Beeston Market

[Exfarmer]

just read a fairly desperate post on Facebook.
Not having traded stock for many years, I was shocked that it seems sellers have lost the lot!
I seem to remember that money from Sales was always held in an escrow account ( or somesuch ) as the deal was actually between seller and buyer , not auctioneer. Is this not the case today?
If the seller has not been paid, then I would guess he has claim on his stock, which can easily be traced by the tags.

 

[kiwi pom]

My dad sold a couple of store things 2 weeks ago (he only has a couple every year to clean up his little paddocks) no money yet, or any info from them.
Doesn’t seem too worried, sh*t happens. Bit of a sh*tty trick though considering the person that bought them paid.

 

[Derrick Hughes]

How could a livestock Auction go bust .
What's the story

 

[nick...]

Just seen the fb post and it’s very sad for those involved.im sure the animals must belong to seller till paid for in full.the auctioneers knew they were going wrong and acted fraudulently to keep selling and they need to go to prison
Nick...

 

[Derrick Hughes]

But one million is nothing to a company that size

 

[kiwi pom]

Buyers get credit or they don’t turn up. Then they stretch it and stretch it until it all falls down. Some ‘colourful ‘ characters trading at Beeston but nothing’s said as they bid things up, greed rules.

 

[Timbo]

But one million is nothing to a company that size

The figure is closer to £3m .

 

[Willie adie]

Hold on auction mart in ripping off a customer shocker?
No doubt those on tick were coming the proverbial.
Not nice for those due monies, but the whole industry appears to lack morals and seems to be exempt of any liabilities when things go tits up

 

[Andy54]

Have heard that some of the staff hadn't been paid for three months, how have they managed to keep that quiet?? Would have thought that someone somewhere would have let slip that they hadn't been paid.
If they haven't paid for the stock such as in the post above then who technically actually owns it? If you sell a machine with finance on it and don't clear the balance then the finance company can go to the purchaser and repo the machine as in law they still own it, why is this not the same?

 

[Highland Mule]

The figure is closer to £3m .

2018 accounts show £3M trade debtors on a turnover of £5.5M and operating profit of £116k.

https://s3.eu-west-2.amazonaws.com/...61399170541c6c967856823422a4f9a13d6055a240cce

 

[Timbo]

2018 accounts show £3M trade debtors on a turnover of £5.5M and operating profit of £116k.

https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/JexB6m_tCXWJCxFd9GuFdagu7kaRSlcY9UwiA1lX86I/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3KX2MBLFP/20190629/eu-west-2/s3/aws4_request&X-Amz-Date=20190629T092510Z&X-Amz-Expires=60&X-Amz-Security-Token=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&X-Amz-SignedHeaders=host&X-Amz-Signature=cfaeb8d67b42a47ef9561399170541c6c967856823422a4f9a13d6055a240cce

Hmm 2.1% return is not very exciting.

 

[chipchap]

I have always been a big believer in supporting our local McCartneys market at Ludlow, through sunshine and in less prosperous times. The meat trade has become very powerful and also I believe corrupt and arrogant. Making buyers compete for stock in a public auction is the only way to maintain some transparency. The livestock auctioneer is an important part to livestock farming and we should all do what we can to help and support our local markets to thrive.
The supermarkets and the dead weight tycoons need keeping in check, and we can only do this as farmers by standing together in support.
My sympathies go to everybody who has been adversely affected by the news of Wright Marshall.

 

[upnortheast]

2018 accounts show £3M trade debtors on a turnover of £5.5M and operating profit of £116k.

As mentioned elsewhere the scary bit was the main asset on the balance sheet is £1.5 m "goodwill. So disregarding ( cos it aint worth anything ) that their net worth was Minus £1.3 million.

 

[Cowabunga]

How could a livestock Auction go bust .
What's the story

Don't you remember King Thomas Lloyd Jones going bust at Lampeter mart?

 

[DRC]

just read a fairly desperate post on Facebook.
Not having traded stock for many years, I was shocked that it seems sellers have lost the lot!
I seem to remember that money from Sales was always held in an escrow account ( or somesuch ) as the deal was actually between seller and buyer , not auctioneer. Is this not the case today?
If the seller has not been paid, then I would guess he has claim on his stock, which can easily be traced by the tags.

I mentioned the same Facebook post on the other thread running about Wright Marshall.
I think people are going to start donations to help the lad get back on his feet.

 

[Willie adie]

Caley Stirling, was another example of those with money in it appearing to be shafted when a deal was done to buy it from the previous management.

 

[Derrick Hughes]

Don't you remember King Thomas Lloyd Jones going bust at Lampeter mart?

Yes .but traffic through that mart dropped to almost nothing

 

[Cowabunga]

Yes .but traffic through that mart dropped to almost nothing

There's always a reason. Probably every one different to an extent but always linked to being insolvent.
What did Mr Mickawber say?…
"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

 

[JP1]

I just read that FB post and here it is in full.

If the Livestock Auctioneers Association had anything about them they'd assist any crowd funding campaigns like this (are you reading this Chris Dodds?)

From Blackthorn Farm Equestrian's FB post:

Disbelief, surreal , barstewards , devastation these are all words plus many many more we are feeling right this minute.
My son has done nothing but graft after taking on several loans to purchase some calves to rear. Happy to graft I might add. He reared his first batch of calves and made mistakes but he learnt from those mistakes and he set too with the second batch of 60 calves with a new excitement that he could possibly even make a few pounds as well. He had to take on a milking job at 4 am until 8am where he had to rush home , where his girlfriend would rush off to work and he would take on babysitting duties. Luckily she loved watching daddy work hard , bedding the calves down, feeding the calves, checking the calves, she loved the vets visits for TB testing. As soon as bens girlfriend finished work they would swap and Ben would go and tractor drive or milk, so he could afford to feed the calves. Then up again at 4 am.
Ben did us proud. . He couldn’t afford a haulier so he went back and forth for two days delivering his calves to Beeston Wright and Marshall. Making sure they were not stressed and comfortable ready for the usual sale on Thursday. As I said he did us proud. Best calves of the day. All 60 sold perfect price. Finally Ben had done it. He had managed to earn enough to buy the next months feed in hand , things were finally looking up. I can tell you we all said cheers that night it had been a long hard few months.
*************** HOWEVER ***************
What we learnt a week later when we still had no money from Beeston was , the banks had pulled the plug. They had a million pound over draught and now they had shut them down which meant one thing. WE WOULD NOT GET PAID. Ben was owed over 30k ,that was his world ,he still owes most of it ,but now he is never going to see it.
I as his mum still can’t process how this has been allowed to happen. Infact none of us can process it. How can this happen , why didn’t they say something ,,,,, well of course I know why , they will have been looking after themselves. We innocent folk can just turn up with our wares that we have grafted for and then ,we can just top your overdraught up and that’ll do thank you. HOW IS THIS NOT FRAUD. HOW IS THIS ALLOWED , we didn’t owe Beeston anything , we didn’t buy anything from them we merely took along our stock and sold them to the highest bidder. and then my sons life has gone into shock. He now feels he can’t go on , he owes too much to borrow it all and start again. Beeston haven’t had the courtesy to get in touch , it’s been 8 days ( except the auctioneer who has now lost his job ) but not the big guns , where are they. Probably stuffing their money into their wives accounts so we can’t touch them.
They even took a video of my sons calves being sold. Cool as you like knowing that they could only afford to take our money at the sale not pay us.
I am sorry this is a long post. You probably haven’t got to the end but I just feel so hurt that I had to say something. My son and his girlfriend are hard workers and will manage somehow to put food on the table for their little girl who is 16 months old , because that’s what you do. It’s the mental health and pressure of us all that has been affected.
I hope and pray this doesn’t happen to anyone else. I want justice .........

https://www.gofundme.com/f/help-for...m_medium=social&utm_campaign=p_cp+share-sheet

 

[Gordy1]

I just read that FB post and here it is in full.

If the Livestock Auctioneers Association had anything about them they'd assist any crowd funding campaigns like this (are you reading this Chris Dodds?)

From Blackthorn Farm Equestrian's FB post:

Disbelief, surreal , barstewards , devastation these are all words plus many many more we are feeling right this minute.
My son has done nothing but graft after taking on several loans to purchase some calves to rear. Happy to graft I might add. He reared his first batch of calves and made mistakes but he learnt from those mistakes and he set too with the second batch of 60 calves with a new excitement that he could possibly even make a few pounds as well. He had to take on a milking job at 4 am until 8am where he had to rush home , where his girlfriend would rush off to work and he would take on babysitting duties. Luckily she loved watching daddy work hard , bedding the calves down, feeding the calves, checking the calves, she loved the vets visits for TB testing. As soon as bens girlfriend finished work they would swap and Ben would go and tractor drive or milk, so he could afford to feed the calves. Then up again at 4 am.
Ben did us proud. . He couldn’t afford a haulier so he went back and forth for two days delivering his calves to Beeston Wright and Marshall. Making sure they were not stressed and comfortable ready for the usual sale on Thursday. As I said he did us proud. Best calves of the day. All 60 sold perfect price. Finally Ben had done it. He had managed to earn enough to buy the next months feed in hand , things were finally looking up. I can tell you we all said cheers that night it had been a long hard few months.
*************** HOWEVER ***************
What we learnt a week later when we still had no money from Beeston was , the banks had pulled the plug. They had a million pound over draught and now they had shut them down which meant one thing. WE WOULD NOT GET PAID. Ben was owed over 30k ,that was his world ,he still owes most of it ,but now he is never going to see it.
I as his mum still can’t process how this has been allowed to happen. Infact none of us can process it. How can this happen , why didn’t they say something ,,,,, well of course I know why , they will have been looking after themselves. We innocent folk can just turn up with our wares that we have grafted for and then ,we can just top your overdraught up and that’ll do thank you. HOW IS THIS NOT FRAUD. HOW IS THIS ALLOWED , we didn’t owe Beeston anything , we didn’t buy anything from them we merely took along our stock and sold them to the highest bidder. and then my sons life has gone into shock. He now feels he can’t go on , he owes too much to borrow it all and start again. Beeston haven’t had the courtesy to get in touch , it’s been 8 days ( except the auctioneer who has now lost his job ) but not the big guns , where are they. Probably stuffing their money into their wives accounts so we can’t touch them.
They even took a video of my sons calves being sold. Cool as you like knowing that they could only afford to take our money at the sale not pay us.
I am sorry this is a long post. You probably haven’t got to the end but I just feel so hurt that I had to say something. My son and his girlfriend are hard workers and will manage somehow to put food on the table for their little girl who is 16 months old , because that’s what you do. It’s the mental health and pressure of us all that has been affected.
I hope and pray this doesn’t happen to anyone else. I want justice .........

https://www.gofundme.com/f/help-for...m_medium=social&utm_campaign=p_cp+share-sheet

Devastating, hope it all works out for them