A lot of people won't have been paid their salaries, and will be scrambling for a job tomorrow -poor buggers.
Happened to a friend of mine didn’t get paid, company had gone bust. He worked another Month without pay as apparently that’s the law. He’s not had a good year, shafted by his company along with being shafted by government too. He lost his Wife earlier this year too and missed the opportunity to say his goodbyes to her when the Dr’s stopped their intervention whilst he’d driven his Son back to the airport after promising to keep her ventilated until he returned.
I think it’s a fund raising exercise at best, ie revalue what they have to borrow more: but suspect it’s more admin coming in to value the assets and assess the true debt to start looking for a buyer
I think you’re right. Administrators working out the actual stock value. Bad time of year to be valuing s/h motorbike stocks. Can’t see anyone being interested in buying the Company, it’s just too big. Watch out for a big auction online at an auctioneer’s in the coming months.
If all those bikes suddenly flood the market there will be no chance of selling your bike if you were selling.
TBF even without this, used bikes are a hard sell at the moment. Just take a look at the for sale section here, some cracking bikes just not shifting.
It’s a tough time for all dealer types, with poo interested rates, sky high living costs, fuel on the rise, no one is buying bike, cars, etc, unless you are willing to take a big loss you have to wait if you can till the market stabilise. But these clowns had to show off and sponsor race teams, spend a fortune on trucks, etc, when they were buying dealers all over the place, you could see this coming. I bought a bike from them last week got a great deal, but have a few issues to get sorted, but at the time was chatting to the sales manager asking how busy they are and he was still surprised at how many bikes he was still selling, mostly new and almost all on PCP. He said it’s the used are the problem, the industry has caused some of this as they push to much PCP so every 2-3 years they have returns but the new offers often make used more expensive. I just hope the staff are ok and get looked after, often they don’t, but always found the staff at both north wales and Chester great to deal with.
Including Woods at Abergele ,who had a successful showroom there for years, I had heard he was waiting for the right buyer to come along as he had a few interested ….shame.
Doubt it, if it all goes to auction then cheaper than showroom prices but probably not trade as the trade will be buying them, they’ll only drop out once it goes beyond what they can add in their mark up? Don't know if the new bikes will be offered back to the importer/manufacturer first or if they’ll even want them. If there is money owed to them they’ll go back to them anyway. Ones thing for sure the administration fee is an open cheque book, their charge will come to exactly the amount of money they can raise after HMRC and the banks have had their money back. Staff won’t get anything, they will have to go to the gov for statutory redundancy, any creditors will be lucky to get 5p in the pound
They only bought Ducati Worcester last year. I got a great trade in for my old SS for a new one but, that may have been down to Dorian?
They usually have the bikes from importers on 3 month terms, if not sold by then they need to be paid for anyway. I recall from the Ed Cosker collapse that MV sent a truck to collect all the bikes as soon as they got a whiff that something was up. Probably remain their property until paid for. Was Dorian still there under Completely Motorbikes? Hope that the staff across the group don't suffer too much. Given the size of the operation there's going to be something of surplus of people looking for any jobs in the trade.
He wasn’t there long under CM. He and Pam moved to Ducati Abingdon, they’ve both moved from there now too
