why did Bid go bust... just look at this:

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steveh31

Registered Shopper
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Feb 6, 2011
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South Yorkshire
2007 turnover: Sit-up: £239m (QVC £353m)
2008 turnover: Sit-up: £242m (QVC £360m)
2009 turnover: Sit-up: £172m (QVC £366m)
2010 turnover: Sit-up: £148m (QVC £387m)
2011 turnover: Sit-up: £132m (QVC £391m)
2012 turnover: Sit-up: not published yet (QVC £404m)

Why on earth would you invest in a company with figures like this?
 
steveh31 said:
2007 turnover: Sit-up: £239m (QVC £353m)
2008 turnover: Sit-up: £242m (QVC £360m)
2009 turnover: Sit-up: £172m (QVC £366m)
2010 turnover: Sit-up: £148m (QVC £387m)
2011 turnover: Sit-up: £132m (QVC £391m)
2012 turnover: Sit-up: not published yet (QVC £404m)

Why on earth would you invest in a company with figures like this?
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But a few ex-presenters still appear shell shocked, and certain people will still lay all the blame solely at the hands of the new bosses of a whole 4 months. Jeez, some people may even blame us.

I have some coffee on the go here, any ex-presenters wanna come and smell it?

Guy? :mysmilie_59:
 
I can't blame the presenters for being shocked, I don't think they're lying or putting on a brave face, I would believe that they're genuinely surprised.
After all, most people don't look at the financial records of their employers, and like most of Sit-Up's employees, they just knew that most of the companies debt had been wiped off and they had new investment from their former chums at Ideal World looking to get back into broadcasting again.

It surprised me that Bid/Price Drop went so soon and I actively look at this kind of info. Wirral mentioned too that one of his friends who knows about the money side of business was surprised that they shut shop so suddenly (correct me if I'm wrong).
 
KingEurope said:
I can't blame the presenters for being shocked, I don't think they're lying or putting on a brave face, I would believe that they're genuinely surprised.
After all, most people don't look at the financial records of their employers, and like most of Sit-Up's employees, they just knew that most of the companies debt had been wiped off and they had new investment from their former chums at Ideal World looking to get back into broadcasting again.

It surprised me that Bid/Price Drop went so soon and I actively look at this kind of info. Wirral mentioned too that one of his friends who knows about the money side of business was surprised that they shut shop so suddenly (correct me if I'm wrong).
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It must have been someone else, I didn't say that :mysmilie_59: A while back I mentioned that I spoke to a friend who explained how difficult it can be to run a business operating under a CVA though, it's apparently a little bit like an individual who has defaults on their credit file. I do know someone who has a conspiracy theory about the sudden closure but I suspect it's just that, purely based on cynicism and not any business knowledge!

But I was personally surprised they closed so soon after the CVA but I fully expected them to go sooner rather than later, certainly this year.
 
Mommabear said:
Some of the presenters wouldn't have been shocked ie Paul Teacosy Evers. Day after day of selling maybe 5 items an hour, he must surely have thought, how long can this go on?
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Maybe I was harsh, I suppose it was very sudden.

But jeez they've been on the rack for years haven't they? I wonder if many of the ex-presenters who'd been there for years stayed out of loyalty or simply that they had limited alternative offers?
 
KingEurope said:
I can't blame the presenters for being shocked, I don't think they're lying or putting on a brave face, I would believe that they're genuinely surprised.
After all, most people don't look at the financial records of their employers, and like most of Sit-Up's employees, they just knew that most of the companies debt had been wiped off and they had new investment from their former chums at Ideal World looking to get back into broadcasting again.

It surprised me that Bid/Price Drop went so soon and I actively look at this kind of info. Wirral mentioned too that one of his friends who knows about the money side of business was surprised that they shut shop so suddenly (correct me if I'm wrong).
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I agree, as I couldn't tell you about my company's accounts... though I could hazard a guess about the nature of them due to the industry it's in (gambling, one of the few recession proof industries)
 
I think that's it exactly. Where else could some of the presenters go? I doubt they were fending off a lot of offers. As I've already said upthread somewhere, who would sit back and wait until they were owed £12,000? It doesn't make any sense!
 
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I think that's it exactly. Where else could some of the presenters go? I doubt they were fending off a lot of offers. As I've already said upthread somewhere, who would sit back and wait until they were owed £12,000? It doesn't make any sense!
 
Docswife said:
I think that's it exactly. Where else could some of the presenters go? I doubt they were fending off a lot of offers. As I've already said upthread somewhere, who would sit back and wait until they were owed £12,000? It doesn't make any sense!
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I was disappointed that the new BBC One Panel Show 'The Guess List' was hosted by the Gavin & Stacey star Rob Brydon.

I feel it would be the perfect vehicle to showcase Mike Mason's comedic talents but i'm guessing he wasn't free when it was cast?

Sod's Law :mysmilie_59:
 
Mark Ryes has been tweeting:

Mostly moaning about his own situation but he has stated that one of the creditors pulled out of the CVA which forced the company to trade insolvent, therefore they had to shut so it was the CVA which failed and that's why it was so quick.

He has been asked "you must have known"

his reply:

No we didn't know. It looked like we had passed crisis. I'm left without my major client, and owed many thousands I won't see
 
Let me know if you all see signs outside there warehouse for a car boot sale........I can miss shopping in Poundland for one day and grab myself some cheaper bargains.:mysmilie_486:
 
steveh31 said:
Mark Ryes has been tweeting:

Mostly moaning about his own situation but he has stated that one of the creditors pulled out of the CVA which forced the company to trade insolvent, therefore they had to shut so it was the CVA which failed and that's why it was so quick.
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Surely if a creditor has signed up to a CVA then they would have no future legal claim to any past debt that Sit-up may have owed them, namely that it's a statutory declaration therefore a past creditor couldn't subsequently renege on the deal and demand payment/take them to court, etc., or have I misunderstood something here? Of course there's nothing to stop a creditor refusing to trade with Sit-up in the future (which they would naturally do) and a CVA wouldn't improve Sit-up's poor credit rating, but unless there's a so-called cooling off period for creditors I can't see how a creditor can legally back out of something unless there's either been a breach of contract or the creditor never actually signed up to the CVA in the first place.
 
Well as they went into the CVA on 18 March the first payment must have been due on 18 April we can assume Bid Shopping couldn't pay whatever they promised to.
 
More info coming to hand KPMG has apparently said "they company did not have the trust of the suppliers to enable them to access merchandise of sufficient quality to make a go of the channel"
 
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steveh31 said:
More info coming to hand KPMG has apparently said "they company did not have the trust of the suppliers to enable them to access merchandise of sufficient quality to make a go of the channel"
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Not to surprised at that comment - £68M is a lot of dosh to be in the hole and still expecting suppliers to send more.
 

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