fernandopartridge
Well-Known Member
I'm quite surprised that the administrators are not a bit more dispassionate
Wasps administrators report (1 Viewer)
- Thread starter MalcSB
- Start date
fernandopartridge
Well-Known Member
I would suspect that is unpaid business rates per earlier post
Philosoraptor
Well-Known Member
Are you telling me Duggins knew nothing about any of this?
Philosoraptor
Well-Known Member
Just read Nicks post. Missed it.
Nick
Administrator
Yeah, that isn't a small amount of money is it?
Nick
Administrator
Philosoraptor
Well-Known Member
What makes me think the BH's were given the minimalist amount of time to react to all this.
Nick
Administrator
I know, same with places like Screwfix.
It's like somebody was just shopping on the never never.
jordan210
Well-Known Member
my dodgy eyes. Must have been wasps auditor in another life as cant see a thing !
Philosoraptor
Well-Known Member
Could have and should have pulled the plug a long time before they actually did.
Philosoraptor
Well-Known Member
Seems like they waited until the last possible moment.
The Philosopher
Well-Known Member
Wasps kitman probably has a shed full of new power tools he can do you a deal on.
Philosoraptor
Well-Known Member
I guess if it's not your money, then you don't give a fuck.
Philosoraptor
Well-Known Member
Basically, it looks like they were just maxing out their businesses credit cards.
The Philosopher
Well-Known Member
I did think the sign company had reclaimed the Stadium signs for non payment and our hopes that the Wasps were gone for good were a bit premature.
But then I thought, weren’t the signs bundled into a plain white van, a signwriting company would have a sign written van, right?
skybluetony176
Well-Known Member
Covid effected income from CCFC games? WE WERE IN BIRMINGHAM! And we were there by Wasps choice, not covid. That report is BS, like everything else connected to the saga known as Wasps. Good riddance. Just feel for all the small businesses they robbed. If they were getting them to do work knowing they would never get paid except in some fantasy that people were queuing up to lend them money or invest that’s beyond out of order. Any chance of them pooling resources and going after directors personally? Is there even a mechanism to do that in scenarios like this?
skybluetony176
Well-Known Member
I’ll ask the wife
Earlsdon_Skyblue1
Well-Known Member
Generally speaking it will get to the stage where suppliers will stop giving you goods in advance if you exceed credit limits. It's what put the final nail in the coffin with both Woolworths and Toys'R'Us.
To me, this just confirms what lengths Wasps went to in order to keep things going. Again, it's FIFA style freebies and flattery. It isn't an accident or just clumsyness, or a few small cash flow problems. It's outright fraud on a large scale.
To think some on here willingly went to watch them is a disgrace.
The Philosopher
Well-Known Member
Maybe Wasps had a good credit score. Some SME’s might have had credit lines in place for them (Ie could get invoice finance and credit insurance against them). HSBC seemed to be courting along up until mid summer - Wasps would have been glossing their figures - giving HSBC sexed up MI reports which then feed into the credit system, or paying certain creditors on time to keep their rating up.
The fact they wouldn’t give attendance figures towards the end suggests Wasps were desperately trying to paint a picture.
You don’t just look at a credit score when judging what to offer customers, or you shouldn’t anyway. A proper look at their finances would have showed this was a possibility a long way off
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The Philosopher
Well-Known Member
It’s hard to go after directors. They only have to prove that they had reason to believe that there was a good chance of turning thinks around. I think the term is “blue sky” thinking. Ironically
Rusty Trombone
Well-Known Member
The Philosopher
Well-Known Member
I know what you are saying and you are right.
Lots of firms now will get a “credit line” against a customer. As soon as they raise an invoice against a customer and feed the info into their bank then the supplying firm will get paid 80/90% of the bill. If the customer has a decent credit rating then the bank will insure the supplier (for a fee) so that if the customer fails to pay then the bank / insurer will stand the hit.
Sometimes the small suppliers take a calculated risk and end up ok.
Maybe I’m being wishful on their behalf. Nothing worse than small businesses getting stung (pun).
The Philosopher
Well-Known Member
Missed that. Are they on the list?
Nick
Administrator
Do you read threads?
The Philosopher
Well-Known Member
Yep just checked. On the list for £92k.
Rusty Trombone
Well-Known Member
The Philosopher
Well-Known Member
Yes you are right it was a good point (hence like)
So many different signwriters and I’m sure I’d just seen photos of a plain white van.
Hold my hands up - missed the relevance.
MalcSB
Well-Known Member
While ACL is mentioned, this seems (and is titled) as just being ACL.