Blondi Posted March 4, 2019 Posted March 4, 2019 Alan Nixon @reluctantnicko 6m6 minutes ago More BOLTON. Staff and players all off today. A whole lot of sorting out to do before a game that’s due on Saturday.
Chris Custodiet Posted March 4, 2019 Posted March 4, 2019 3 minutes ago, wakey said: Out of interest, where do you get the £100m from Chris? Ed's wealth generally seems to be reported at c£60m. I did some digging a couple of years ago (when it seemed far more relevant than it is now) and if you look hard enough, you can find some reference to Moonshift investing in retail in Brazil, but nothing to suggest any great scale or success. From memory, one was a shopping mall that collapsed. They also owned a business (possibly the one investing in Brazil, sorry can't remember) that was AIM listed then de-listed within a couple of years and seemingly struggling. To be clear, I don't dispute the numbers in the accounts, subscribe to the 'fake money' nonsense, or believe that PG or Ed did anything other than what they believed to be in the club's best interest to raise the amount of finance required to compete (to stay) in the premier league. It's ancient history now - my main curiosity is how clearly intelligent people seem willing to accept something so implausible. Ed put a significant amount of his own money into the club, but was never in a position to put £150m+ in cash in. MULTIMILLION-POUND STRIX DEAL WILL NOT AFFECT SITES 09:23Tuesday 03 May 2005 STRIX Group Limited, the Island-based kettle control manufacturer, has been sold to the private equity arm of Dutch bank ABN Amro in a deal believed to be worth £300 million. ABN Amro Capital completed a leveraged buyout of Strix, taking control of the company from its current management and Montagu Private Equity, which had a stake of 40 per cent in the business. Eddie Davies, owner of Strix, will receive around 100m for his shareholding, retaining a stake of less than five per cent and staying on as non-executive chairman. The deal means that ABN Amro's investment group will hold approximately 75 per cent of the company, leaving the remainder in the hands of 12 Strix managers. Brian Amey, Strix chief executive, said the Isle of Man would be unaffected by the developments and its manufacturing sites in Malew and Ramsey would operate as normal. Two members of the ABN AMRO Capital team will join the Strix board. Mr Amey added: 'It's very similar to the deal we did in 2000, (with HSBC] it provides ongoing funding. They are buying into what they see as a successful company, so there will be no changes in the short term. 'The real message is that we have the financial backing to sell new products into new areas. We are in great stead to invest further in research and development, boost innovation, develop new products and take advantage of opportunities in emerging markets, while maintaining our usual high standards of safety and quality.' He added that the company would be looking to develop markets for its products in China, the rest of Asia, Eastern Europe and Russia. Strix manufacturers kettle controls, thermostats and water boiling elements for multinational companies such as Philips, Kenwood and Braun. The group was founded in 1979 by John Taylor, the kettle control inventor, and developed throughout the 80s and 90s by present chairman Eddie Davies. ABN AMRO Capital made 13 investments in Europe last year with five in the UK, including Ethel Austin for 122.5m and GB Holiday Parks for 105m. It currently has 1.9 billion euros of funds under management. The deal is being supported with senior and mezzanine debt from The Royal Bank of Scotland Leveraged Finance and Mizuho Corporate Bank. Sorry mods but the link to the article hasn't worked for some time.
wakey Posted March 4, 2019 Posted March 4, 2019 1 minute ago, Chris Custodiet said: Eddie Davies, owner of Strix, will receive around 100m for his shareholding, retaining a stake of less than five per cent Thanks Chris (wow, that was quick). Presume he'll have paid CGT as a UK resident?
Dr Faustus Posted March 4, 2019 Posted March 4, 2019 New Bury. Rough as rusty toasted sandpaper, tossed in a colander
radcliffe white Posted March 4, 2019 Posted March 4, 2019 25 minutes ago, marple whites said: No - just checked that - very odd - as surely this revenue would pay the wages ? Strange, what happens with the direct debit can’t just take when they want can they?
Casino Posted March 4, 2019 Posted March 4, 2019 10 hours ago, Roger_Dubuis said: One example explaining Sam's thinking could be that there in black and white in the club accounts Eddie Davies paid himself a transfer success fee of £1.5 million from the £6 million profit on the sale of Nicolas Anelka. That is hardly the action of a genuine sugar daddy such as Jack Walker or Jack Hayward is it he didnt take that payment sorry to burst that particular bubble
Benny The Ball Posted March 4, 2019 Posted March 4, 2019 Of all the events that have gone on over the last week or so , I am not surprised by the non payment of staff , the continued non payment of creditors , Issues with due diligence and the supposed breakdown in talks with prospective buyers , but the bit I really struggle to get my head around is the non collection of the season ticket direct debit monies. The line we are being fed ( and I have checked this with a contact close to what is going on within the club - who is usually a reliable source of information ) is that the direct debit collection company was not paid . I struggle to believe that KA would not pay the one business that must each month put £200k - £300k per month into the clubs bank account ? ( I have no idea as to the actual amount its 10% of season ticket sales that have elected to pay by DD and the amount must be significant ) Why would he do that ? It just does not make any sense - its so out of character - When it comes to monies coming in I have him down as a card counter at a Poker table type who would know where every last penny was coming from and when and would do everything to protect that line of cash because that was what kept him in power and that was what gave him access to funds Cannot help but think there is a lot more to this than we are being told at the moment NB Think under the Direct Debit charter ( or whatever its called ) club need to write to every season ticket holder and cannot collect for 10 days
Casino Posted March 4, 2019 Posted March 4, 2019 2 minutes ago, radcliffewhite1 said: Strange, what happens with the direct debit can’t just take when they want can they? dunno is the agreement....on or after a date? if so, then yes
Tombwfc Posted March 4, 2019 Posted March 4, 2019 18 minutes ago, wakey said: It's ancient history now - my main curiosity is how clearly intelligent people seem willing to accept something so implausible. Ed put a significant amount of his own money into the club, but was never in a position to put £150m+ in cash in. How much do you think Eddie really put in, and where did the rest come from?
Ani Posted March 4, 2019 Posted March 4, 2019 The Direct Debit Guarantee > § This guarantee is offered by all banks and building societies that accept instructions to pay Direct Debits § If there are any changes to the amount, date or frequency of your Direct Debit MPS will notify you 10 working days in advance of your account being debited or as otherwise agreed. If you request MPS to collect a payment, confirmation of the amount and date will be given to you at the of the request. § If an error is made in the payment of your Direct Debit by MPS or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society. - If you receive a refund you are not entitled to, you must pay it back when MPS asks you to § You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify us. This the DD guarantee that applies to all DDs, if they want to change the date they do have to give 10 days notice. This all feels like frozen bank account. No idea if that is good, bad or not relevant.
Chris Custodiet Posted March 4, 2019 Posted March 4, 2019 (edited) 15 minutes ago, wakey said: Thanks Chris (wow, that was quick). Presume he'll have paid CGT as a UK resident? No he won't have paid CGT as he was a resident of IOM and there's no CGT there. Edited March 4, 2019 by Chris Custodiet
Eavesy Posted March 4, 2019 Posted March 4, 2019 22 minutes ago, Blondi said: Alan Nixon @reluctantnicko 6m6 minutes ago More BOLTON. Staff and players all off today. A whole lot of sorting out to do before a game that’s due on Saturday. By staff does he mean coaching staff? if so, thank the lord
bwfc2003 Posted March 4, 2019 Posted March 4, 2019 24 minutes ago, Blondi said: Alan Nixon @reluctantnicko 6m6 minutes ago More BOLTON. Staff and players all off today. A whole lot of sorting out to do before a game that’s due on Saturday. Dont the players not normally have monday off if no mid week game?
radcliffe white Posted March 4, 2019 Posted March 4, 2019 3 minutes ago, Casino said: dunno is the agreement....on or after a date? if so, then yes I’m presuming a new date will be set in writing, as some folk may struggle if it falls with other direct debits etc anyway Saturday carnage at the turnstiles tickets getting declined
Spider Posted March 4, 2019 Posted March 4, 2019 The well has finally run dry. If Ken has prevented a sale by pissing about and upping the price, then he's a cunt. If the potential buyers have stalled beacause they sense a chance to save some money - even though their potential new employees have to suffer - then are they really the people we want taking over? I actually have no idea what's going on. I suspect 99% of the Twitterati don't either.
onlyoneawalker Posted March 4, 2019 Posted March 4, 2019 I’m an optimist but this is looking increasingly like Kenneth has played his last card. There had got to be some sort of communication today I’d imagine he’s treading a fine line between trying not to spook buyers / preserve his own wealth v’s wrongful trading issues
Chris Custodiet Posted March 4, 2019 Posted March 4, 2019 10 hours ago, Roger_Dubuis said: One example explaining Sam's thinking could be that there in black and white in the club accounts Eddie Davies paid himself a transfer success fee of £1.5 million from the £6 million profit on the sale of Nicolas Anelka. That is hardly the action of a genuine sugar daddy such as Jack Walker or Jack Hayward is it Might I respectfully suggest that you read what the club accounts actually say in black and white because the answers are : No it doesn't AND No he didn't
Guest Posted March 4, 2019 Posted March 4, 2019 21 minutes ago, onlyoneawalker said: I’m an optimist but this is looking increasingly like Kenneth has played his last card. There had got to be some sort of communication today I’d imagine he’s treading a fine line between trying not to spook buyers / preserve his own wealth v’s wrongful trading issues I genuinely wouldn't be surprised if we never hear an official word from Ken again now. I think its sell or bust and I'm not sure there is anything he can say that won't make the situation look worse...
wakey Posted March 4, 2019 Posted March 4, 2019 11 minutes ago, Tombwfc said: How much do you think Eddie really put in, and where did the rest come from? Don't know how much Ed put in Tom, but gut feel is millions not tens of millions. When we consolidated the debt it was set up to pay 10% interest. This offered significantly higher return than most alternatives at the time (banks were paying roughly bugger all), i.e. it offered an attractive return. It was also done via British Virgin Isles which has two main advantages - anonymity and tax-free. It's always seemed most likely to me that we set up an investment scheme offering attractive returns backed by a premier league asset, with the added advantages of tax free returns and anonymity. Attractive to investors and attractive to the club at a time when we needed millions to compete and thought we could keep flipping Anelka's at a profit on a semi-regular basis. What happened subsequently - given the interest wasn't paid and £180m+ was written off - is pure speculation. But if you follow it through, not implausible for a scheme of this nature, however well-intentioned the founders were.
freds dad Posted March 4, 2019 Posted March 4, 2019 Does Ken have shares in Macclesfield Town? https://www.cheshire-live.co.uk/news/chester-cheshire-news/macclesfield-town-players-still-awaiting-15907437
Guest Posted March 4, 2019 Posted March 4, 2019 1 hour ago, radcliffewhite1 said: Anyone’s season ticket direct debits come out today? No, spent it already! might make alternative plans for this Saturday, in case we can’t fulfill the fixture.
Zico Posted March 4, 2019 Posted March 4, 2019 3 minutes ago, bwfcfan5 said: I genuinely wouldn't be surprised if we never hear an official word from Ken again now. I think its sell or bust and I'm not sure there is anything he can say that won't make the situation look worse... more often that not we only hear from him when he tries to deflect blame or attention by setting the record "straight" like you say, even now, I don't think he'd have the front to come out and blame other parties (even if they are to blame) or try to push tickets
Casino Posted March 4, 2019 Posted March 4, 2019 12 minutes ago, wakey said: Don't know how much Ed put in Tom, but gut feel is millions not tens of millions. our losses were in the 10s of millions in some years where do you think that was funded from
famouswanderer Posted March 4, 2019 Posted March 4, 2019 The thing thats pissing me off the most is dickheads on twitter going "lets just liquidate and start from scratch" And i think they are being serious. It would absolutely break me if that were to happen.
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