Northshore/southerly update?

[Whitelighter]

Any news yet?

I am expecting southerly to rise from the flames but has anyone heard anything?

 

[TeamSpirit]

yep unsurprisingly back in operation, with new name. Understand they have re-hired some of the old staff.

 

[Whitelighter]

So a 'new' company building southerly boats?

Figures.

No doubt they require their customers to fund their company as well.

 

[flawed_logic]

Any news yet?

I am expecting southerly to rise from the flames but has anyone heard anything?

Yep, they shafted their creditors and anything of any worth was held in untouchable companies.
Seldon were the worst affected but so was the uk company that manufactured the keels. (Un)Surprisingly the company that leased the factories eg north shore was paid up to date at their 40k per month rental

 

[sailorman]

Yep, they shafted their creditors and anything of any worth was held in untouchable companies.
Seldon were the worst affected but so was the uk company that manufactured the keels. (Un)Surprisingly the company that leased the factories eg north shore was paid up to date at their 40k per month rental

No Cash
No keels
No splash
Iron Bros have the upper hand

 

[robertj]

I just hope all those companies affected by their (sudden) demise boycott them, but some how I feel business is business. Lol

 

[nathanlee]

yep unsurprisingly back in operation, with new name. Understand they have re-hired some of the old staff.

I was quite a fan of Northshore until I realised how they treated their suppliers. The company structure set up a massive insurance policy for them so they could run it in to the ground and just let it fold with no repercussions. Disgraceful behaviour in my opinion. They're off my list of future purchases as a result.

 

[Garold]

Yep, they shafted their creditors and anything of any worth was held in untouchable companies.
Seldon were the worst affected but so was the uk company that manufactured the keels. (Un)Surprisingly the company that leased the factories eg north shore was paid up to date at their 40k per month rental

That rental looks high.

The building looks worth about 10-15% of that rent.

Effective way to transfer money from one corporate entity into another though. Makes me think of the transfer pricing discussion with international companies.

Cheers

Garold

Ps. I agree with Nathan. I've crossed them off my list now. Sadly, they were near the top.

 

[[70521]]

Ps. I agree with Nathan. I've crossed them off my list now. Sadly, they were near the top.

and another agreement with Nathan.

 

[Talulah]

It will be interesting to see what reception they get at the Southampton Boat Show. I suspect the public will have short memories and they will be as busy as ever.
I'll be looking to see if the new builds are fitted with Selden masts.