Lots of Rumours Wellgrain has gone bust?

[glasshouse]

If you land up with a court judgement against that action, you'll feel even more sore handing over the cash than the grain probably - unless you want to face contempt. These days there's a paper or e-trail everywhere and the likes of PwC would find it easy peasy

my forklift would become terminally ill at that point.

 

[principal skinner]

There is absolutely no way I would be loading one single grain onto a wagon for them .....

No need, surely you have the collection tickets from when you loaded them last week[emoji850]

 

[Honest john]

The 15 accounts look good.

It makes me think they could have pre Brexit contracts that are not backed up off farms.

 

[matthew]

If you land up with a court judgement against that action, you'll feel even more sore handing over the cash than the grain probably - unless you want to face contempt. These days there's a paper or e-trail everywhere and the likes of PwC would find it easy peasy

nobody likes publicity, particularly if it's bad.
There is no way I would load goods if I knew I wasn't going to be paid.

First loyalty is to our own business. What you are implying is a domino effect with an inevitable end. Farmer bankruptcies. I would not join that queue willingly.

 

[Old Boar]

I always feel bad when I hear of a bankruptcy like this - not only for the company, but it usually takes down one or more other businesses who had nothing to do with it.

 

[willy]

How can they force you to load, when you probably wont get paid?

 

[dirty harry]

I know of a few farmers near me in the same boat aswell, I reckon they'll owe , well a lot , and I bet we don't ever see a penny ( or that Ferrari Andrew!)!! It's interesting looking at all the related accounts and recent appointments/ resignations late last year - bit of a re-jig knowing this was where it was all headed maybe....?
Is it wellgrain or more likely the parent company driftwell - (appropriately named!) that's being administered I wander? Not that it matters either way I guess!

 

[Spashett]

How can they force you to load, when you probably wont get paid?

They can't ... checked with my solicitor and NFU today .... Companies appointed as receivers can ask for your contracted corn but they have to then pay the full contracted price from their own resources. I was advised to wait till end of March and then resell the corn as movement period would then have lapsed and effectively breach of contract.

 

[norfolk'n'good]

What will the


Boss of Wellgrain reputedly drives a Ferrari, take that in lieu of grain ? I wish it was that easy.

No that would be theft........... oh hang on what have they just done. Would love to bump into in his Ferrari, literally

 

[norfolk'n'good]

I always feel bad when I hear of a bankruptcy like this - not only for the company, but it usually takes down one or more other businesses who had nothing to do with it.

You must forgive me but I have very little sympathy for wellgrain.

 

[Old Boar]

I can understand that, especially if they were still trading when they knew they were in trouble, which amounts to ripping people off, but I can bet that not all the employees were in the know.

 

[Courier]

This firm have been sailing close for as long as I can remember.

Big fall out with PX farms about 3 yr's ago.

Then started running their own lorries.

Can't get credit insurance on them.

No Property assets.

Just stuff on Lease.

Word is they have been trying to sell a buiness over the Channel.

Very sad unless you are PWC.

Hmmm, started running their own lorries about 3 years ago ( maybe or maybe not couldn't get hauliers to work for them and now the 3 year lorry hire needs renewing [emoji36])

 

[Midnight plough boy]

I know someone who predicted this may happen over 3 years ago when he loaded a 6 load contract for them over two days and had 6 cheques, one for each load appear over the period of a week after hassling them for payment 6 weeks after loading.

 

[Courier]

I know someone who predicted this may happen over 3 years ago when he loaded a 6 load contract for them over two days and had 6 cheques, one for each load appear over the period of a week after hassling them for payment 6 weeks after loading.

Any firm which pays by cheque nowadays is suspect and trying to delay payment in my book.
BACS or Instant Payment is and has been so straightforward for a decade now it should be mandatory.

In fact one of the services our courier co. offers is cheque collection from your customers premises and then presenting that cheque at the nearest branch of your bank on your behalf - saves all this "cheque in the post" (Friday afternoon 2nd class) business.

 

[Longneck]

But wellgrain have always paid me by BACS albeit after some time and sadly still owed for some wheat they took in December.
The only merchant that pays me by cheque still is frontier, should we be worried about them if that's the rationale??

 

[spikeislander]

That's a bugger Longneck hope it wasn't too much and you get some settlement.

 

[Honest john]

I went to the Pea & Bean meeting a few weeks back.
One of the topics discussed was Wellgrain. It seemed payments were getting slower.

Never delt with them myself.

 

[Sonoftheheir]

How does a company like Fengrain compare to Wellgrain? As in size and in their backing?

I will add we've never had any problems at all with Fengrain!

 

[spikeislander]

We deal with Fengrain and very happy. I did ask them about the security of the company only as a prudent check NOT through a rumour I must add ( AND I THINK WE MUST BE CAREFUL whilst talking about companies on here as alot of damage can be done by a unfounded rumour)
Back on topic though they said they insured up to 98% of trading as I believe others do.
Perhaps somebody could explain how and when this insurance covers us as farmers as I know if several others outfits that insure to give customers confidence and protect all parties.

 

[Longneck]

That's a bugger Longneck hope it wasn't too much and you get some settlement.

Cheers, Not as bad as others I've heard of, not sure what the chances will be of getting some settlement! [emoji33]