Last saw Pete at Rugby truck stop handing out Stobart mugs about 4 years ago. Think he’s retired now. One of the few good ones he was.
Prefer Tink rather than dbay, but what will be will be.
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Wheel Nut:
The worlds worst kept secret and it takes financial wizards. I think I wrote on a bog roll that Tink would be in the comfy chair by thanksgiving!Sent from my iPhone using Tapatalk
Mr Tinkler might get it for less now.
In the news today (Wednesday 4th), Stobart have Administrators standing by!
roadhog69:
In the news today (Wednesday 4th), Stobart have Administrators standing by!
It doesn’t look like any British Banks are involved and likely to take a “hair cut” looking at the list of lenders. Bewick
Not looking good for ES and you have to feel for their employees!
SUFCMark:
Not looking good for ES and you have to feel for their employees!
They kinda brought it on themselves (the greedy hierarchy), karma…?
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If they went under tomorrow then which if any company could take on their Tesco contract immediately to ensure shelves are still stocked over Christmas or could we see derelict ailes in Tescos for a few month?
ArcticMonkey:
If they went under tomorrow then which if any company could take on their Tesco contract immediately to ensure shelves are still stocked over Christmas or could we see derelict ailes in Tescos for a few month?
No problem down here [emoji6]
Southampton and Reading are Marmite depots
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ArcticMonkey:
If they went under tomorrow then which if any company could take on their Tesco contract immediately to ensure shelves are still stocked over Christmas or could we see derelict ailes in Tescos for a few month?
Tossco only renewed the ESL contract a few months back, when the poor financial situation was already established in the media, I don’t think for one second they’d have entertained the prospect had they not been certain that all was not as the media is portraying.
I suspect the contract was signed in full knowledge that by 2020 a very different - and debt free through administration - reincarnation of ESL would be running the show.
Or are Tesco really naive enough to sign a new distribution contract with a supposedly failing company just prior to their crucial peak season?
Just been announced on social media…
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n
bbc.co.uk/news/business-50684851
Shareholders vote for DBay proposal, basically a £55m high interest (18%) loan and 51% of the company.
Given the rot truly set in under DBays former ownership of ESL (2014 - 2017, I saw it first hand) , I can’t see this ending well.
So they originally owed £200million and have now got another £55million of debt? Slippery slope comes to mind. But this Dbay must see something long term. Are they not asset strippers? Buy it cheap, sell everything of any value, consolidate, tart it up and sell on to the next mug type outfit.
merc0447:
So they originally owed £200million and have now got another £55million of debt? Slippery slope comes to mind. But this Dbay must see something long term. Are they not asset strippers? Buy it cheap, sell everything of any value, consolidate, tart it up and sell on to the next mug type outfit.
The fleet is vast majority leased, the depots have been sold and leased back as has most of their warehousing, they’ve got big contracts for sure but I don’t see much in the way of underlying assets at ESL, DBay are going to make on this, I’d say this is prelude to a break up of the business, and William is most likely going to be the beneficiary…
I wonder if Tink and William will still be on each other’s Christmas card list after the outcome of todays EGM. 
Bewick:
I wonder if Tink and William will still be on each other’s Christmas card list after the outcome of todays EGM.
Of course they will, business is business, these two have been in cohorts for years and are very much friends.
I reckon it’s only a short-term fix and will eventually go the way of City Link.
DBAY have lent them 50m at 25% interest they already have 200m debt plus on top of that have lost at least 12m in the first six months of this year.
On Tuesday I rang the recruitment team at Appleton enquiring about any driving jobs they had available. They confirmed to me numerous vacancies at Birchwood(Walkers crisps), Appleton(General), Widnes ports (Boxes), Widnes (Tesco) etc…
I have called again today (anon) asking the same team about vacancies. They are as of today NOT recruiting at all as they are " fully staffed " for December… make of that what you will folks, but my opinion is that they won’t last much longer regardless of any cash injection.