The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Ralph Findlay is an Executive Director of Vistry, dare they ask ALL hotels for a discount on accomodation?
In full: Vistry's email to suppliers
To whom it may concern,
We wrote to you last week regarding our announcement that going forward Vistry Group will be focusing our operations fully on our Countryside Partnerships model, merging our strong Housebuilding operations with our established Partnerships business.
This enables us to work with our partners and suppliers using our mixed tenure development model to significantly increase our contribution towards addressing the acute shortage of new homes across the UK. Together we can improve the overall rate of delivery on our sites and provide increased visibility of forward workloads to our supply chain partners. We can all help deliver the homes the country needs.
But in doing so we have to be efficient and conscious of wider economic pressures. The current economic environment heightens the need for us all to be as efficient as we can, and we are working hard within our group to ensure we manage our internal resources effectively. We also have to place responsibility on our supply chain partners, to consider their costs and balance the opportunity provided through continuity of work with increased efficiency.
Economic pressures created by inflation have softened over recent months with some commodity and labour costs reducing. We need to ensure that this improvement is used to unlock additional delivery. We will shortly be contacting you to discuss how we can achieve an overall 10 per cent reduction in our existing and future contracts whilst maintaining production and ensuring continued commitment to quality in the homes we build. As the UK’s leading partnerships provider, we have a unique opportunity to deliver more homes and secure our forward workloads and we want to work together with you on achieving this.
We appreciate this requires careful consideration across our diverse range of partners. In the current environment and in common with our competitors making similar requests in the industry, we are seeking to reduce our cost base. Unlike others, our partnerships model means we are ambitious to continue building and increase the volumes of new homes. 65% of the homes we build are pre-sold, helping us build at pace. Sharing this business continuity strengthens our partnership and provides additional resilience to economic cycles for you as a valued supply chain partner.
We will be contacting you in the next few days to discuss the details further. If you have any queries in the meantime, then please do not hesitate to reach out to your regional commercial leads.
Thank you for your continued support and commitment to maintain production. We look forward to continuing to work with you to deliver much needed new homes across our operational area.
SC seems you need an optician
. Please tell us where Shipping Insurer is mentioned?
Is that the best you can do? As any Retired Banker will say, "never catch a falling knife".
Remember the Qualified Professionals you refer, are using historic data now more than a year Old. The market is clearly sceptical about the NAV. Unless you know the consideration Christie's have achieved, the probable value of those PUbs are less than Book value.
The UKNS has been I3e's Achilles Heel for some time,. Much wiser to concentrate on producing assets ( Canada) than throwing good money after bad. Whether the current Management can or will walk away ( Serenity) is open to debate, which many here have decided.
Have you any idea how inflation works? With such crass comments even an inexperienced investor must wonder what you are on.
I'll give you a little help. Inflation is a yardstick of how much more expensive goods and services are compared with recent past. For instance many fresh food items were over 17% more than a year ago. Only now is the rate of inflation falling. It does not mean prices have reduced on the contary they are still increasing but at a reduced %.
Do'nt runaway with the idea increased sales equate to higher profits which is what astute shareholders want to see.
It is the sales cost analysis that matters on any balance sheet.
Being a constant ramper does not appear to be listened too, judging by the constant slide of the SP.
SC, as your elementary Maths teacher would say, " you must try harder2
Any increase in sales of less than 10% means a company is going backwards. Inflation cannot be ignored and neither cost of sales.
The NSTA are sending a message that indicates energy security for the UK is fundamental. Can only give confidence to large and small players within the UKNS. Good news for all except the Green brigade.
No Debt, Cash pile growing, further dividend next March, Future developments, all mean a major re-rate.
Under no illusion, every Shareholder, large and small, have their own interests at heart. However much anyone has misgivings regarding the disproportionate share entitlements, following the money more often than not pays off.
Risks always exist particularly a change of Government that could reverse what Sunak has announced. The whole population will then face monumental problems for years.
Hope loyal Investors, listened to DELT;s largest shareholder, on LBC this morning. Michael Spencer is very bullish regardings the PM's announcement yesterday. He is confident the UK's energy security is assured, oil and gas will have it's part to play for a few years .
What nonsense, company being asked to slim down by a "potential" aquisition merchant. If there is any grain of truth in that "hope" the Company would be obliged to issue a statement. The BOD did not issue a statement regarding Platinum offer for several weeks, so who knows? RF was too busy giving a life transfusion too Brains at the time. Then Brains did the dirty on MARS. Within 6 months of the Leasehold/management agreement, offered the Freehold of their(Brains) Pubs for sale. Marstons now have a new Landlord of the erstwhile Brain's estate, Song Capital Investments.
Recieved into my trading account this morning. Check your accounts
Add me
The guy has ruined this board
"unable to manage effectively"
Crikey, Wee Willy Winky cannot understand the function of Auditors also believes Accountants are qualified to undertake Property Valuations. Clearly has no clue on the financial management of a company, and tries relentlessly to encourage others to follow his inaccurate and misleading garbage. DO READ the Auditor's report for 2019 and make sure you are sober. The report clearly brings attention to the High Property valuations agreed by the Directors and when Ralph Findlay was in charge.
Comparison to M&B need qualification:
MAB's asset to debt ratio is 2.3 times covered
MARS asset to debt ratio is 1.5 times covered
Since 1st January MAB's SP has risen 60%, MARS SP has declined 22% in the same period.
Investors have greater confidence in MAB as the market confirms.
These are facts open for any serious , experience investor to consider.
The coming weeks will show how the 2 company's have performed, their results are published within a week of each other.
I am not invested in M&B and therefore don't feel appropriate to post on that board, but use comparable data from both company's to highlight the disparity between the 2, which IMO is down to historic poor management, a debt pile the company has been able to manage effectively.
It means MAB are better managed. They raised funds over 2 years ago, which reduced debt and provided for expansion.
Had MARS done similar the SP would be much higher now, instead of which asset disposal has been necessary
What tosh. Do read the Auditor's report and invent illusionary values.
The Auditors pointed out in September 2019 property values were too high, Directors took note and decreased values creating an impairment of £64m for the financial year ending 29th September 2019 well before the pandemic, which started in January 2020. After which ALL property values further declined as they are Now.
Rampers seem intent on distorting facts. The company debt stands at £ 1.6b . We will soon see ( Mid October) what progress has been made to reducing debt in the current year ending 30th September.
Sales increases can be bought, it is net profit that shareholders need to see.
Many hostelry's are reporting a dire july and August because of weather conditions. Let's see if Mars buck that trend!!
Some of us have been here longer than many and know how badly the company has been managed particularly by Ralph Findlay who has left a mess (debt) for others to sort out.
Come on the Auditors observed the over valuation of proprerties approved by the Directors,. This observation was contained within the Accounts finalised on 29th September 2019. The pandemic officially began in UK in January 2020 after which ALL property values were affected. If as claimed the Directors had foresight in yr 18/19, we should be a a very much better place than current as the SP proves.
The Valuation information may be considered negative, by some, but critical for intelligent and serious investors in their decision making.
Read the following statement issued by the Auditors who qualified the 2019 accounts,
Now apologise
""Valuation of the estate (notes 1, 4, 11, 12 and 18) – Group
and Company
We focus on the Directors’ annual assessment of the carrying value
of land and buildings because properties are a significant item on the
balance sheet and there are complex and subjective assumptions used
in the valuations, including the future expected financial performance of
pubs and the earnings multiples applied. A full external valuation of the
estate was undertaken during FY18.
In FY19, management have undertaken an exercise to identify if there
have been any impairment triggers or changes in value such as a
change in market conditions or a fall in the trading results of a pub or
segment. Other factors considered relate to property based transactions
both within the marketplace and the Marston’s estate, which could
indicate changes in the carrying value of the estate. Management have
noted such triggers and have recognised a net impairment charge of
£69.2 million, of which a net charge of £44.6 million has been recorded
in the income statement and a net charge of £24.6 million has been
recorded within the revaluation reserve within equity.""
Dulwichman, until Covid the BOD conducted in-house desktop valuations of the estate. These values were subsequently discovered to be wrong and downward valuations were then adjusted within the accounts.
The company then decided either willingly or by pressure from Lenders, to contract out Valuationsto suitably qualified valuers. The estate is now valued on a 3 year cycle, 1/3 of the estate valued each accounting year.
Not sure if District Valuers use the Red Book as do RICS Valuers.
I seem to have touched a raw nerve, SC? I deal in facts not hopes. Are you in PR for the company? You continually come out with statements which may be inside information. You know the sale value of recently sold properties. Where are those values published? They do not appear on Christy's site.
The re-development of any Pub site is not simple LA approval for change os use is required apart from Full planning permission, and do not forget many Pubs are regarded as Community assets, consequently Local groups and Councils take over the management of Local Assets.
A question you have failed to answer. If the company's performance is so good why have they breached loan agreements, not once but twice. That is a fact, please give an explanation as you are close to the Board.
As far as trading is concerned, just remember your own position. Shares bequeathed to you by your Godfather which you then admiitted to selling even though you insisted would not be sold.
I am not a trader and never will be, but like fair play where any investor has a fair and reasonable insight into a company they are either invested in or considering.