Some one with a Soul Buy it

Bigplumbs

Bigplumbs

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I just spoke to 2 people close to Fletcher in the past. The very sad thing is the last few staff from Fletcher leave today because apparently they have not been paid. The new owner who apparently bought the company for quite a small sum seems to have run it into the ground.

I think it is so sad to see such a great British Institution like Fletcher disappear. Come on one of you on here with some money go and buy the company and lets see it rise from the ashes.

I have 3 +1 (my brothers) fletchers and I love them. I just haven't got any money :)
 
Bigplumbs said:
I just spoke to 2 people close to Fletcher in the past. The very sad thing is the last few staff from Fletcher leave today because apparently they have not been paid. The new owner who apparently bought the company for quite a small sum seems to have run it into the ground.

I think it is so sad to see such a great British Institution like Fletcher disappear. Come on one of you on here with some money go and buy the company and lets see it rise from the ashes.

I have 3 +1 (my brothers) fletchers and I love them. I just haven't got any money :)
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I KNEW THIS WOULD HAPPEN.

When I saw that wessex bristols accounts had not been filed and were three months late I knew it was all over :( GUTTED. :(
 
Bigplumbs said:
I just spoke to 2 people close to Fletcher in the past. The very sad thing is the last few staff from Fletcher leave today because apparently they have not been paid. The new owner who apparently bought the company for quite a small sum seems to have run it into the ground.

I think it is so sad to see such a great British Institution like Fletcher disappear. Come on one of you on here with some money go and buy the company and lets see it rise from the ashes.

I have 3 +1 (my brothers) fletchers and I love them. I just haven't got any money :)
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Looking at the book value, I reckon they paid less than 10K... Could be totally wrong... But it hardly did anything, any more.
 
Someone said they paid £40 k

Who is Wessex Bristol.

BTW I don't think there is any real estate. I think the building they used is rented from someone else SBS
 
LOL you have to laugh sometimes at what goes on. If you have a look this guy has been a director of so many companies the majority have gone bust. Makes you think and wonder how he is allowed to be a director. Clearly someone who knows how to make a quick buck at the expensive of others and then walk away
 
Bigplumbs said:
Who is Wessex Bristol.
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A bunch of asset strippers who buy up failing companies with a view to putting them into administration and stripping out the saleable assets. Check out the number of companies that the owner of Wessex Bristol, Mr Ayiaz Ahmed, has been involved with and which are now closed
 
Deleted User said:
A bunch of asset strippers who buy up failing companies with a view to putting them into administration and stripping out the saleable assets. Check out the number of companies that the owner of Wessex Bristol, Mr Ayiaz Ahmed, has been involved with and which are now closed
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A thoroughly shameful practice. I despise people like that. No honour or as I said soul, Just greed and thinking of themselves. Hopefully one day those sort of people will get what they deserve
 
Deleted User said:
A bunch of asset strippers who buy up failing companies with a view to putting them into administration and stripping out the saleable assets. Check out the number of companies that the owner of Wessex Bristol, Mr Ayiaz Ahmed, has been involved with and which are now closed
Click to expand...

What I struggle to understand is, what other than the moulds and probably quite old equipment (Fletcher have been floating along for years) would the company likely have that's worth £40K purchase price, and the effort in wrecking it?
 
If you really believe in its capacity to rise again then I think you should find a way to get the money to buy the company. You should get a loan or start a fund raising activity.
 
Michael.Clark said:
If you really believe in its capacity to rise again then I think you should find a way to get the money to buy the company. You should get a loan or start a fund raising activity.
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Good Idea. Here is my fund raising activity.................. Everyone on here give me some cash and I will go for it :)
 
Beyondhelp said:
What I struggle to understand is, what other than the moulds and probably quite old equipment (Fletcher have been floating along for years) would the company likely have that's worth £40K purchase price, and the effort in wrecking it?
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Probably intangible assets like Brand Name. The company name is well known and has a loyal following - although quite how you'd convert that into sales is another matter! I'd have thought the knowledge and skills of the craftsmen that have been there for many years would be equally valuable, so why let it crumble? I suspect WB were banking on the same Middle Eastern backer that didn't materialise for Fairline. Once the Fairline deal unravelled, I think this one was destined to follow - although would have required much less capital to move forward. Hopefully someone will buy up the assets and rekindle the brand, but I won't hold my breath... :(
 
Beyondhelp said:
What I struggle to understand is, what other than the moulds and probably quite old equipment (Fletcher have been floating along for years) would the company likely have that's worth £40K purchase price, and the effort in wrecking it?
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Sorry I'm no expert on how these people work but here's how I think it works. A company usually gets into trouble because it has debts. No reputable trade buyer wants to buy a company if it has big debts even if there's a solid business underneath and even if it has a recognisable brand name. Along comes a company like WB who offer to buy the company at a knockdown price. They make redundant whoever they can immediately, default on payments to suppliers and staff pensions. and stop paying the rent on any property. They sell whatever they can like machine tools, office furniture, vehicles etc. Then they call in the adminstrators with a view to arranging a prepack administration which allows them to buy back the company at a really knockdown price. Then the company becomes a saleable asset of interest to trade buyers because it is free of debts but still owns its brand.

Whether this strategy works every time I don't know but I guess it doesn't have to. It only needs to work a few times for WB to be in the money overall

All IMHO of course
 
sarabande said:
a lovely piece of real estate just ripe for development .....
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That is the problem. Why try making money building boats when you can make a fast buck developing a few houses. Whereas it is near impossible to get permission to build houses on open land, any previously used land such as where people used to earn a living is fair game. Chalk that up to the Commissariat of the Privelidged Rural Elite.
 
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