tag:blogger.com,1999:blog-4433144336299288135.post3796026293346701173..comments2024-03-26T13:27:26.499+00:00Comments on Zelo Street: CityLink - Now It Really StinksTim Fentonhttp://www.blogger.com/profile/00726447899972084146noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-4433144336299288135.post-79237124843598596572015-01-06T11:30:18.634+00:002015-01-06T11:30:18.634+00:00Two questions - most of the final mile delivery is...Two questions - most of the final mile delivery is carried out by in livery sub contractors, and further filtered down to specialists such as cycle logistics operators who were paid a retainer and per job increments. My hunch is that the figure given for staff redundancies is only for the core staff engaged on depot and trunk haulage work directly for Citylink. Many of the sub contractors had to clear a minimum number of daily drops in order to pay for their van (probably on a lease contract. Anyone mined for detail on this one?<br /><br />How does all this pretty obvious awareness of the company folding on 24/12 (close of business) align with the legal requirements of company directors to cease trading as soon as they are aware that the company will be insolvent? Dave Hhttps://www.blogger.com/profile/11574227829528072780noreply@blogger.comtag:blogger.com,1999:blog-4433144336299288135.post-72241618705833630242015-01-06T10:59:13.455+00:002015-01-06T10:59:13.455+00:00Never mind the financial evidence, the poor qualit...Never mind the financial evidence, the poor quality of the letter would send me running. It looks like it was worded by the person who normally does the Nigerian Bank scam emails!!SteveBnoreply@blogger.comtag:blogger.com,1999:blog-4433144336299288135.post-3670584735416360022015-01-04T15:50:05.801+00:002015-01-04T15:50:05.801+00:00Private Equity companies generally use a measureme...Private Equity companies generally use a measurement of a firm's worth called Net Asset value or NAV, which is usually the book value.<br /><br />Better Capital in September used Net Realizable Value to do the write-down. NRV is what a firm could get if it was sold "now" minus the costs of the wind-down (including bad debts). It is used when a firm is in or set for liquidation. So Better Capital's increasing the management team in the autumn most probably was preparing it for a xmas closure. <br /><br />Rob's comment above pointed to a This is Money piece from 2/14 that said: <br />"Meanwhile, all of the 2012 Cell portfolio companies continue to show demonstrable progress and it is likely that the net asset value of these will be either maintained or increased."<br /><br />So I wonder what happened over spring and summer?<br /><br />Some City Link workers quoted in the media said that BC put in a new system at some of the depots recently. I wonder if this is connected to claims that a company has been set up at companies house called City Link B2B. Ie the firm closes, BC doesn't have to pay out redundancy etc and then Phoenix-like a new leaner, fitter firm emerges. Bonuses for everyone.<br /><br />keithhttps://www.blogger.com/profile/05551343571066684884noreply@blogger.comtag:blogger.com,1999:blog-4433144336299288135.post-83891464088797190152015-01-04T12:47:42.395+00:002015-01-04T12:47:42.395+00:00Letter mentioned alleged to have come from managin...Letter mentioned alleged to have come from managing director David Smith above mentioned in this article:<br /><br />http://www.salfordonline.com/localnews_page/54043-city_link_workers_utter_disbelief_over_christmas_redundancy_as_protests_planned.html"<br />robnoreply@blogger.comtag:blogger.com,1999:blog-4433144336299288135.post-51308628485318520852015-01-04T12:18:00.510+00:002015-01-04T12:18:00.510+00:00I've seen a letter on twitter that comes from ...I've seen a letter on twitter that comes from City Link to its suppliers, categorically deying rumours that it will cease trading on December 24th, and threatening to sue anyone to repeats these claims.John Ruddyhttps://www.blogger.com/profile/02956683809953212369noreply@blogger.comtag:blogger.com,1999:blog-4433144336299288135.post-45877571952394649752015-01-04T11:59:42.171+00:002015-01-04T11:59:42.171+00:00Anyway Tim I'm sure your friends at the indepe...Anyway Tim I'm sure your friends at the independent body known as The Taxpayers' Alliance will be pursuing this case with their usual diligence for this unnecessary and unneedful waste of Government resources.<br /><br />A low tax society (one of their aims) would not be able to afford such luxuries as statutory redundancy payments, would it?robnoreply@blogger.comtag:blogger.com,1999:blog-4433144336299288135.post-30747637083618783692015-01-04T11:22:06.604+00:002015-01-04T11:22:06.604+00:00"They had the money, so why not intervene?&qu..."They had the money, so why not intervene?"<br /><br />Priorities perhaps?<br /><br />Finance needed for a forthcoming election perhaps?<br /><br />Directors bonuses?<br /><br />Make up the losses from the 2009 Cell? (see:http://www.thisismoney.co.uk/money/markets/article-2551898/MARKET-REPORT-Is-Moulton-losing-Midas-touch.html)robnoreply@blogger.com