XPO Logistics are the logistics provider for the above failed store chain,according to the Guardian they are owed 30m by H of F which would appear to be the biggest creditor,I don’t suppose Mike Ashley will cough up.
Pocket change for Xpo 
Gardner6LYT:
XPO Logistics are the logistics provider for the above failed store chain,according to the Guardian they are owed 30m by H of F which would appear to be the biggest creditor,I don’t suppose Mike Ashley will cough up.
He doesn’t have too. Was on the news, that’s HoF debt, not the new companies, he bought the name,the stock, and lease’s for stores. Shrewd ol’ boy.
It may be pocket change, I’ve heard it’s 19.2 mill, fail to see how companies let the bill get so high, it’s not as though they didn’t know they were in trouble.
biggriffin:
Gardner6LYT:
XPO Logistics are the logistics provider for the above failed store chain,according to the Guardian they are owed 30m by H of F which would appear to be the biggest creditor,I don’t suppose Mike Ashley will cough up.He doesn’t have too. Was on the news, that’s HoF debt, not the new companies, he bought the name,the stock, and lease’s for stores. Shrewd ol’ boy.
Surely the stock has to be used to pay any creditors? Or was HoF in administration and he got it from them??
I should probably do a little more research but cba… 
As far as I know the assets are valued, the liquidators take their fees then HMRC have their share and what, if anything, is left is shared amongst the creditors. One good reason not to allow customers too much credit.
I always thought that if you take over a company, lock stock and everything, including the name, then the debts go with it and have to be paid by the new owner.
I understand others like Woolworths etc had just their names bought off the administrators afterwards, which is why Woolies are present online, but this guy bought everything, stock, shops (or leases), name and logo etc as a going concern so surely from a moral point of view he should take on the debts as well.
GORDON 50:
I always thought that if you take over a company, lock stock and everything, including the name, then the debts go with it and have to be paid by the new owner.
I understand others like Woolworths etc had just their names bought off the administrators afterwards, which is why Woolies are present online, but this guy bought everything, stock, shops (or leases), name and logo etc as a going concern so surely from a moral point of view he should take on the debts as well.
Many businessmen don’t even know what morals are. They are obsessed with getting as much as they can for the smallest possible outlay. Put another way sheer greed. A good example is BT who are increasing their prices for the second time in nine months by, in my case, 7.2%. Inflation is currently 2.5% so their increase is 4.7% above that.
adam277:
biggriffin:
Gardner6LYT:
XPO Logistics are the logistics provider for the above failed store chain,according to the Guardian they are owed 30m by H of F which would appear to be the biggest creditor,I don’t suppose Mike Ashley will cough up.He doesn’t have too. Was on the news, that’s HoF debt, not the new companies, he bought the name,the stock, and lease’s for stores. Shrewd ol’ boy.
Surely the stock has to be used to pay any creditors? Or was HoF in administration and he got it from them??
I should probably do a little more research but cba…
A lot of the stock in house of frasier didn’t belong to them but remains the property of the concessionaires one or two have pulled out taking there stock with them
Practically all the stock will have been supplied under terms and conditions which state that ownership of that stock remains with the supplier until payment in full has been received.
GORDON 50:
… so surely from a moral point of view he should take on the debts as well.
Mike Ashley + morals = not found. 
Why do you think he is so rich, morals of Stalin that guy and doesnt give a monkeys about anyone else. A very nasty piece of work, just go ask anyone at Sports Direct or the numerous other companies he owns.
It should be the case that debts go with the business, but that would require a change in the laws. Its ultimately workers who get hit and to a lesser degree shareholders, ie: our pensions.
If I were working for XPO from the warehouses running H of F stock I’d be worried about my job.
GORDON 50:
I … so surely from a moral point of view he should take on the debts as well.
Mate, you can put those morals in the same box as ethics, and honesty. You might find the box in the cellar, not opened for hundreds of years.
trevHCS:
GORDON 50:
… so surely from a moral point of view he should take on the debts as well.Mike Ashley + morals = not found.
Why do you think he is so rich, morals of Stalin that guy and doesnt give a monkeys about anyone else. A very nasty piece of work, just go ask anyone at Sports Direct or the numerous other companies he owns.
It should be the case that debts go with the business, but that would require a change in the laws. Its ultimately workers who get hit and to a lesser degree shareholders, ie: our pensions.
If I were working for XPO from the warehouses running H of F stock I’d be worried about my job.
If the debts stayed with the business then it would have fully closed the same as Woolworths etc and everyone would have lost their jobs so its the “better” option.
I agree companies shouldn’t be able to use it to restructure on the cheap.
Funny thing when companies do the old liquidation shuffle, if they run transport the the fuel company always gets paid, odd that.
Mike Ashley avoiding spending money?
As a footie fan I’ve suffered ten years of it so it comes as no surprise to me. You’ll soon associate the House of Fraser brand with low quality items like he sells in the rest of his “retail empire” or whatever it’s called.
For those people having a pop at Mike Ashley, maybe you just don’t get it? House of Fraser - it went bust. Out of business. Gone the same way as Poundworld, Toys R Us, Maplin, Woolworths, Palmer & Harvey… etc. Now just because someone actually put their hand in their pocket to acquire certain parts of the business and keep it going, it seems to confuse all the thickheads who think he is somehow responsible for the failed company. Erm no. If you buy a vehicle from a salvage auction, you don’t pay the previous owners debts for him, do you?
waddy640:
As far as I know the assets are valued, the liquidators take their fees then HMRC have their share and what, if anything, is left is shared amongst the creditors. One good reason not to allow customers too much credit.
That used to be the case but the rules were changed about ten years ago which means HMRC are no longer a preferential creditor, in other words they get jack sh*t like all the other unsecured creditors after the Liquidator has carved up what’s left, secured bank lending usually takes preference.
You are absolutely correct about controlling the amount of credit you extend to a customer and this is often overlooked or ignored especially when chasing new business yet it is fundamental to the survival in the long term, nothing will pull you down quicker than bad debt.
I would imagine a large multinational company like XPO will have credit indemnity insurance so will recover something like 20% of the loss but the smaller suppliers will simply have to take another kicking.
toonsy:
Mike Ashley avoiding spending money?As a footie fan I’ve suffered ten years of it so it comes as no surprise to me. You’ll soon associate the House of Fraser brand with low quality items like he sells in the rest of his “retail empire” or whatever it’s called.
Yep but why is he so rich he hates spending money is a good business man who should stay to of football or Newcastle at least also stop the rumours that he is selling as he is not he has no interest in doing so
He will buy failing retail give people jobs on worse that they were yep some will close some will stay but they will change
Pre Pack Adminstration.
Made his millions from this.
animal:
toonsy:
Mike Ashley avoiding spending money?As a footie fan I’ve suffered ten years of it so it comes as no surprise to me. You’ll soon associate the House of Fraser brand with low quality items like he sells in the rest of his “retail empire” or whatever it’s called.
Yep but why is he so rich he hates spending money is a good business man who should stay to of football or Newcastle at least also stop the rumours that he is selling as he is not he has no interest in doing so
He will buy failing retail give people jobs on worse that they were yep some will close some will stay but they will change
If his niche is buying up failed businesses cheap, I don’t know why he doesn’t just buy Sunderland, and run those lot instead (another failing disaster) and ■■■■ off from Newcastle for good. 
He is a classic example of a rich Victorian style greedy employer who makes much of his money by exploiting his workforce.
Did anybody else see that doc on telly about the Sports Direct zero hours place in Yorks, where they even have to ask permission to go to the bog ffs.
Fat greedy exploitative ■■■■ 
.