Another Celebrity Chef in the Stew

bo_drinker

W T was just on the news bleating on about the banks not throwing money at them. Going into administration by the look of it. He moved banks when his manager did and the new bank told him where to go when he needed a few quid. Back down to earth with a bang Wozza. Oh dear...

Conrad

fc123 wrote: »

Hugh Fearnley whittingsometing...I adore him....

My brother joined his web discussion forum when River Cottage came out, but after a few years most of the members now consdier Hugh to be a money making macjine through and through, and very good at hiding the fact

Conrad

WT like many is learning it's not what you earn, it's what you save and that it's hard to build real wealth if you have a high status lifesytle.

Alan_M_2

LloydsTSB are at least partially responsible for the collapse of this business, they are pulling the plug across the board on small to medium sized businesses.

My particular bank manager has pretty much had all decision making processes removed from him and has to refer even small amounts of funding requirement up the chain of command. Reading between the lines, orders are coming from above to simply call all lending in where the facilities to repay it exist.

It's why AWT's comment re Gordon Ramsay's £10Millon facility has never been more true, how much of that do you think they';d get back if it were called in?

Lloyds have done the same to my business, and three other businesses on my business park, all viable, all still operating. It's an absurd situation and I completely understand why AWT wouldn't allow Lloyds to charge against his property, they would likely have accepted it, then called in against it 3 months later to settle their position.

Conrad

I guess I'm old fashioned, but I would never expand business until I had the cash to so do.
In my book there is not ever a reason to turn to Banks financing cashflow.

I think people expand too quickly.

Sir_Humphrey

Conrad wrote: »

I guess I'm old fashioned, but I would never expand business until I had the cash to so do.
In my book there is not ever a reason to turn to Banks financing cashflow.

I think people expand too quickly.

Unless AWT was lying, that is what he did do. The loan was to tide over the business, or so he claims.

Perhaps he should do what the 'experts' on this site think everyone should do. Namely just stash the cash and earn money with money...(unless it is a BTL in which case making money from money is evil).

robin_banks

tiding over is a loose term.

Sir_Humphrey

robin_banks wrote: »

tiding over is a loose term.

I am paraphrasing. I am just going on what he claims, he could be bulling for all I know.

Alan_M_2

Conrad wrote: »

I guess I'm old fashioned, but I would never expand business until I had the cash to so do.
In my book there is not ever a reason to turn to Banks financing cashflow.

I think people expand too quickly.

In situations of high stock value businesses, they are almost entirely non viable without borrowing.

Every single large high street retailer will rely on borrowing for it's cash flow, usually eye wateringly large overdrafts.

Of course in service industry like yours, you have no need to pay in advance for anything, you simply make money from other peoples money, why would you need to borrow?

Lets imagine this though....instead of just moving paper and getting a commission at the end of it..you actually had to "Buy" every mortgage you sold....you had to finance it first, then sell it to your customer....how would you manage that without borrowing? That is the position any business buying stock and supplying the end user faces.

Of course that finance could be factoring, invoice finance or any other number of flowery renaming of borrowed money, but it's all borrowed money.

In AWT's case, stock is premises, fitting out the premises, staffing and advertising.

In my case it's a warehouse full of granite.

In Marks & Spencers case it's a warehouse full of "Smalls"....

Maybe we should all just become brokers...none of us have to finance anything then we can all just make money off borrowed money.

apt

When AWT was on Great British Menu he made a complete pig's ear of it and went out in the first round. He's also served served up some dross over the years on Food And Drink and Ready Steady Cook. Food and Drink never seemed to have much luck with its chefs. AWT's predecessor Michael Barry seemed to have considerable difficulty cooking 'live'. Perhaps AWT should have spent more time on his businesses and less on promoting the virtues of smoking and the Conservative party. A drunk Floyd is a better cook than a sober AWT in my opinion, but a much worse businessman.