Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Should help but this airport needs flights ASAP to remain an airport under ESKENs control!
https://www.echo-news.co.uk/news/23109751.london-southend-airport-announce-return-cargo-flights/
... would it not be profitable for ESKEN to rent or buy a few planes to put on the high demand routes - bringing both passenger through the airport and also providing the fights wanted by the demand - they would not have to take on such a roll indefinitely say if renting a plane to establish the route then offering that route up for sale to the more established airlines?
At least there was an apology mentioned to Made shareholders - more that we got!
.... as reported, if Heathrow strike during World Cup ( see link) and a big ‘if’ Southend could organise ( airport now more or less closed over this winter / so it would be a massive organisation challenge - perhaps impossible) but there would probably be a big demand for World Cup flights!
https://www.bbc.co.uk/news/business-63510375
Seems to me anyone at all would have been a better CEO if they just watched the bank balance and took appropriate action if it was dropping! How could a CEO and BOD sit and watch a bank balance drop from 8.5 million to ( finished at 300k) when administration was called by BOD for Bensons to snap up at 600k ( or only appropriate 300 mattresses worth)!
.... except the previous owners ( who were told they would of had a vote on the companies future) and no longer the legal owners and most probably have lost not only their ownership stake in the business but all the money they had invested here. And yet EVE goes on - sort of as if nothing had happened here! What a board of directors we used to have - thanks for nothing!
PS - what a smart advert if only Southend can follow up with a new route announcement to Paris - poor Kevin - fingers crossed ??
Kevin be left feeling like a turnip!
https://www.echo-news.co.uk/news/23106276.southend-airport-appears-new-aldi-christmas-advert/
As per link:-
https://inews.co.uk/inews-lifestyle/travel/uk-airports-mixed-fortunes-stansted-southend-growth-decline-1953954
.. the information given in EVE presentations ( now we know CC states she never even read all the data) by CC. TP & Co has cost people here?
For myself if CC & Co read this I had the majority of my savings trusted to the information supplied and today I sit on a cold house not even able to put the heating on!
Alan R; obviously lost a lot too; perhaps though it was not all his savings.
Note CC says
“I’ve been making decisions on wildly inaccurate data for two and a half years,” she said.’’
Like WTF?????
... and does this admission by CC mean some or all of the information given out to shareholders via presentations etc over the past 2 years was not indeed correct simply because CC had not previously checked it?
.....Source of previous post:-
https://www.marketingweek.com/eve-sleep-cheryl-calverley-data/
Also on a marketing site CC says:-
‘If there’s one thing Eve Sleep’s CMO turned CEO Cheryl Calverley wishes she’d done differently when she joined the direct-to-consumer (DTC) mattress company in 2018, it would be to interrogate the company’s data and data practices more vigorously.
After kicking off a review of the firm’s data models in January, Calverley discovered that some of its data was “wildly inaccurate”, she told the IPA’s EffWorks 2022 conference last week.
“Not being a massive data head, when I [joined the business] I didn’t start ploughing through all the data pipes,” she said. “I wish I’d known how ****ty our data was.”
On review, it became apparent that a lot of “assumption” had been built into Eve Sleep’s data, Calverley explained.
“I’ve been making decisions on wildly inaccurate data for two and a half years,” she said.
“If I could go back in time, the first thing I would do would be to ask all the difficult questions – really difficult questions – and be a right knob about data [I] make decisions on.”
Calverley was promoted from CMO to CEO in May 2020, as the business looked towards its “next phase of growth”. The company went public in 2017.
However, like many startups and small businesses, Eve Sleep has struggled through the economic turmoil of the last two and a half years, which began with the onset of Covid-19 and has continued thereafter with skyrocketing inflation rates. Describing the events as an “economic tsunami”, Eve Sleep today (17 October) called in administrators.
The company’s share price has dropped by over 90% this year, as it has reported declining revenues and profits. In its interim results released last month, Eve Sleep posted an 18% year-on-year decline in UK revenues, against a homewares market estimated to be down 23%.
Gross profit was down 33% to £5.1m, while marketing contribution (or operational profitability) fell from £0.7m to a loss of £1.2m.
“The scale of Eve was simply insufficient to withstand the economic tsunami that has gathered momentum over the past six months,” Calverley has said.
“We have moved heaven and earth to seek a way forward as an independent or acquired business, but ultimately prevailing market conditions just do not support that.”
Any chance Pacha you could cut and paste that entire CC article as it seems to be subscription site for those of us who are not - hence we can’t read it. Thanks though for finding and highlighting it.
After this disaster and presentations by EVE board AIM companies should be required by UK laws to have business accounts monitored every few months by independent accountants - shameful what has been permitted to occur here with EVE - existing shareholders may have lost but laws should be challenged and changed. Shame on CC, TP and entire board for the decisions taken that ran EvE into administration
Thanks Yanis - CC & Co proved to dogmatic to change - I dint think there anything left for shareholders who held looking at those figures. CC, TP etc just walk away now leaving some of us ruined.
As per:-
https://www.retailgazette.co.uk/blog/2022/10/bensons-for-beds-paid-just-600000-for-eve-sleep-rescue/
... announcing they stopping one of their Northern Ireland to Glasgow routes but retaining their Edinburgh route. So perhaps if they have a spare place a Southend Airport to Northern Ireland could be a popular route?