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A rising tide lift all boats but still too many stragglers As Gentlest says the retention of key staff is likely to be a problem Why work your whotsits off just to service a bad debt out to service a debt created by the BODS
Just look at Taylors Paington -flying
https://www.zoopla.co.uk/for-sale/branch/taylors-paignton-66443/
On the other hand Just looking at Chappell and Matthews it doesn't seem that they have picked up 1 single sales instruction last week in any of their branches
https://www.zoopla.co.uk/find-agents/company/chappell-and-matthews-699/
Well the H2 results which takes us up to the end of December are unlikely to be exciting . Suspect it will be more about waxing lyrical about the market pick up since the Election
What its is likely to reveal is that revenue hadn't picked up to avoid breaching the loan obligations which of course puts them into a tenuous position with the bankers
Reverting back to the RM front so I have been led to believe they have a v.special deal Should imagine RM use CWD as a pump primer to be able to screw the smaller agent
You can just imagine the offer OTMP must have made to CWD to get them to migrate
It is but aparentally they have a v.good deal with RM so that is the least of their problems.
The sale to LSH didn't arrive alone .With it came a revised credit facility with the bank. The sale proceeds were to be used to reduce the facility from £125m to £95m Bearing in mind the debt stood at £90m in the summer without the proceeds from LSH that leaves them all at sea
Furthermore the EBITDA ratio for the loans was to be reduced to 4.25 and very doubtful they would have achieved that so in breach
Another fine mess the BODS have got the company in They will be at the banks mercy who no doubt will be pressuring for a capital raise ,again!
The transaction costs associated with the deal to sell LSH were grotesque £3.5m The high price off failure, the majority will be abortive if the deal doesn't go ahead
So all that pick up in sales in January the neggies hard at work banging in those sales disappearing down a black hole of abortive costs. You really couldn't make it up What a shower the set of BODS are
Another great move by the BODS If it ain't broke don't fix it comes to mind .
Greene&Co were market leaders in their patch until CWD got hold of them. Merged them with Hamptons in the Autumn and their 5 rebranded N London offices Belsize Park, Crouch End Kensal Rise, Maida Vale and West Hamsptead have only taken on 36 new sales instructions this year