Western Greyhound Fire and subsequent WG general discussion.

[Robertj21a]

Mortgages on what I wonder? Hope it's not the directors' houses....

If, as speculated on here, these problems are caused by the insurance co not paying out. I'm amazed, that, as so far as I'm aware, no criminal charges have been brought the insurance co is not obliged to pay up. It is as if WG are being required to prove that they did not burn down their own garage before they get any payment...

I think you will find that there is quite a lot more to this whole story than has become public knowledge to date.

 

[richw]

They must have found a spare £80 for a plate transfer. Mercedes Vario 599 has lost its private plate reverting to YN53VBO. Has been under WLT649 for a few months.

 

[starrymarkb]

They must have found a spare £80 for a plate transfer. Mercedes Vario 599 has lost its private plate reverting to YN53VBO. Has been under WLT649 for a few months.

Unless they've sold the plate - 3 letters and numbers go for a bit

 

[South Westerly]

2013 Accounts have been filed at last.

 

[richw]

2013 Accounts have been filed at last.

There was discussion a few days back in this thread about them. The timing of their publicaton coincides with the receivors turning up last week.

 

[TheGrandWazoo]

There was discussion a few days back in this thread about them. The timing of their publicaton coincides with the receivors turning up last week.

Have I missed something.......? What receivers turning up??hock:

 

[Robertj21a]

Have I missed something.......? What receivers turning up??hock:

I think this is a reference to the fact that the advert putting WG up for sale was from a company that also handle receiverships, and do work for NatWest (who appear to hold a number of charges involving WG).

 

[richw]

Have I missed something.......? What receivers turning up??hock:

As Robertj21a says but I heard the receiver bit by word of mouth from an employee, which when put with the marketing company being receivers is a pretty good indication the word of mouth from my driver contact is accurate.

 

[South Westerly]

As Robertj21a says but I heard the receiver bit by word of mouth from an employee, which when put with the marketing company being receivers is a pretty good indication the word of mouth from my driver contact is accurate.

Anyone in any doubt about the future of WG just needs to read the accounts!

 

[robertclark125]

The short deadline for a sale, in this case this Friday, could also be indicative of the amount of money WG currently has.

I used to work for Focus DIY, and when it went into administration in May 2011, the administrators held out for two months for a sale, as the business had enough money to continue operating on a day to day basis for that time. Granted, 51 stores were sold to other firms, but most of the money from the sales was used to pay off debts.

Once it became clear there were no chances of the remaining stores being sold as one, the business entered liquidation, so that money could be raised to pay off day to day costs up until the closure, in July 2011.

As I say, the fact a quick sale is being looked at would suggest to me WG hasn't got a lot of cash, and there is a danger its money could run out quickly.

 

[TheGrandWazoo]

Anyone in any doubt about the future of WG just needs to read the accounts!

For those who can't read any chance of a summary?

 

[South Westerly]

For those who can't read any chance of a summary?

Loss of four hundred and something thousand in 2013, losses continued, assets about to be outstripped by liabilities, further competition, business needs cash injection to survive, bank funding facility expires in January...

 

[swifty]

I've noticed that Stagecoach have lodged an X10 registration today as well as varying the X9 Exeter and Okehampton with an X10 variant.

PH1020951/217 - STAGECOACH DEVON LTD T/A Stagecoach South West, BELGRAVE ROAD, EXETER, EX1 2LB
Registration Accepted
Starting Point: Okehampton
Finish Point: Launceston
Via:
Service Number: X10
Service Type: Normal Stopping
Effective Date: 05-JAN-2015
Other Details: Mondays to Saturdays, one journey in each direction

 

[Rich McLean]

I've noticed that Stagecoach have lodged an X10 registration today as well as varying the X9 Exeter and Okehampton with an X10 variant.

PH1020951/217 - STAGECOACH DEVON LTD T/A Stagecoach South West, BELGRAVE ROAD, EXETER, EX1 2LB
Registration Accepted
Starting Point: Okehampton
Finish Point: Launceston
Via:
Service Number: X10
Service Type: Normal Stopping
Effective Date: 05-JAN-2015
Other Details: Mondays to Saturdays, one journey in each direction

Only one out and back journey, but I will give it until January 2015 and WG will close down completely

 

[matt_splat]

I think we could well see a timetable change for the X10 before January

 

[South Westerly]

Only one out and back journey, but I will give it until January 2015 and WG will close down completely

I'd put money on them not lasting until the end of November.

 

[freetoview33]

I'd put money on them not lasting until the end of November.

Considering some service are already suspended! Who would likely take over there routes though?

 

[Rich McLean]

At a guess, First in Central and West Cornwall, PCB in the South East, and Stagecoach in the North East

 

[TheGrandWazoo]

At a guess, First in Central and West Cornwall, PCB in the South East, and Stagecoach in the North West

Add to that with some from Hopley, Summercourt, and other smaller firms plus some facilities will disappear

 

[freetoview33]

Any idea if Firsts new route Fowey to Mevagissey will follow the 524 route or the 525? and a version of the 529 is also going to be run by First so there are a few services that are already taken care of. I could see First be interested in the Newquay depot though

 

[bussnapperwm]

I'd put money on them not lasting until the end of November.

If I was a betting man I'd say they've got a week, two maximum left...

 

[overthewater]

People have been saying this for the past couple of weeks. If the company is up for sale, then its must be as a going concern. This means to give people enough time to make a proper bid and have a overview the books, I say WG has got until new year.

 

[Robertj21a]

People have been saying this for the past couple of weeks. If the company is up for sale, then its must be as a going concern. This means to give people enough time to make a proper bid and have a overview the books, I say WG has got until new year.

Certainly in the last few weeks now. I can't really see it achieving very much money - so different from just a couple of years ago.

 

[richw]

People have been saying this for the past couple of weeks. If the company is up for sale, then its must be as a going concern. This means to give people enough time to make a proper bid and have a overview the books, I say WG has got until new year.

The deadline for expression of interest is 14th November. If there is no interest it will be curtains pretty quickly after that

 

[South Westerly]

People have been saying this for the past couple of weeks. If the company is up for sale, then its must be as a going concern. This means to give people enough time to make a proper bid and have a overview the books, I say WG has got until new year.

It's just process. There's no realistic chance of a sale. Just read the accounts, and then consider the effect of First's competition added to the situation.

 

[Robertj21a]

It's just process. There's no realistic chance of a sale. Just read the accounts, and then consider the effect of First's competition added to the situation.

I think you may be surprised.

 

[richw]

It's just process. There's no realistic chance of a sale. Just read the accounts, and then consider the effect of First's competition added to the situation.

I think you may be surprised.

The asking price is rumoured to be £1 plus the liability of the existing debt (approx. £2million). You then also get the company assets (£1million approx.). So £2million for £1m assets plus the operations. The operations were making money until 3-4 years ago, so surely with a good management structure may be profitable again?

 

[ECML180]

Not sure how many of these assets are DDA complaint? I'd hazard a guess that the ones that are complaint are old and starting to reach the end of their useful life, either way this means more investment will be needed soon!

 

[South Westerly]

I think you may be surprised.

I've read the accounts!

 

[Robertj21a]

I've read the accounts!

Not doubting the financial state at all - so you may be surprised that there is a probable buyer.