Those who think they got away with things had better watch their backs
.“Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming "Wow! What a Ride!”
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.
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 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.
Last edited by MW1963; 16-04-2018 at 10:17 PM.
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.
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:<)