Dickies gone bust

I was at Dickies in Bangor the day before they went bust and in hindsight there seemed to be a lot of staff in a rush to get a small speedboat out from round the back and parked by the converted toilet block which they used as an office. (sorry thats probably a bit unkind, but no using the Head Office building for ordinary Boat Salesmen) Anyway they towed the boat from somewhere round the back, stuck it by the Sales Office, quickly jacked it up removed a wheel and put a Lock on the Towing Hitch.
I am reminded of a Volkswagen/Audi dealer who went bankrupt in Warrington a few years ago. Many un-registered cars dissappered "overnight".
Small boats of course have no registration.
I am also reminded of when "International Marine" went Bankrupt in Salford even longer ago. I had been looking at a boat, may have been a Sigma 33, went back 3 days later and the liquidators had been in and all the boats had signs on, identifying ownership, and the sigma had a sign which identified it as belonging to a customer, (which it did not as they had taken it in PX) and a week later it had gone.
Having worked for an Auction where we would collect cars on behalf of liquidators and run them through our auction I always wondered if the Liquidators jst walk round a site to be told , "Thats ours" "Thats a customers"
There were certainly a couple of boats at Bangor which in "Auction Speak" appeared to be "On their toes" Perhaps PX stuff, but you have only made the profit on what you have sold when you have sold the "swapper"
I feel sorry for anyone who has supplied them with goods and wont be paid, but our insolvency laws are far too lax.
 
Apparently there are a few people out of pocket.

I honestly don't know how these people can hold their heads up high and re-open the following day. Its terrible, a lot of people lost their jobs with no redundancy and the owners are continuing as though nothing happened - disgusting.

Hopefully Beneteau decide to be represented by a more honest and respectable company.

I certainly won't be crossing their threshold again, I hope others follow suit. Vote with your feet people!
 
I feel sorry for anyone who has supplied them with goods and wont be paid, but our insolvency laws are far too lax.
Agree entirely. My company has lost money a few times to customers who went bust and then miraculously resurfaced a few days later under a similar name. It is always the little people who get burnt because the banks, HMRC and of course, the administrator always have first call on any remaining assets so trade creditors usually end up with nothing. Worse, there are people who make a career out of busting companies. I know a guy who was a director of 26 failed companies until the Dti caught up with him and, even then, the worst sanction they can apply is banning them as a director for a few years. Of course, they get around this by setting up another company with their wife or mates as directors and carry on as usual because there's always some unsuspecting supplier who's willing to grant them credit
 
I certainly won't be crossing their threshold again, I hope others follow suit. Vote with your feet people!

That probably won't happen. By going bankrupt in this way they have shed a lot of debt and hence costs from their books.
This should in turn make them more competitive and able to offer lower prices, so the British public will do what they always do when faced with lower prices - put any ethical concerns to one side and vote with their feet to buy, buy, buy.
 
That probably won't happen. By going bankrupt in this way they have shed a lot of debt and hence costs from their books.
This should in turn make them more competitive and able to offer lower prices, so the British public will do what they always do when faced with lower prices - put any ethical concerns to one side and vote with their feet to buy, buy, buy.

Thats understood, I CERTAINLY wouldn't order a new build boat form them!! Would you want to put YOUR boat on brokerage with a company who's directors are so ethical? I wouldn't, the client account is probably the director's mattresses!!
 
Thats understood, I CERTAINLY wouldn't order a new build boat form them!! Would you want to put YOUR boat on brokerage with a company who's directors are so ethical? I wouldn't, the client account is probably the director's mattresses!!

Your stance is entirely laudable but sadly, I wouldn't hold out much hope that the 'Great British Public at Large' will act with the same ethical concerns.
 
Agree entirely. My company has lost money a few times to customers who went bust and then miraculously resurfaced a few days later under a similar name. It is always the little people who get burnt because the banks, HMRC and of course, the administrator always have first call on any remaining assets so trade creditors usually end up with nothing. Worse, there are people who make a career out of busting companies. I know a guy who was a director of 26 failed companies until the Dti caught up with him and, even then, the worst sanction they can apply is banning them as a director for a few years. Of course, they get around this by setting up another company with their wife or mates as directors and carry on as usual because there's always some unsuspecting supplier who's willing to grant them credit

HMRC probably loose most on the few cases I have seen.

' Good honest family business ltd ' get into trouble during the recession. they ask for a 'holiday' from HMRC, no PAYE/VAT payments are made for 6 month- 18 months.

'Not so perfect family business ltd ' is formed.

HMRC agree with administrators that the phoenix company can rise as long as the staff are going to be re employed (and they gain future PAYE, but loose last 18 months)

'not so perfect family business ltd' ensure the following get paid before 'good honest family business ltd' go bust

Insurance company (otherwise new company with directors of bust companies would struggle to get insurance over night)
favoured suppliers (they need continuance of supplies)
Landlords *(they need their premises to store machinery they are about to buy for sod all, hidden completed stock etc)
Clients get a deal they cant refuse, after all loads of orders/leads will have been stored up ready so the phoenix company will be very, very busy.

who looses out...........

any pain in the arrs suppliers who the 'good honest family business ltd' thought were partly responsible for putting them in this position.
any careless customers who ground a deal/order out not worth completing
* Landlords who didnt take an interest in their tenant who kept charging full pre recession rent as per 10 year lease conditions.


But of course once the 'good honest family business ltd' has done this there will be dozens of copycat get rich quick thugs out to rip everyone off.

Time will tell if Dickies leave only a few casualties in their wake.



Looking at the wider picture once you appreciate that 'good honest family business ltd' was going to go bust anyway leaving debt and unemployment then it makes sense to let them start up again, re employ most of the staff and effectively minimise disruption.


Of course if the Yacht Broking Industry was regulated by the FCA the directors would not be allowed to benefit from this stunt (or at least not allowed back into the industry) and clients funds would be protected by law.
 
Yes they do owe me quite a large sum (in terms of my turnover) and what irks me slightly is that they set up the phoenix company which they are now trading under back in early July, six weeks before the old company went under? So they knew in early July so wouldn't it have been decent to at least let the suppliers like us know so we can plan ahead? I inform my suppliers if I am likely to struggle to meet any payments due it's simple courtesy.

The facts are A.M Dickies and sons Ltd is the company that has failed, this was trading as Dickies International Boat Sales, the new limited company set up in early July is....wait for it..."Dickies International Boat Sales Limited" I think companies should be forced to at least brand and name themselves as clearly a new and different business, otherwise it is easy for them to give the impression that nothing has changed and the business is and has always been trading (which gives the impression of success)
 
I won't be selling or buying until I have confidence in the entire market due to numerous stories like this, so the whole trade loses out. I had considered something recently but the company I would be dealing with has had its previously very good credit rating cut by 50%, so no thanks. Potential very large floating apartment in St Kats on hold.
 
If they start up again with the same or similar name they contravene 'section 216' and can be made personally liable for newco debts - http://www.legislation.gov.uk/ukpga/1986/45/section/216

Interesting reading. That could explain why with Northshore there was a lot of director changes prior to the insolvency.
So we now need to identify who the old directors were and if they are a director of the new company. That information is easily available from Companies House.
 
If they start up again with the same or similar name they contravene 'section 216' and can be made personally liable for newco debts - http://www.legislation.gov.uk/ukpga/1986/45/section/216

Then how come you see so many companies titled " F Bloggs (2014) Ltd trading as Born Again" or similar, presumably a relative is the titular Director

Apparently they can, depends on the type of winding up!
The full report is here with what happened prior to failure....still seems wrong.
http://www.duffandphelps.com/intl/e...fileGuid=c634179d-1a67-4644-be9f-69fb65afe46a
and administrators seem to be getting £44,000
 
The draft accounts show £83k available to non-preferential unsecured creditors- an estimated distribution of 29p in the £.

The directors owe the company £118k which they will need to repay before any distribution can be made.

" The Directors have advised that this amount will be paid to the insolvent estate within the next few months ".
 
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Who would be a boat dealer?

Turnover £6.5 million
Cost of goods sold £6 million
Net profit £500k
Expenses £600k :( :(
 
I cannot pretend for one minute to understand these business things....but to my untrained eye I would ask if things are going pear-shaped already? - or is it more playing around?

DICKIES INTERNATIONAL BOAT SALES LIMITED
Document: TM01 - Termination of appointment of director
APPOINTMENT TERMINATED, DIRECTOR JOHN DICKIE
Filed on: 26 Jul 2013


DICKIES INTERNATIONAL BOAT SALES LIMITED
Document: TM01 - Termination of appointment of director
APPOINTMENT TERMINATED, DIRECTOR EVELYN DICKIE
Filed on: 26 Jul 2013

DICKIES INTERNATIONAL BOAT SALES LIMITED
Document: SH03 - Return of purchase of own shares
RETURN OF PURCHASE OF OWN SHARES
Filed on: 02 Aug 2013
 
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