Member Info for southcoastbather

They have told frasers they do not recognise the 2 million quid figure....

So it could be more?

Or it could be less?

Great communication then🤔

Well they had total 325 previously

Then dropped to 225

Then paid 90 odd off

So the remaining 125 is equivalent to 225 if that makes sense

Still low regardless

Tbf the terms were updated - that said, if things don't improve dramatically very fast we will need more money before then as the current cash will drop to danger levels.

"boohoo Group has agreed a new £222m debt facility (the "Facility") with a consortium of its existing relationship banking group. The Facility compromises of a £125m revolving credit facility that runs to October 2026 and a £97m term loan that is repayable by August 2025. The cost of the facilities are compounded SONIA plus a margin of around 400 bps and reduces the overall interest payable by the Group."

Yeh I was basing that on super duber Dans guarantee 😂😂

Might be unpopular but they should sell debs out right... If it's worth 500 million as they believe...

Its a distraction from the real revenue making business/brands and for such a tiny profit.

500 million back in the bank, pay off the 125 rcf....

375 million in cash and the business at about a billion revenue with a real chance of moving forward with shareholders intact...

Would basically mean the last 4 or 5 years are wiped out.

Whether you agree or not the business would be ready to move forward in a strong position.

Combined with a staff cull, move out of London, cut back the warehousing capabilities....

Now that is a credible plan.

Just noticed my typo on that last paragraph among others... Couldn't have been more appropriate....

Dump in the road😂😂

Ocean - unless there's an absolute miracle and we come out cash neutral for this year?!

Another thing - do we really need the London office at all??

The business was doing just fine before buying it, and buying it has certainly added ZERO value to he revenue so why not just get out of it all together and save the monthly cost.

The bought it thinking the business was going to the moon except the business has gone back to 2019 minus the profits.

They need to reset everything back to 2019, staff, property, logistics.... Everything!!

I was looking through the salaries of the directors yesterday, roughly about 500k a piece annually for the top dogs.... 2 million odd for Umar is ridiculous and will come under fire id there is a dump in the road...

Asos and boohoo are a different kettle of fish

Just read the last 4 years full years accounts

Boohoo is my bigger holding of the 2 but I believe asos to be a much better managed business

If the worst was to happen to either company it would only be the end for shareholders, the companies will continue to exist...

Right so say come march next year we have 30 million quid left (Being generous)

Will the creditor be wanting to extend the facility and also give 200 million instead of the 125?

Will they just show them Dans little video clip talking about pre return gmv?

I don't believe they will let the cash balance drop to 30 million though, I think when we get to 50 million cash things will get sticky and the sp will be a long way south of where it is now.

Unless someone can convince me the situation is better right now?

Shabz - I'm not saying its nailed on to happen, what I am saying is that is a lot more likely than it was 12 months.

I think I said the other week, it's a coin toss for 0 or 100p from here on - if things don't pick up in the next financial year then the company will end up insolvent.

H1 last year we had cash of 230 million

H1 this year we had 130 million left

The company is still losing revenue so the above trend is not likely to improve

What people probably don't realise is that they won't run this down to zero cash wise, they will take action when there is what they deem as 6 months cash left, and also they have to act in the best interest of the company and creditors - shareholders get shafted.

They could of course leave it until the last minute and do an emergency cash raise that shareholders are left out of due to timescales.

As above if the trend continues who is going to want to lend them money knowing they could get shafted (hsbc are not wanting to lend extra money to quiz)

I can guarantee you now that insolvency has already been spoke about at board meetings.

Contrary to what bf says there won't be any legal action, as long as the boxes look ticked the administrator will give the board a pat on the back.

It's the way the city works sadly!!

Https://www.google.com/amp/s/news.sky.com/story/amp/fashion-retailer-quiz-on-brink-of-administration-13298140

Took hundreds of millions at ipo and now set to buy assets for pennies...

Hopefully other bidders come in and pick it up rather that the founders.

I must admit that did fill me with dread reading that....

But then....

I remembered Umars post on insta....

And Dans video....

And the quality independent board we have....

They wouldn't do this to us would they?? Would they??

Pop and have a little google.....

List company....

Let it collapse....

Run the cash down....

Call the administrator and agree pre pack...

Boom the company is yours again.... Minus shareholders....

Blimey reardon at least post the real story - hmrc broke data protection rules and were held to account by the high court.

Oh my days it painful - the resolution was changed from voting for Mike as ceo to voting for mike to join the board as a Director - Mike backed finley for christ sake.

You literally know nothing about this company - you didn't even know they spent 261 million on capex in a year.

Also Hugo boss is another one...

The boohoo board is a mess, end of story.

The thing that most people are missing with Frasers is why Mike wanted to join the board....

Why hasn't he tried to join the board of nbrown?

Why didn't he join the board of currys?

Why is he not trying to join the board of asos?

Answer - because all of those boards had plenty of independence and weren't controlled by one family club and they are all showing signs of recovery from there lows... Especially currys and nbrown.

Im sure there are many other companies but those stand out.

When was the last time a truly independent fresh blood director joined boohoo?

They have also appointed an independent director...

Look at that for a resume..

Our board just play whack a mole... Up pops the same old people.

THG PLC ("THG" or the "Group") today announces that Milyae Park has been appointed as an independent Non-Executive Director of THG with immediate effect.

Milyae joins THG following a long and successful career in digital and ecommerce transformation at FTSE 100 and FTSE 250 companies including Tesco and Marks & Spencer.

Since launching a portfolio career in 2019, she now serves as Non-Executive Director of Alliance Witan PLC, Faber and Faber Ltd and Fidelity European Trust PLC. She is a Member of the Audit and Risk Committee, Nomination Committee and Marketing Oversight Group at Alliance Witan PLC. In addition, at Fidelity European Trust, she serves as a member of the Management Engagement Committee, Audit and Risk Committee and Nomination Committee. Milyae also previously served as the Chair of the Museum of London (Trading) Ltd, alongside Governor, Brand and Digital Champion roles with the London Museum.

This appointment reinforces the Board's commitment to continually enhance its composition to ensure it is best placed to drive shareholder value, and align with the UK Listing Rules.

Insulting posters but also posting misinformation as well.

A business not valued on current profit and future potential earnings?! Lol.

The thing with bf is he just asks petty little questions while ignoring the reality.

For instance -bf would ask

What happened with Mike and misguided, how much did he buy it for and how much did he sell it for?

Meanwhile the Kamanis have...

Lost 800 million in revenue

Lost 6 million customers

Spent 630 million pounds in 4 years

Enriched their family

Made annual loss of 160 million (and growing)

Taken bonuses for failure

Used slave labour sweat shops

Cost shareholders billions

And a whole lot more....

Jeremy I'll refrain from having a dig back at you as I actually think you a decent guy.

The fact remains that the kamanis have got wealthy off the back of shareholders and in return they have shafted us.(they're still getting wealthier)

All this talk they give about this is worth this much, and that's worth that much, it's all pony.

Take debenhams, they think its worth 800 plus million, it might make 5 million profit this current year.

How is a business worth 160 times profit??