Hello and welcome to our community! Is this your first visit?
Register
Page 19 of 27 FirstFirst ... 91718192021 ... LastLast
Results 181 to 190 of 265
  1. #181
    Established TDF Member
    Join Date
    Jun 2014
    Location
    Rothley, Leicestershire
    Posts
    1,191
    Likes (Given)
    101
    Likes (Received)
    560
    Quote Originally Posted by matt View Post
    Who did they owe the other 170,000 to?
    Hooters

  2. #182
    Established TDF Member matt's Avatar
    Join Date
    Dec 2012
    Location
    London
    Posts
    4,135
    Likes (Given)
    975
    Likes (Received)
    1230
    Quote Originally Posted by iain/hsm View Post
    Hooters
    LOL, never knew that about Michelle.

  3. #183
    Banned
    Join Date
    Dec 2012
    Posts
    8,723
    Likes (Given)
    1286
    Likes (Received)
    2925
    Quote Originally Posted by matt View Post
    Who did they owe the other 170,000 to?
    HMRC ? , the bank ?

  4. #184
    Established TDF Member
    Join Date
    Jun 2014
    Location
    Rothley, Leicestershire
    Posts
    1,191
    Likes (Given)
    101
    Likes (Received)
    560
    Quote Originally Posted by drysuitdiver View Post
    HMRC ? , the bank ?
    The purpose of the post was just to tie up the loose ends as far as we divers are concerned not for a forensic examination of each player. Further as some are private individuals I don’t feel comfortable or necessary that we should disclose these individuals.

    As a diver my interest is with the LDS and if it goes bust the knock on effect to us involving an increase in price to make up for product loss, that’s what affects us and as such apart from Otter and the Cressi-Sub/Submerge distributor everyone else in the UK trade got away quite lightly.

    The directors loss total was 29,241
    Lloyds Bank lost 15,000
    The other private individuals total lost 93,690.00
    The various credit/bank and loan companies (5) total lost 41,000

    It should be noted that the figures are only those parties that made claim.
    There are possibly others owed money but not listed or included.
    Last edited by iain/hsm; 13-04-2018 at 10:35 AM.

  5. #185
    Established TDF Member matt's Avatar
    Join Date
    Dec 2012
    Location
    London
    Posts
    4,135
    Likes (Given)
    975
    Likes (Received)
    1230
    That's a lot of shoppers (assuming those make up the majority of the private individuals) out of pocket. :-(


    Quote Originally Posted by iain/hsm View Post
    The purpose of the post was just to tie up the loose ends as far as we divers are concerned not for a forensic examination of each player. Further as some are private individuals I don’t feel comfortable or necessary that we should disclose these individuals.

    As a diver my interest is with the LDS and if it goes bust the knock on effect to us involving an increase in price to make up for product loss, that’s what affects us and as such apart from Otter and the Cressi-Sub/Submerge distributor everyone else in the UK trade got away quite lightly.

    The directors loss total was 29,241
    Lloyds Bank lost 15,000
    The other private individuals total lost 93,690.00
    The various credit/bank and loan companies (5) total lost 41,000

    It should be noted that the figures are only those parties that made claim.
    There are possibly others owed money but not listed or included.

  6. #186
    Established TDF Member
    Join Date
    Dec 2012
    Location
    NW UK
    Posts
    1,103
    Likes (Given)
    237
    Likes (Received)
    388
    I saw what I presume was the receivers auctioning off their gear, was loads of tat, reg sets. Even drysuits (not otter ones though). Didn't see any heavy gear compressor, panel etc though

  7. #187
    Divey McDiveface Nickpicks's Avatar
    Join Date
    Dec 2012
    Location
    Dacorum
    Posts
    3,076
    Likes (Given)
    1930
    Likes (Received)
    1581
    Quote Originally Posted by WFO View Post
    I saw what I presume was the receivers auctioning off their gear, was loads of tat, reg sets. Even drysuits (not otter ones though). Didn't see any heavy gear compressor, panel etc though
    The receivers probably sold that direct to another dive shop which set up in the area.
    The major difference between a thing that might go wrong and a thing that cannot possibly go wrong is that when a thing that cannot possibly go wrong goes wrong it usually turns out to be impossible to get at or repair.

  8. #188
    M.D., Beaver Sports (Yorks) Ltd
    Join Date
    Jan 2016
    Location
    Yorkshire
    Posts
    149
    Likes (Given)
    63
    Likes (Received)
    58
    Quote Originally Posted by iain/hsm View Post
    Just to report the final round up of Divers Warehouse with the creditors meeting and final statement shows
    they went into liquidation owing a total of 198,726.27 add to this the number of private buyers having paid never received goods
    and other individual creditors.

    Otter Watersports took the biggest single hit of 14,614.97 unpaid
    Thats over 50 suits trade price so I expect the cost of a dry suit to go up to cover this.
    Most other brands got away pretty light by comparison to Otter.

    Mares were owed 4,916.36
    Cressi Sub were owed 2,734.12
    Submerge were owed 2,439.12
    H2O Divers were owed 2,160.00

    All the others were owed around 500.00
    Beaver Sports
    Blue Orb Distribution
    Maxshow (Miflex Hose)
    Sea & Sea
    4th Element Diving
    Atomic Aquatics

    Sad end of a local dive shop, not the first time maybe the last time I don't know.
    I guess a swan song if you like.
    Iain, that was from the first listing supplied, without creditor input, I can assure you that our debt for one is not correct and is proportionately much higher, but yes we are still a minor creditor as no trade been done for over 12 months. I assume that many more will be similar..... Otter's is little connected to Dry suits and your estimation of trade is somewhat back to the good old days, far more than 300 per suit in recent years;<( All a great shame at the end of the day mate!!!
    Last edited by MW1963; 16-04-2018 at 10:17 PM.

  9. #189
    Established TDF Member
    Join Date
    Jun 2014
    Location
    Rothley, Leicestershire
    Posts
    1,191
    Likes (Given)
    101
    Likes (Received)
    560
    Quote Originally Posted by MW1963 View Post
    Iain, that was from the first listing supplied, without creditor input, I can assure you that our debt for one is not correct and is proportionately much higher, but yes we are still a minor creditor as no trade been done for over 12 months. I assume that many more will be similar..... Otter's is little connected to Dry suits and your estimation of trade is somewhat back to the good old days, far more than 300 per suit in recent years;<( All a great shame at the end of the day mate!!!
    MW1963
    Out of accuracy it would be of interest for you to disclosed the amount owed, or at least a guide. If nothing else just to give a general overview of just how much a LDS liquidation directly hurts divers as the knock on effect reflects in a general price increase to recover genuine losses these folk cause.

    I was told the same thing from another importer regarding the start up of Dive Manchester they also were owed several times more than the recievers declared when Divelife liquidated just before setting up again as Dive Manchester.

    Not withstanding my estimation of the trade I think you would be surprised just how accurate I can be here, but considering China is now the major supplier of dry suit "blocks" into the UK to be "finished" in house UK side with the addition of a box, a neck seal, washing instructions and a label.
    Non the less a small number of UK dive kit distributors will be hurt by this liquidation and as a consequence pricing to the rest of the UK dive shops will increase to recover these losses to which that in turn effects us all.

  10. #190
    M.D., Beaver Sports (Yorks) Ltd
    Join Date
    Jan 2016
    Location
    Yorkshire
    Posts
    149
    Likes (Given)
    63
    Likes (Received)
    58
    Really not going to announce precise details, but lets say it's about a third low and leave it at that, very good result really, it could have been far worse, fortunately been in job long enough now to generally know when to start 'watching'! Other omission from the list originally advised was no mention of HMRC PAYE VAT etc. in almost every situation like this they are creditors and preferential ones at that. What really pisses me off is that Liquidators/Receiver's fees are generally exactly what has come in to the pot and there is always sweet FA left for any other creditors!! To be fair here Iain, the amounts involved for the direct Dive Industry are rather small, I'm sure this has been due to a long dragged out and painful end. As such, I can not see this business failure having any impact at all on the price of kit etc. Take us for example, we've had bad debts totalling around 3,500 over the last 10 years with sales of around 20 Million, so less than 0.0002 per cent is peanuts, mind you wish banks would pay that much in interest these days:<)


 
Page 19 of 27 FirstFirst ... 91718192021 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •