my area struggling to meet their quarterly interest payments after over committing themselves on land purchases and finding their cash flow struggling with sales slow down.
Click to expand...
Banks are ruthless . I had a very hard time with them in 2009 . Withdrew funding during a prospective pair of houses I was building and increased my interest payments on what I owed to date . Then they quadrupled my overdraught interest payments . They were angling to repossess them as they knew I had a good bit of equity in them . I struggled to finish the first one and then pure luck I got it sold . Then with the funding from the first sale I finished the second and sold it . Everyone got paid including the bank who made more money than anyone . I was the only looser, even after doubling the value of the plot by buying it with planning for one and getting planning for 2 agreed on it . They handed me my arse back and that was all I got after months and months of sleepless nights at the hands of the bastards .
I’ve never done a prospective build since.

At the time the architect told me if you owe the bank 200K you have a big problem , if you owed the bank 2Million then the bank would have the big problem !
 
6

6feetdown

Well-known member
Vinpetrol said:
Banks are ruthless . I had a very hard time with them in 2009 . Withdrew funding during a prospective pair of houses I was building and increased my interest payments on what I owed to date . Then they quadrupled my overdraught interest payments . They were angling to repossess them as they knew I had a good bit of equity in them . I struggled to finish the first one and then pure luck I got it sold . Then with the funding from the first sale I finished the second and sold it . Everyone got paid including the bank who made more money than anyone . I was the only looser, even after doubling the value of the plot by buying it with planning for one and getting planning for 2 agreed on it . They handed me my arse back and that was all I got after months and months of sleepless nights at the hands of the bastards .
I’ve never done a prospective build since.

At the time the architect told me if you owe the bank 200K you have a big problem , if you owed the bank 2Million then the bank would have the big problem !
Click to expand...
Banks are legalised sharks
 
You must log in or register to reply here.

Footer block 1

Footer Block 2

Plant Construction Forum

Footer block 3

Our Partners

Top