Standard declarations, same on most AP01’s, TM01’s. Still listed on https://find-and-update.company-information.service.gov.uk/company/12473903
Went past Ducati Worcester 2 weeks ago and it was full of stock, went past today and it’s been stripped bare, everything gone. Sad really.
I went past kawasaki Worcester middle of last week, parked for the night on grand stand road, was still full of stock, even had a couple of 74 plate bikes in the window
I wonder what’s happening with the old stock? Surely there’s going to be a big influx of used bikes appearing somewhere.
They will go to auction usually, to one which the public are not privy. I can’t see many of them selling to other dealers though.
they will be auctioned off, I have a mate who owns a used bike shop and he buys from one of the big auction houses regularly, but he only buys ‘mint’ bikes. I read somewhere that all the keys and V5’s were missing (I think it was in the news article) and so my mate would unlikely buy any bikes as he wouldn’t want nearly new bikes with missing keys etc, not worth his time. Superbike factory are opening up in Crawley though, that’s a big space to fill so I imagine some will go there.
Superbike factory known for cheap bikes so probably grab quite a bit, if our 2k under value you'll get your own spare key
let’s see… personally I wouldn’t buy a bike with missing V5/Keys or any concern over origins, let alone for £2k saving. That’s a personal thing though. I also wouldn’t buy a bike from superbike factory though, so soon my options for buying a used bike might be very very limited
I've no idea what stock was held in Worcester Kawasaki/Ducati, but presumably a mix of new unregistered, 'pre-owned', customer owned, plus a lot of stock (service parts, clothing, bling, workshop equipment, etc). Although I've got no idea who actually owns the new bikes in the showroom, unregistered bikes would surely go back to the OEM, or be offered to another dealer network, probably the same for any pre-registered?. If pre-owned, then can't see why the administrators wouldn't sell these without the V5 and keys as surely their job is to maximise value for the creditors? Hopefully customers bikes find their way back to their owners, and those who have paid cash deposits get what they paid for (unfortunately we can guess how that will go..). Worst case is that it's the customers bikes that are being sold with no V5, although you would think the dealer would have at least one key. I imagine the workshop stuff and consumables may well end up on a bankruptcy auction site as impractical job lots. Would be interesting to know what actually happened after the event.
We purchased a new ZX6R from Completely Kawasaki in Yeovil this summer for my wife. Just got it out of its 500m service a few days before the doors were locked. In the back of my head, I was hoping that some of the employees could purchase the dealer/shop...they were really great there. Sad to see such a great place go away.
Dealers usually have new stock on 3 months credit from the manufacturer or importer. After 3 months they have to pay for them, sold or not. At that stage they will usually, unless a cash rich outfit, raise finance on them. So if new to the dealer within three months they'll go back to the manufacturer/importer, after that they're the property of the finance company. You can bet your bottom dollar that both manufacturers and finance companies are top of the list preferential creditors and have these ownership credentials clearly specified in their contracts with the dealer and any successor, including administrators. My local MV dealer went under, this was down to his finance company calling in what he owed, and the doors closed. MV, there was no importer, turned up with a lorry within a few days and cleared the showroom of all new bikes. These then get offered to other dealers.
Always the case. How one of Americas leading insurance underwriters went from +++A rating to junk in 24 hours. If you study the Enron scandal the truly frightening thing was what they were allowed to do legally on P&L…and it was not enough. Once listened to two accounts chatting,Young guy said look at the P&L older guy said check cash flow; I am with the second person.
Balance sheet is the ultimate barometer. A company can hold a lot of debt but still be solvent if their assets are worth more. They are likely to have a cash flow issue at some point though. The reason many companies are folding is probably much to do with refinancing of debt when their current terms expire. They will have borrowed money at very low interest rates a few years ago but the cost of refinancing at todays much higher rates may mean they are no longer able to finance that debt.
It started to go wrong when manufacturers started demanding solus dealers and dictating how the shop had to be liveried and laid out, all at no cost to themselves of course. Buyers want choice and thats what the old style multi franchise bike shops offered. To top it off buyers became very cynical and decided that dealers making a sensible profit margin were "stealers". We reap what we sow.
I agree on the margins comment. Very few are making big profits. Not sure on multi franchise though. I'm never quite sure how it's possible to sell bikes from two different manufacturers in the same premises.
