Another Celebrity Chef in the Stew

fc123

SouthCoast wrote: »

Please keep us updated fc123 and............................

Good Luck.

Will do......the kicking business is keeping me going (and dead busy) though we are being careful not to overtrade.....feels wrong turning things down, but the perils of overtrading (esp in the current climate) would be worse.

Overtrading??..Save that one for another day I think I've done that before too. Actually, I think I've made most mistakes by now....bet there are more to make too.


The bit that winds me up the most (like Lloyds and Alan m) is dealing with some suit who got his mind stuck in the boom of 1986, never moved on, and has absolutely zero insight or knowledge on what is actually going on out here. By that I mean everything going on...not just a bit of slow trade.

But, hey.....I think he will wake up to it in another couple of years. Not worth wasting any more energy on it TBH. I stopped last week.

Thrugelmir

Kev09 wrote: »

Trust me I understand this glaringly obvious premise, but what it is you are describing is what should happen at the start of a companies life (I borrowed a bit to start my first company) a bit down the line the previous credit you have given will be coming in, what you are describing is factoring debt, I get it! I don't believe a company should be so hard up for cash that it needs to do this, maybe you could consider that perhaps this is not the best way to operate a business, the people that rely heavily on the banks will fold, I deal with companies who factor their debt and they are the ones that are skint!!!!!!!!

I made it simple as an example. Whereas it can become exceedingly complex. Many businessess require large capital outlays on buildings, plant & machinery before anything is produced to sell . Without longer term funding provided by banks these projects will never see the light of day.

Factoring is a way of providing secured lending to a business. Far cheaper interest rates. As often credit insurance is a requirement of any factoring arrangement.

Kev09

Thrugelmir wrote: »

I made it simple as an example. Whereas it can become exceedingly complex. Many businessess require large capital outlays on buildings, plant & machinery before anything is produced to sell . Without longer term funding provided by banks these projects will never see the light of day.

Factoring is a way of providing secured lending to a business. Far cheaper interest rates. As often credit insurance is a requirement of any factoring arrangement.

I do not necessarily disagree with all that you say, businesses almost always have to borrow to get going and the pratice of banks suddenly calling in debt unannounced is deplorable! but it was always the risk of getting into bed with these people. That is why I choose not too.

There down sides to not borrowing it takes longer to expand and you have to pay yourself less. I have been undercut by companies whom I know the owner is selling close to cost and running up mountains of debt and relying on an tiny margin on a massive turnover, these companies go bust and then start up with the wife as the director etc until this is exhuasted, ive only been in business a very short time and I have seen alot of this abuse of the ltd liabilty law. I had a customer owe me £7,000 who was desperately trying to put me off until eventually he bust his firm, Incidentally he owned a property in his own name and rented it back to his limited company charging high rent, I made him aware there was no way I was falling for it and made him sign a directors guarantee, he then paid up!!!!

The trail of destruction left by firms going into administration is far worse than what the banks are doing alot of people have no qualms in shafting everyone else around them as their comapny sinks!

Perhaps the point I am getting at and Fc123 mentioned was that tightening up credit in the long term may not be such a bad thing!

Thrugelmir

The trail of destruction left by firms going into administration is far worse than what the banks are doing alot of people have no qualms in shafting everyone else around them as their comapny sinks!

Perhaps the point I am getting at and Fc123 mentioned was that tightening up credit in the long term may not be such a bad thing!

Unfortunately company's going under to due to malpractice on the part of the directors is nothing new.

Agree with your sentiments that the tightening of credit may actually be what's required. As in some cases will focus minds to running a business properly.

Alan_M_2

fc123 wrote: »

Still feels better writing it out though...even if you delete it after .

We have been number crunching the past few weeks and putting various scenarios into the sums. A chunk of our problems have been caused by situations/people/things way out of our control......and I have finally accepted the rubbish stuff that I cannot possibly change (but can have the odd rant about over here late at night).

This cleared the way for the making decisions over the things I can change...and it's going to be really hard going through with it all....but then I look at the figs and know that it is the only solution.

I wish you well Alan....we were with Lloyds during the 90's and they were cr4p. We once had the small biz mngr down (fresh from the Lloyds school of business theory) who couldn't get her head around what we did. She stood there surrounded by 5 tonnes of vintage clothing.
I showed her an order being sent to Japan bla bla and she stood there, clad in High St Polyester and said '' Who on earth buys this stuff?''. She refused to believe that we could T/0 about £400k pa on what I showed her. She also didn't believe that Japan paid us so much per item as she said that the country was 'broke'. This was mid 90's.

Thereafter, she was really difficult, a few times 'phoning my OH to ask about large sums going into the account. I think she had had a class on money laundering and was convinced we were up to something.....perhaps she got a prize if she caught someone?

Anyway, I hope you do find a solution.......I will post in a few weeks our end result.

I think you summed it up nicely.

In the two years we've been with LloydsTSB, we've had seven different business managers. One after another sacked, left, moved to another branch....no continuity...constantly blaming previous incumbents for errors... No one ever accountable......

fc123

Alan_M wrote: »

I think you summed it up nicely.

In the two years we've been with LloydsTSB, we've had seven different business managers. One after another sacked, left, moved to another branch....no continuity...constantly blaming previous incumbents for errors... No one ever accountable......

Banks...we have been with the Co-op for about 9 years now and have one of those low maintenance accounts. Basic, call centre service and that's about it.

Some months back, I 'phoned them up as we had gone over by about £30 and I wanted to ensure a cheque would clear (for about £3000). Funds arrive in our account everyday as we are retail.

Chatting to the ''very nice young man'', I mentioned the 90's recession and he confessed that he didn't recall it but had read about it. I then asked how old he was and he said 19. :rolleyes:
The cheque went through but they charged me a tenner for going over for 24 hours.
And I have to go and do some work now too...log on, pick up the e-mails and sneak over here for 5 mins.........*slaps hand*...back to the grindstone.

Kev09

Im with Alliance and Leciester, you can pay in at any post office! and their banking works out free as my T/O is only between 500k-1m. Have never spoke to a business manager of that but their phone people are not too bad! they made a mess of ordering me a new card one time and I almost told them to stick it! but they sent me a free case wine the next day!! happy days alcohol always helps you forget!!!!!!!!!!!

I was with RBS needless to say they were useless!!!!!!!!!!!

Conrad

Banks are bound to deliver poor service, given their size and complexity. I just always expect everything to go wrong, and therefore never get let down!

HSBCs automated voice is like that of the most gravelly voiced, annoying old seemstress I've ever heard. She puts me on the defensive when hitherto I'd been in an affable calm mood.

If they can't even get the voice right, there is no hope.

When things go wrong, which often boils down to them being located in disperate locations such as India, I remind them of thier TV adverts in which they claim they are 'the worlds local Bank'.
I can't resist saying to an ill informed far away call centre person - "I thought you advertised you were local".

Kev09

When it comes to service banks are up there with the worst! however local councils and utility companies are just as sh*t and unhelpful. In fact any of these monopoly type situations which companies/local authority seem to operate in brings out the worse in people.

dacouch

My heart bleeds for wozza

http://news.scotsman.com/uk/TV-chef-cooks-up-earnings.4214355.jp

Bit of a hypocrite me thinks