Gemporia accounts - predictions?

[TheManWithNoName]

So, Gemporia's are due next month.

What do we reckon they'll show. Even worse that last year? Better than last year? About the same?

My predication is they'll have done about the same. I've seen nothing to suggest that customers have rushed back in their droves to Gems TV - but they do seem to be selling enough to be 'ticking over'.

Jewellery Maker seems to have lost a lot of customers and it also get a lot of criticism.
Gem Collector seems unpredictable - it seems to have a few loyal customers - but it also seems to have quite a few that have been disgruntled by price hikes.
Hobby Maker - that seems to be the one area of their business that is thriving.
Sewing Street - no idea at all.


I've spotted some interesting things tonight though. Looking at Gemporia's list of directors, I see that a number of them 'resigned' in October last year ('resigned' on Companies House doesn't actually mean that handed in their notice and left - 'resigned' simply mean that they're no longer a director, regardless of the manner in which they left. Even if someone passes away, it still shows 'resigned' on Companies House).

Sarah Bennett is no longer showing as a director - 6 months after Steve Bennett told us on-air that Sarah Bennett would be becoming more involved again.
Paula Bennett is no longer showing as a director.
John Bennett is no longer showing as a director.
John Winspear is no longer showing as a director (or company secretary either). I believe he was their finance director.

GEMPORIA LIMITED filing history - Find and update company information - GOV.UK

GEMPORIA LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

It seems a little odd that they all went at the same time.

I've also found out that their call centre manager, Jayne Sankey, was also made redundant last year too.

I suspect I can see why their prices have become ridiculous at times though. I would imagine this loan comes with a hefty interest bill.........

Sparkling future ahead for Gemporia Partnership following funding from Santander UK | Santander UK

www.santander.co.uk

This line is concerning:

"During the pandemic, many people have taken to watching TV and crafting to pass the time. In line with this trend, Gemporia Partnership’s profit increased by 42% in the year to March 2021. The business has retained a significant proportion of its new customers as pandemic restrictions have been lifted by the Government. The business has grown by attracting 55,000 new customers in the year to March, and re-launching its craft product range last year, which now accounts for 20% of its sales."

This loan appears to have been taken out in the September of the same year. But then 'normality' hit, lockdowns ended, and by 2022, all of the Covid situation had ended.

Forward to 2023, and we know the Company had obvious financial problems last year.

Did they expect the Covid growth to continue - only to find that it ended, and left them in a difficult situation? Who knows.

I'm intrigued to see what the accounts say next month!

 

[SnowMoon]

I think about the same or slightly better (due to the inflated prices and cutting (the decent) staff and channels). Personally, I would like to see worse figures, simply because this might shove them towards making decent changes instead of becoming more cut-throat and dying a slow, but unavoidable, death. But let's face it, and I hate to say it, the channel started to decline when Steve stepped back, it did not improve when he stepped back in and now the will also have to pay Steve back the money he put in to bail them out. (He's a businessman, it won't have been a gift.) Plus the loan from Santander and any interest.
To this day, I do not understand how anybody with an IQ above freezing-point (yes, I am looking at you Mr Wagstaffe and all the Directors) could think a sales improvement that happened during Covid (when everyone was stuck at home watching TV) was going to be permanent - even when everyone went back to work - and base their projections and plans on those improved sales. Covid was an global pandemic and unique in our times - how daft can you be? Really?

 

[TheManWithNoName]

the channel started to decline when Steve stepped back

Despite his long speech this time last year, I've seen nothing over the past 12 months that makes me think "Ah yeah, that'll be Steve Bennett's input".

Literally nothing has changed from a viewers/customers point of view in the past 12 months other than much quicker refunds.

If anything, it has got worse. The levels of misleading from presenters have certainly ramped up a lot - and they were bad enough before!

 

[TheManWithNoName]

To this day, I do not understand how anybody with an IQ above freezing-point (yes, I am looking at you Mr Wagstaffe and all the Directors) could think a sales improvement that happened during Covid (when everyone was stuck at home watching TV) was going to be permanent - even when everyone went back to work - and base their projections and plans on those improved sales. Covid was an global pandemic and unique in our times - how daft can you be? Really?

Colin Wagstaffe and Jake Thompson have never struck me as being the brightest lamps in the street.

Colin in particular always came across as a complete plonker that had completely winged his way to CEO levels at jobs - and it doesn't take a genius to work out that Jake is only CEO at Gemporia now because he's married into family. NOTHING on his CV / LinkedIn profile suggests that he's intelligent or experienced enough to run a business.

No wonder Gemporia are struggling. Instead of giving the CEO role to good, experienced CEOs, they've just given the role to friends and family in a 'jobs for the boys' manner.

 

[ianrobo111]

I think about the same or slightly better (due to the inflated prices and cutting (the decent) staff and channels). Personally, I would like to see worse figures, simply because this might shove them towards making decent changes instead of becoming more cut-throat and dying a slow, but unavoidable, death. But let's face it, and I hate to say it, the channel started to decline when Steve stepped back, it did not improve when he stepped back in and now the will also have to pay Steve back the money he put in to bail them out. (He's a businessman, it won't have been a gift.) Plus the loan from Santander and any interest.
To this day, I do not understand how anybody with an IQ above freezing-point (yes, I am looking at you Mr Wagstaffe and all the Directors) could think a sales improvement that happened during Covid (when everyone was stuck at home watching TV) was going to be permanent - even when everyone went back to work - and base their projections and plans on those improved sales. Covid was an global pandemic and unique in our times - how daft can you be? Really?

Well look at he mess the bike industry is in because of oversupply. Latest casualty is Wiggle

 

[Rose de France]

I'm intrigued to see what the accounts say next month!

It's April now. Do you have any news?

 

[TheManWithNoName]

It's April now. Do you have any news?

Their accounts haven't been filed yet according to Companies House

 

[TheManWithNoName]

Still no sign of their accounts - and I doubt we'll be seeing them any time soon.

2022's account were filed on 11th April 2023.
2023's account were filed on 9th January 2024.

 

[TheManWithNoName]

On the subject of accounts, I decided to do a few comparison to previous years to get a bit of an idea of how Gemporia has been doing.

I'm not an accountant - so I'm just posting figures as I see them from their accounts. All of these figures are out in the public domain on Companies House - so I'm not posting anything that is confidential.

I've typed this quickly, and although I've checked it for mistakes, I may have missed something - so keep that in mind.

2017 and 2023 appear to have been 'tough' for Gemporia. It also looks as though £900,000 was written off as bad debt in 2013 due to a failed expansion.

Year ending 31st March 2023:
Net assets: £3,498,406
Post-tax profits: £287,359
Dividends paid out: Nil
Donated to Colourful Life Foundation: £18,000


Year Ending March 2022:
Net assets: £3,211,047
Post tax profits: £6,076,304
Dividends paid out: £12,050,000
Donated to Colourful Life Foundation: £106,500


Year Ending March 2021:
Net assets: £9,184,743
Post tax profits: £9,395,257
Dividends paid out: £6,000,000
Donated to Colourful Life Foundation: £90,000


Year Ending March 2020:
Net assets: £5,789,486
Post tax profits: £5,761,246
Dividends paid out: £5,000,000
Donated to Colourful Life Foundation: £90,000
Donated to ACE Africa: £2,000


Year Ending March 2019:
Net assets: £5,028,240
Post tax profits: £5,489,788
Dividends paid out: £12,000,000
Donated to Colourful Life Foundation: £90,000
Donated to ACE Africa: £2,000


Year Ending March 2018:
Net assets: £11,538,452
Post tax profits: £8,244,899
Dividends paid out: £9,522,722
Donated to Colourful Life Foundation: £90,000
Donated to Big Change: £50,000


Year Ending March 2017:
Net assets: £12,816,275
Post tax profits: £763,730
Dividends paid out: £NIL
Donated to Colourful Life Foundation: £90,000

Notes: Majority ownership switched to employees via an Employee Ownership Trust.


Year Ending March 2016:
Net assets: £12,036,513
Post tax profits: £10,463,506
Dividends paid out: £7,280,000
Donated to Colourful Life Foundation: £221,058


Year Ending March 2015:
Net assets: £8,820,847
Post tax profits: £8,157,141
Dividends paid out: £4,200,000
Donated to Colourful Life Foundation: £125,340


Year Ending March 2014:
Net assets: £4,863,706
Post tax profits: £3,252,409
Dividends paid out: £1,600,000
Donated to Equal World: £77,821


Year Ending March 2013:
Net assets: £919,129
Post tax profits: £1,094,047
Dividends paid out: £NIL


Year Ending March 2012:
Net assets: £2,159,167
Post tax profits: £3,647,600

 

[Dazzles]

On the subject of accounts, I decided to do a few comparison to previous years to get a bit of an idea of how Gemporia has been doing.

I'm not an accountant - so I'm just posting figures as I see them from their accounts. All of these figures are out in the public domain on Companies House - so I'm not posting anything that is confidential.

I've typed this quickly, and although I've checked it for mistakes, I may have missed something - so keep that in mind.

2017 and 2023 appear to have been 'tough' for Gemporia. It also looks as though £900,000 was written off as bad debt in 2013 due to a failed expansion.

Year ending 31st March 2023:
Net assets: £3,498,406
Post-tax profits: £287,359
Dividends paid out: Nil
Donated to Colourful Life Foundation: £18,000


Year Ending March 2022:
Net assets: £3,211,047
Post tax profits: £6,076,304
Dividends paid out: £12,050,000
Donated to Colourful Life Foundation: £106,500


Year Ending March 2021:
Net assets: £9,184,743
Post tax profits: £9,395,257
Dividends paid out: £6,000,000
Donated to Colourful Life Foundation: £90,000


Year Ending March 2020:
Net assets: £5,789,486
Post tax profits: £5,761,246
Dividends paid out: £5,000,000
Donated to Colourful Life Foundation: £90,000
Donated to ACE Africa: £2,000


Year Ending March 2019:
Net assets: £5,028,240
Post tax profits: £5,489,788
Dividends paid out: £12,000,000
Donated to Colourful Life Foundation: £90,000
Donated to ACE Africa: £2,000


Year Ending March 2018:
Net assets: £11,538,452
Post tax profits: £8,244,899
Dividends paid out: £9,522,722
Donated to Colourful Life Foundation: £90,000
Donated to Big Change: £50,000


Year Ending March 2017:
Net assets: £12,816,275
Post tax profits: £763,730
Dividends paid out: £NIL
Donated to Colourful Life Foundation: £90,000

Notes: Majority ownership switched to employees via an Employee Ownership Trust.


Year Ending March 2016:
Net assets: £12,036,513
Post tax profits: £10,463,506
Dividends paid out: £7,280,000
Donated to Colourful Life Foundation: £221,058


Year Ending March 2015:
Net assets: £8,820,847
Post tax profits: £8,157,141
Dividends paid out: £4,200,000
Donated to Colourful Life Foundation: £125,340


Year Ending March 2014:
Net assets: £4,863,706
Post tax profits: £3,252,409
Dividends paid out: £1,600,000
Donated to Equal World: £77,821


Year Ending March 2013:
Net assets: £919,129
Post tax profits: £1,094,047
Dividends paid out: £NIL


Year Ending March 2012:
Net assets: £2,159,167
Post tax profits: £3,647,600

2023 looks brutal for them, and it was around that time my opinion of the company began to change because they began to lose what differentiated them. The lack of price pledges and endless excuses not to honour them caused me to stop buying pieces when they first came out, and then, because I was not incentivised to watch more often in case I got one, I practically stopped watching entirely.

In psychology, this is basically the extinction of a conditioned response, as I was no longer rewarded for regularly tuning in. Or perhaps you could call it negative reinforcement, the discouragement of a behaviour by the removal of a positive stimulus. Some viewers buy a lot and spend a lot of money, lose their loyalty and trust and you'd better hope there are new customers who don't mind price differences of hundreds of pounds within days with more money than sense to fill the gap who won't simply return their purchases. Most people rarely buy jewellery anyway - it's a luxury, an extravagance. They need people building 'collections' who will keep coming back, and it's a fatal error to make them feel ripped off - checking out their latest TrustPilot reviews, it's a common theme.

I used to think Bennett must have been very savvy to come up with this model in the first place, but this new Gemporia is like a sequel that didn't understand what made the original movie so good. Almost like they lucked out with an addictive business model and then set about dismantling it to save money. In their business meetings, I'll bet you they're blaming lower sales on cost of living increases, when it's at least partially due to them being just plain bloomin' daft. KFC without the secret herbs and spices blend is just fried chicken, and I can get fried chicken all over the place. I've got plenty of nice, affordable jewellery that isn't from Gemporia because they've driven me into the proverbial arms of alternative sellers.

 

[VapidStoat]

I am looking forward to seeing those. Since I have cut down my Gemporia viewing for the sake of what remains of what I laughingly call my sanity, I couldn't possibly hazard any guess on the financial state of the company today.

But it's bound to be interesting, one way or another.

 

[Ant7t]

hope there are new customers

Be interesting to see, without having to watch the channel(s) from dawn til dusk or the equivalent, how many new customers they have per day. Every so often they mention them on air, so they must have a record: no names used, of course

checking out their latest TrustPilot reviews

I know trust pilot isn't feefo, but they had a platinum feefo two years running, if my memory serves. Can't see that lasting much more. That was another thing they mentioned a lot on screen.

 

[TheManWithNoName]

2023 looks brutal for them

The Lifestyle channel looked like a disaster. A few people have said on here that "it looks they they need to branch out from jewellery because jewellery alone doesn't work on TV channels these days" - but it looks as though branching out was a bad move for them.

 

[AndyW]

Haven't looked at reviews for ages. I stopped getting requests for them years ago. I find the recent Feefo reviews (excluding 5*) mostly typical of what TGGC is right now and no surprise to this forum. Most of the 4* have an "OK but..." vibe to them. The 1* - 3* are:

- Thin, scooped out metal bands
- Chipped stones, badly strung necklaces
- Colour nothing like website or TV
- Mine nothing like TV sample
- Scented items losing scent PDQ
- Items tiny (over-magnified on screen)
- Plating wearing off in days

Some of the Steve Bennett "Fibre" white worms product reviews mildly amusing. Quite a few GC product returns too.

I find the Trustpilot reviews odd and bordering on dystopian.

 

[Beancounter]

Hello everyone. This is my first post but I have been a long time reader of this forum and was a former Gems TV devotee many years ago.

Like many of you, I have watched in dismay at how Gems has degenerated over the years to the point that I have hardly watched during the last year. Jess "absolutely" Foley (I wish she would "fly out the front door" and never come back) and many of the other "presenters & experts" (using the terms loosely) have dragged the channel down so far that I doubt it can recover.

I just wanted to clarify that although Gemporia's year end is 31 March, they have 9 months after their year end to file accounts at Companies House. Therefore they are not due until 31 December 2024 and as the accounts will be audited, I doubt they will be filed anytime soon, especially if the results don't show a significant improvement on last year. The 2023 accounts were not filed until 23rd December 2023.

In terms of the company's performance for the year to 31 March 2023, you should also look at the consolidated accounts filed by Gemporia Partnership Ltd. Spoiler alert - the group has net liabilities of £6million so are technically insolvent. although £15million was transferred to the Employee Trust during the year hence the insolvent balance sheet.

It may be of interest to read the directors comments in the strategic report business review on page 1 regarding last years poor results and also the comments in the going concern statements on pages 4 and 21 where they have to state why they believe the company will be able to continue to trade for a further 12 months from the date the accounts were signed (i.e until 21 December 2024). This is required because they have net liabilities.

There appears to have been lots going on behind the scenes with the changes of directors during 2023 - possibly one of the new directors will have been parachuted onto the board by the bank to protect their loan.

It will be interesting to see if Gemporia have managed to turn things around in the last year but based on the current dismal state of the channels I would doubt it.

 

[TheManWithNoName]

There appears to have been lots going on behind the scenes with the changes of directors during 2023 - possibly one of the new directors will have been parachuted onto the board by the bank to protect their loan.

I suspect the same - particularly when one of the directors that has gone is long-time accountant, John Winspear.

The loan was a hefty amount and is presumably being used to 'prop up' the company. It's probably also the reason for the ludicrously high prices.

It will be interesting to see if Gemporia have managed to turn things around in the last year but based on the current dismal state of the channels I would doubt it.

If they have turned it around financially, it won't be because their products are better or because the channel has improved, because those have remained the same, if not got worse.

It'll be because they've consistently misled customers with dubious information, dodgy price comparisons, ludicrous claims and misleading gemstone names - in addition to milking the Jadeite, Nilamani and Pearls - and charging extortionate prices on items that should be cheap (such as cabochons that they used to sell in packs of 4 or 5 on Jewellery Maker for £8-£10 a bundle - which they're now selling for £20-£30+ each on Gem Collector).

There's making a profit - and there's taking the p**s. Gemporia are taking the p**s.

 

[Ant7t]

Thin, scooped out metal bands
- Chipped stones, badly strung necklaces
- Colour nothing like website or TV
- Mine nothing like TV sample
- Scented items losing scent PDQ
- Items tiny (over-magnified on screen)
- Plating wearing off in days

I used to review, but haven't for ages. I've commented 'somewhere' here about the tiny band on a recent ring I bought. Also, they have very nice smelling items, BUT only if you're on top of them, the moment you walk away, that's it. I also recall buying a diamond gold ring: it was a thin band anyway, but the stone was so tiny.

 

[Beancounter]

TMWNN - I 100% agree with your summation of Gemporia's current sale tactics - I just shortened it to "dismal state".

FYI - I am an accountant so I've deduced quite a bit from the 2023 accounts. If the results are better for the last 12 months trading it will be due to cost cutting - they seem to be operating to the bare bones based on the current quality and quantity of presenters and stock - combined with vastly increased prices.

They also managed to get £700K redundancy costs into the 2023 accounts so that is an expense that shouldn't be repeated in 2024.

In the year to 31/3/23 they significantly reduced their stock levels and I expect that to have continued during the last year. This is obvious on screen from the reduced quality of gem stones and basic lack of variety. Not to mention the reliance on flogging that awful jade. I suspect that stones previously rejected as too poor quality for sale are now being sold because there is very little good stuff left in the vaults.

Signs that things haven't improved is that the broadcasting hours haven't expanded except for Jeff's weekend outings and GM coming off Freeview, the mass exit of the most of the Bennetts, plus the continual reliance on Jade. I think part of the reason viewers are subjected to Dave UnTruth's 40 minutes monologues is because they simply don't have enough stock to sell to fill the hours.

It's sad if you remember how good this company used to be in the early days.

 

[GrahamBristol]

I used to review, but haven't for ages. I've commented 'somewhere' here about the tiny band on a recent ring I bought. Also, they have very nice smelling items, BUT only if you're on top of them, the moment you walk away, that's it. I also recall buying a diamond gold ring: it was a thin band anyway, but the stone was so tiny.

Just feels the right point to add that the clasps on some necklaces and bracelets are woeful. Tiny, flimsy little things. Supposedly to secure 'impossible to replace' gemstones and pearls. I would have thought for a few pennies more they could use something substantial. But rule of thumb now - if they let you see the clasp during the presentation you can judge/likely to be OK. But if its not seen, regardless of the 'remarkable' pricing (closeout?) it's going to be pants!

 

[Ant7t]

Just feels the right point to add that the clasps on some necklaces and bracelets are woeful. Tiny, flimsy little things. Supposedly to secure 'impossible to replace' gemstones and pearls. I would have thought for a few pennies more they could use something substantial. But rule of thumb now - if they let you see the clasp during the presentation you can judge/likely to be OK. But if its not seen, regardless of the 'remarkable' pricing (closeout?) it's going to be pants!

Maybe that's part of the reason they upsell / sell the magnetic clasps. Plus, most things they have on, on the show have them to take away from the actual clasp. I have some of those magnetic clasps, so I'm not rubbishing them, although I did have one that the 'silver' wore off of rather quickly. But your writing that made me think of an alternate use for on-air for them: as a 'veil'.