Archive
The Olympics are here
In Twickenham. At the end of my road too. Ok the road race is simply a quick sight of cyclists flashing past, but its does have the magic of being a true olympic event.
And yesterday in Richmond Park, I was staggered by how many turned up to watch. Many thousands I am sure. They are saying that with perhaps over 1m lining the streets, it was the most watched olympic event in history
Today i watched the women’s race largely on TV and found myself travelling right through every road, virtually all of which i have cycled recently
And what a race it was. Gripping and fascinating and surely one of the highlights of this wonderful tournament
Empty shops
http://www.insolvencynews.com/article/14218/corporate/sites-decline-as-ill-wind-hits-retail
The lowest occupancy of retail sites since “records began”
Predictable maybe but does emphasise the move away from the high street and now even retail centres
Olympics and London
I think everyone is well aware that the Olympics are about to start in London and there is little more to add about the actual sport other than it is surely going to be a great success in what is the most diverse and fascinating city in the world. The one truly international city many would say
But what is the effect on business?
A feel good factor is never ti be underestimated but on a more practical and downbeat level, the whole event seems to have become a byword for inaction. The Olympic factor is “wait until after the olympics”
This is fine and in many ways August is a bit like that anyway, but a lot of this is driven by rather hysterical travel concerns
There will of course be a large number of people at the event. Over the course of a day 300,000 will be attending and of course that will impact
But how much? A football match at Wembley and a rugby match at Twickenham have often been played on the same day with a combined 200,000 attending
Does London grind to a halt then? Not at all
The Olympics will be fantastic i’m sure, but its no reason why its shouldnt be business as usual
County Court judgements. An overreaction
Many businesses will incur county court judgements Many of these businesses will be perfectly solvent and will be well run and efficient. It can merely be a case of an oversight or a simple blunder.
Then again, many businesses will clearly be struggling. It is probably more likely that this will be the scenario but how do you ascertain which scenario is which?
Well one credit insurer doesn’t even bother. A client of mine found that cover was withdrawn on these two clients
1. Construction company. 50 years trading, £130m turnover and a working capital of £31m. Judgement was for £12k
2. £7m turnover demolition company. 30 years trading. Positive balance sheet. Judgement was for £200
This is crazy. Dumping cover has real consequences for both the supplier and purchaser and as we have seen in some cases, this can be serious.
A clear rule of credit assessment is that adverse information cannot be taken in isolation. The whole picture has to be viewed and any other approach is simply lazy or cavalier
I wont name the insurers but if this concerns you (as it should) do drop me a line….
To judge which a
The wettest summer
What an awful summer it has been. The wettest on record and theres as soon as the sun breaks through, it appears that yet another band of rain sweeps in.
And the effect on business? See here for one summary. Some businesses will thrive but others will be hit hard
Something to keep in mind when credit is being assessed
Keep in mind which businesses are adversely affected by the dampened spirits. Hospitality perhaps? Gardening? Even construction to some extent
Umbrella manufacturers are clearly a good bet though
nb… Some nice pics of London in the rain on this excellent blog
The liquidation of Rangers
The future of Rangers is very interesting, even to none football followers.
To recap, Glasgow Rangers went into liquidation following failed attempts to find a purchaser following administration. Why such a large and grand club ended up in this mess is possibly best summed up here
But skipping forward to the present situation, Rangers are clearly attempting to start again as a “newco” and give their huge support, this will be entirely viable. Along with Celtic, they are so dominant in Scottish football that their support and attraction to TV companies has the knock on effect of bringing considerable additional revenue to the other clubs, not least Celtic with whom they have a long and bitter rivalry
So you would expect that the top division clubs would simply look at the bottom line and welcome Rangers back in (perhaps through gritted teeth) back into the fold
Not a chance.
And now Rangers are having to wait to see if a lower division will accept them. Might be the next division down or might be the very lowest division or maybe, unthinkable to many as it is, no entry at all
The idea of a club which attracts crowds of 50000 playing at grounds such as East Stirling and Forfar, where crowds are often less than 500 is mind boggling
But it would appear that having seen Rangers effectively cheat the HMRC out of millions and in effect, seize a further financial advantage over other clubs, such is their anger that future loss of revenue is a worthwhile price to pay
You could argue that they are acting like angry creditors determined that justice is done and it is a reasonable point that punishment by football authorities for administration has not been strict enough
Why me?
Its time for me to remind you of part of my offering and why you should use me of course…
The difference….
A broker should always look for the best deal for the cli
ent and that is a not simply a matter of pricing.
Secondly a broker must be able to communicate with you and your client in a free and a relaxed manner.
What do I offer that makes that difference?
1. I will meet your client. Establish a relationship and really get to understand the business. This is vital.
2. Understanding debtors. Debtors are the basis of every facility. I have 25 years experience in a wide variety of sectors
3. Knowing the providers. No favours and no favourites. The client comes first
4. The small print. Hidden costs are exposed. The aim is simplicity
5. The small print again. Those dreaded lending restrictions will be anticipated and tackled
6. There is no cost to your client
7. After sales service. Your client may well require credit management assistance and advice.
The difference is the key to your clients success. Whether in an existing deal or requiring finance, give me a call
Tel 07956 138895
Clive
Rotten debt collectors
Maybe not many of you have been on the receiving end of a debt collection firm and maybe the feeling will be that if the money is due, then anything goes
Personally i believe that debt collection carried out in a deceptive manner will ultimately backfire. Sooner or later someone somewhere will call your bluff, with what could be interesting consequences
As in this case from across the pond
Barclays and Libor
Bob Diamond has now resigned of course and the scandal of Libor fixing looks set to reverberate around the whole industry. This is my take on things
First of all Bob Diamond. Its hard to recall a more high profile bank boss and maybe that is part of the problem. There were perhaps three issues apart from the Libor scandal that led to so much focus being placed on Bob.
His comment last year (and it was delivered in a condescending manner) that it was “time to stop apologising” naturally made quite a few enemies. Maybe it was a justifiable thought, but to articulate it publicly was insensitive to say the very least.
Second is his very persona. He cant help it but he looks just a little too pleased with himself. The epitome of the smug banker. Extremely unfair of course (or maybe not?) but these things matter.
Lastly, Barclays themselves have a little bit of a reputation amongst small and medium businesses. Maybe again a bit unfair, but what i hear from various clients and contacts is, shall we say, interesting…
Thats Bob done for but what about libor?
Libor is the inter bank lending rate which should be set in an entirely pure market and ethical manner. Barclays (and others) actions have broken this.
Why does this matter? Because lending to a whole range of customers is based on this rate. Indeed many of the invoice financing deals i have completed are based on Libor.
Depending on which way the rate was seemingly manipulated (and it was often downwards it would seem), there could be claims from businesses that they have paid “over the odds” for their borrowing
A real mess
And being such a shambles resulting in such a breakdown of trust with the wider business and consumer community, you do have to question the quality of the management that believed that this would never be uncovered or could simply be brushed aside
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