Anyone Know more about Peters Opal?

Hi All,

Peters are still Trading! They are just in Administration. This means that brokerage transactions should be completed. Also if a deposit has been taken on a stock boat then the administrators will IMHO honour it. They are trying to sell it as a 'trading business' and not yet considering break up. Anyone with a deposit on a new 'build' boat may be offered a swap to a stock boat. Not total doom and gloom yet! Fingers crossed.

Paul /forums/images/graemlins/smile.gif
 
You are totally correct in all you have said - so it does need more than the escrow - it needs it written into the contract.

The broker I am talking about currently owes me a great deal of money, most but not all of it with a personal guarantee, but still refused to even agree to an Escrow account.

All I am trying to do is raise the bar a bit for caution in dealing with brokers. I do not thinl that Peters will be the last to go into administration or receivership. So everyone should be very, very careful.

As for those whose boats have been sold - yes - they stand to lose out big time.

Its really time that the industry came up with standard terms that provided this basic protection for buyers and sellers. If everyone could understand that a cleint account is really a meaningless cover that offers no protection at all then at least some good may have come out of the discusiion on Peters.
 
[ QUOTE ]
Hi All,

Peters are still Trading! They are just in Administration. This means that brokerage transactions should be completed. Also if a deposit has been taken on a stock boat then the administrators will IMHO honour it. They are trying to sell it as a 'trading business' and not yet considering break up. Anyone with a deposit on a new 'build' boat may be offered a swap to a stock boat. Not total doom and gloom yet! Fingers crossed.

Paul /forums/images/graemlins/smile.gif

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But who the hell is going to trade with them right now?

All bar about half a dozen of the Chichester staff have been sent home evidently - they are not going to be paid their last months salaries so I hear, and no redundancy pay off (and some have well over 20 years there).

I still think that Premier are the right people to get it all up and running quickly - it has been rumoured for some time that they wanted Peters out of the boatyard, probably to have it back for themselves. They recently refused to renew Peters contract for the Northern hoist, and have started to receive the piles etc for an all new hoist (which frankly, the bertholders welcomed)
 
Nicho,

People already trading with them get to continue if they want and smaller transactions can take place think swindlerey, parts etc.

I doubt anyone would order a new Bav off them but there are great deals to be had on the stock boats and those transactions are guaranteed by the Administrator!

Cheers

Paul /forums/images/graemlins/smile.gif
 
[ QUOTE ]


I doubt anyone would order a new Bav off them but there are great deals to be had on the stock boats and those transactions are guaranteed by the Administrator!

Cheers

Paul /forums/images/graemlins/smile.gif

[/ QUOTE ]

Oh No!! That's really bad news, I like the F42/5 they've got in stock, but can't really afford it!. Thank God I'm not down for a week!! Someone buy it please....
 
20 years ago when administration was first introduced as a process in insolvency it wasn't much used because in order to get the protective ring thrown round the company (which is the result of an administration order) it had to be pretty likely that the company would come out the other side. Nowadays administration is used much more frequently - in my view quite cynically - where there is no realistic prospect of the company being traded out of its problems; mainly to put the administrators in a stronger position than they would be in if appointed as receivers.

So, Peters may be traded out of the situation. I fear that the redundancies are indicative of the greater likelihood of a fire sale to pay out secured creditors (and the administrators) and then the administrators concluding that the company could not be saved and passing it on to a liquidator for the last rites.
 
Well they have assets they want to convert to cash and the best way to do that is to trade on until those assets are sold. If they are being sold at cost which seems to be the case then no profit is being generated whilst costs are so that means they are simply after the cash.

Also boat makers may well have contraxct clauses allowing them to pull out if Peters goes into admin or receivership.

Some prime agencies may well be up for grabs by some hungry smaller dealers.

In the meantime selling off stock will also act to depress prices throughout the market.
 
[ QUOTE ]
The first aim of the administrators will be the continuation of the company.

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The first aim of the administrators is to ensure their fees can be paid
 
Peters Opal lost both Fairline and now Sealine agencies. Did these Companies know something we ordinary folk did not?
 
Another question: what will this mean for Sparkes Marina?

It's not just the Opal office, but there's a small army of riggers, electricians, fibreglass repairers etc. that rely heavily on the steady flow of Bavarias and Legends that get launched there...

dv.
 
[ QUOTE ]

Another question: what will this mean for Sparkes Marina?

It's not just the Opal office, but there's a small army of riggers, electricians, fibreglass repairers etc. that rely heavily on the steady flow of Bavarias and Legends that get launched there...

dv.

[/ QUOTE ]

I was down at Sparkes yesterday afternoon. There were some very sorry looking contractors down there. And as you have said, Opal/Peters paid the lions share of their wages.

All very sad. I cant help but blame the Peters Hierarchy. To me they might as well have called in the administrators when they parted with Sealine. So shortly after the Fairline split would have made it impossible to cope with.

I know its a smaller scale - but if you were to say to Jez, "Jez could you change from your franchise to two others in a 3 year period and stay in business?" I suspect he would say "Sorry, not possible".
 
I am too from time to time have been a contractor for BA Peters, doing warranty work on there Rodmans, I always found them very easy to deal with, and they always paid there invoices actually before my current 30 day period.

Sorry to see it in this mess but I think its a sign of our times in this country, maybe we will be a bit more thankfull for what we have thats paid for rather than what the bank owns, borrowing is not that cheap, maybe these big companies will take note of this disaster and tighten there belts.

Also I think the builders bully there dealers into taking on far more stock than they should just to keep these mega factories going, its all right employing loads of people to keep the economy going, but its no good when this happens, as many small companies like myself always suffer the most when this happens.

Just to make a comment , they dont owe me anything thank god!
 
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