Northshore in trouble???

[l'escargot]

Looks like there are some apologies due to Ex-SolentBoy:

http://www.boatingbusiness.com/news101/industry-news/northshore-future-uncertain

 

[sailorman]

Looks like there are some apologies due to Ex-SolentBoy:

http://www.boatingbusiness.com/news101/industry-news/northshore-future-uncertain

So the chap who bought the all new Gunfleet 58 made the correct choice. After being ignored on the Northshore stand

 

[jonic]

Sadly the rumors appear to be true.

However I had heard the rumors last week and wouldn't have posted on here until it was in the public domain.

Ii will be interesting to see what happens next at NS

 

[sideshowbob]

I dont see any apologies due and the fact that they are up the creek is irrelevant, it could just as easily have been a outfit that wasn't. Whats even more staggering is that the liquidators should have moved a whole lot faster than they have in notification both to the suppliers and the public.

 

[jbweston]

Ex-SolentBoy is innocent, OK.

The BoatingBusiness piece says the workforce was laid off last Friday and the yard 'sealed on Monday'. Which is, presumably, why Ex-SolentBoy was asking about Northshore on Friday.

In fact he had a 'scoop' . . .

 

[Sans Bateau]

I am absolutely sure there will be enough assets which can be disposed of (including half finished deposit paid boats) to settle the fees of the IP.

 

[lustyd]

Ex-SolentBoy is innocent, OK.

No, he still posted a dangerous rumour on the internet which could just as easily have ended in bankrupting a profitable company. The reaction to his post was spot on for the most part regardless of whether it turned out to be true. He had no evidence so the post was pulled. This thread does have evidence so it won't be.

I find it odd that they are talking about liquidators rather than going into administration - I'd have thought they would have an order book which might allow survival with a change of ownership. They are, after all, very good boats.

 

[sailorman]

I am absolutely sure there will be enough assets which can be disposed of (including half finished deposit paid boats) to settle the fees of the IP.

will all those with "boats in build" be safe unlike those poor souls tho lost all with Rampart

 

[Sans Bateau]

will all those with "boats in build" be safe unlike those poor souls tho lost all with Rampart

unlikely, the suits will be frothing at the mouth with every asset which can be sold. They have not an ounce morality.

 

[Talulah]

I just hope the creditors weren't over exposed.
Hopefully we'll see some of the staff back as I suspect there will be a Phoenix.

 

[dylanwinter]

well I think some of you guys should apologise to the OP of the first thread

he was dead right

clearly the word was out on Friday to everybody but the people who might be just about to transfer money into the hands of the receivers for yachts they will never receive

it is what the web is for - it empowers ordinary people

well done solentboy

D

 

[Phoenix of Hamble]

Hopefully we'll see some of the staff back as I suspect there will be a Phoenix.

Nowt to do with me!....

 

[sailorman]

Nowt to do with me!....

Phoenix of Humble

 

[jbweston]

+1 here Dylan.

What the critics are missing is that exSolentBoy wasn't peddling an unsubstantiated rumour but asking us whether something he'd heard (that was 100 percent true and accurate) was true or not. It was true.

I do understand that the media (like ybw.com) have to be very cautious because they can't afford litigation -easier and cheaper for them to err on the safe side. But the news is littered with people who've lost money because businesses go bust where they needn't have lost it if they'd known what was a happening. ExSolentBoy wasn't jumping the gun - it seems the workforce was being sent home already.

Possibly our different attitudes to this depend on whether we side with the suppliers and customers (who benefit from early news) or the workers and owners who want to stagger on as long as possible without anyone raising awkward questions in the hope that something will turn up . . .

 

[sailorman]

+1 here Dylan.

What the critics are missing is that exSolentBoy wasn't peddling an unsubstantiated rumour but asking us whether something he'd heard (that was 100 percent true and accurate) was true or not. It was true.

I do understand that the media (like ybw.com) have to be very cautious because they can't afford litigation -easier and cheaper for them to err on the safe side. But the news is littered with people who've lost money because businesses go bust where they needn't have lost it if they'd known what was a happening. ExSolentBoy wasn't jumping the gun - it seems the workforce was being sent home already.

Possibly our different attitudes to this depend on whether we side with the suppliers and customers (who benefit from early news) or the workers and owners who want to stagger on as long as possible without anyone raising awkward questions in the hope that something will turn up . . .

Are you suggesting they were "Over Trading"

 

[Ammonite]

well I think some of you guys should apologise to the OP of the first thread

he was dead right

clearly the word was out on Friday to everybody but the people who might be just about to transfer money into the hands of the receivers for yachts they will never receive

it is what the web is for - it empowers ordinary people

well done solentboy

D

I'm with you Dylan. The way people laid into him was completely unjustified. Just spare a thought for their creditors. I just hope the NS directors take their share of the pain and don't just emerge under a new guise leaving their former suppliers in the ****

 

[lustyd]

What the critics are missing is

No not missing that at all. All we're saying is that even if they had been fine, a thread like that on a forum like this would mean they got effectively no orders in the foreseeable future which would absolutely ensure they went down the tubes because even a hint at losing the deposit would stop any sensible person ordering one. Obviously it was done out of concern for people losing money on a new boat, and I have every sympathy for those people but I don't think it was worth the risk before he had evidence.

 

[webcraft]

it is what the web is for - it empowers ordinary people

+1

A lot of traditional business secretly hates the web though - too level a playing field.

- W

 

[Ammonite]

No not missing that at all. All we're saying is that even if they had been fine, a thread like that on a forum like this would mean they got effectively no orders in the foreseeable future which would absolutely ensure they went down the tubes because even a hint at losing the deposit would stop any sensible person ordering one. Obviously it was done out of concern for people losing money on a new boat, and I have every sympathy for those people but I don't think it was worth the risk before he had evidence.

I really can't see that at all. People with that sort of money aren't stupid (well most of them) and any body with an ounce of sense knows that all boat builders are potentially at risk in the current climate and would obtain the necessary assurances before placing an order (particularly if they had had an early heads up suggesting something may be up)

 

[lustyd]

+1

A lot of traditional business secretly hates the web though - too level a playing field.

- W

yes, the web has created a really level playing field. All of the businesses which went under when Amazon and Google got into hosting probably think so. As do the people who made ebook readers before the web giant Amazon got into the game, or those making phones before Google decided to buy the market.