Wynnstay Group

[alex04w]

Hang on, from what has been stated above, they are going into 'administration', this means or, at least, implies that they intend to pay their debts, nothing dishonourable about that!

The theory of Administration is that they cannot currently pay their debts, or have defaulted on a debt or debt covenant. Either the directors or the debt holder has called in the Administrators.

The Administrators are charged with running the business with a view to recovery. However very seldom do they recover and pay their debts in full. Consequently people get cynical and (rightly) assume that Administration means the same as Liquidation - no or only a partial repayment of the debts owed.

Administration does allow the company to continue trading more easily with a view to a sale as a 'going concern'. It does not immediately result in the redundancy of the staff.

 

[SilliamWhale]

Errrmmmmm.............should I be worried about my load of barley leaving this month ?

I must say I find them an excellent business to deal with on the grain side. They pay as agreed, they pick up when they say they will, they give some leeway if you have made a mistake and their prices are reasonable. You can ring them up direct and do a deal with no middleman

 

[7610 super q]

I must say I find them an excellent business to deal with on the grain side. They pay as agreed, they pick up when they say they will, they give some leeway if you have made a mistake and their prices are reasonable. You can ring them up direct and do a deal with no middleman

Yes, I'm very impressed too.
Then I came across this thread....

 

[Spashett]

Rumours today

have made big loss and lots of redundencies

 

[marcot]

Rumours today Ooenfield have made big loss and lots of redundencies

Ahhh is this what was being alluded to in the combinables price tracker thread?????

 

[Steevo]

A little story.

NI pig producers were surviving. Tight margins, but a small profit.

Then the Lovell & Christmas pork processing factory burnt down. As a result there was not the processing capacity in NI to deal with all the pigs. Producers had to start exporting live pigs to the Republic of Ireland. An unexpected increase in costs. The ROI factories knew of the problem in NI, so cut the quotes. An unexpected fall in income.

Highers costs and lower income overnight - and all beyond the control of the pig farmers. Some went bankrupt and those that traded via companies had to liquidate their companies.

So they should automatically have been disqualified for 5 years because the L&C factory burnt down?

There are those that go into bankruptcy and liquidation via no fault of their own. There are those that get their through their own stupidity. There are those that get their via their criminal intent.

They cannot all be dealt with equally with automatic bans.

The purpose of disqualification is to target those that committed misconduct whilst operating a company that then fails. The problem is that the government does not target enough money to going after genuine offenders and the law is not tough enough to deal with those that set out to do it deliberately (and the law works too slowly).

I take your point. There is a difference and the current system is wrong.

In your example however, those that went bankrupt lost everything, the consequences for them will last for a very long time indeed. Those that were limited didn't. If you choose to go Limited to protect yourself and hide behind that to not pay your debts, then there should be consequences where currently there are not.

But yes, I do take your point. My suggestion may not the the best answer, but the current system should be working better.

 

[Danllan]

I'm not passing judgement until all the facts are in. If they pull a fast-one, bad cess to them; but, at the moment they are going about things in what would seem the right way to reduce problems.

@alex04w your #21 was written like one of my old text-books! But accurate enough nonetheless... As I wrote above, they seem to be taking the least-worse course of action.

 

[Formatted]

Errrmmmmm.............should I be worried about my load of barley leaving this month ?

Can you send it elsewhere or does it have to their to Wynnstay?

 

[Honest john]

Just had a quick look 2016.
Net Assets 87 mill
Profit 7.3 mill.

 

[Derrick Hughes]

At its half-year results in June, Wynnstay took a £3.9 million hit on writing down part of the value of the ailing pet supplies chain.

That meant that pre-tax profits at the group fell from £4.08 million to just £130,000, despite group sales increasing by 6.3 per cent to £205.3 million in the six-month period.

In the first half of the year Just for Pets generated £7 million of revenues, which represented about three per cent of Wynnstay's total revenues for the period, and made an operating loss of £0.25 million.


Read more at https://www.shropshirestar.com/news...aced-into-administration/#vl84ogqFKAR7vSTY.99

 

[Hampton]

Was Wynnstay really the rumour that was on the other thread?
This information was available months ago, and a full plan was put in place.
Ken has to present to the financial houses on a fort nightly basis, do you honestly think he was hiding this stuff?

 

[Seed&Grain]

Was Wynnstay really the rumour that was on the other thread?
This information was available months ago, and a full plan was put in place.
Ken has to present to the financial houses on a fort nightly basis, do you honestly think he was hiding this stuff?

No Wynnstay is definitely not the rumour on the other thread. There is another company! News will become public next week I believe.

 

[Hampton]

No Wynnstay is definitely not the rumour on the other thread. There is another company! News will become public next week I believe.

Ok, that's good. Bad news about the other firm obviously, thanks for clearing that up.

 

[Wombat]

I see another agricultural business is in trouble tonight. Wynnstay Group have announced that their "Just for Pets" business is being put into administration.
With Countrywide Farmers stores already up for sale, farmers will soon be struggling to find a business to get their supplies.

Well I have never heard of either and are still able to get all I need

 

[hel123]

Just had a quick look 2016.
Net Assets 87 mill
Profit 7.3 mill.

But how much of that 87mil is goodwill which in reality is worth FA

They've just written of 3.9mil of goodwill which was on pets at homes balance sheet

 

[DeeGee]

At its half-year results in June, Wynnstay took a £3.9 million hit on writing down part of the value of the ailing pet supplies chain.

That meant that pre-tax profits at the group fell from £4.08 million to just £130,000, despite group sales increasing by 6.3 per cent to £205.3 million in the six-month period.

In the first half of the year Just for Pets generated £7 million of revenues, which represented about three per cent of Wynnstay's total revenues for the period, and made an operating loss of £0.25 million.


Read more at https://www.shropshirestar.com/news...aced-into-administration/#vl84ogqFKAR7vSTY.99

Forage trader, sent you a pm about a week ago regarding hay: have you seen it yet?

 

[DRC]

Forage trader, sent you a pm about a week ago regarding hay: have you seen it yet?

He doesn't seem to get pm's, if my experience is anything to go by

 

[Sussex Martin]

He doesn't seem to get pm's, if my experience is anything to go by

He gets them but doesn't seem to need the business enough to reply.

 

[steveR]

Always sad to hear of a business in this level of difficulty, but...

Although a regular Wynnstay customer and an occasional seller, we also have a local "Just for Pets" and the management in the store is/was absolutely shocking. Both myself and MrsR have commented that they needed a mystery shopper through the door. Even in a prime market town location, footfall was poor and service was worse...

So not surprised, however, top level management should be taking some serious heat here??

 

[Cowabunga]

Wynnstay are due to take over a local [to me] independent farmer's merchants, M D Lloyd, at the end of this month. They were meant to take over in May. Then June. Then July. You get the drift I'm sure. I'll believe it when I finally see it.