x404.co.uk
http://www.x404.co.uk/forum/

CityLink goes into administration
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=23119		 Page 1 of 1
Author:  davrosG5 [ Thu Dec 25, 2014 11:48 pm ]
Post subject:  CityLink goes into administration
BBC clickey

Way to go - announcing this on Christmas day. Anyone would think they intentionally waited until the staff had dealt with most of the Christmas rush before kicking them in the teeth.
Not that I've ever been overly impressed with the service but I wouldn't wish that treatment on anyone.
Author:  timark_uk [ Thu Dec 25, 2014 11:54 pm ]
Post subject:  Re: CityLink goes into administration
It seems that companies almost always pick the end of the calendar year to announce redundancies and forclosurers like this.
I've been made redundant three times, and all of them near to Christmas, a friend in England has just been made redundant, and now this announcement.
WTF is up with choosing the end of the year for crappy news like this? (8+(

Mark
Author:  ShockWaffle [ Fri Dec 26, 2014 12:58 am ]
Post subject:  Re: CityLink goes into administration
timark_uk wrote:
WTF is up with choosing the end of the year for crappy news like this? (8+(

In the run up to Xmas they are cashflow positive, so they don't have to borrow any new money for a couple of months and they can try to negotiate with creditors or find buyers.
To keep going in Jan they would need buyers, investors or lenders. Calling in the receivers is the correct (legal) way to notify the world at large that you have none of the above.

Something similar will happen with retailers in a couple of months. After the Jan sales, and before the next quarterly rent payments which they cannot fund, some of them will no longer be cashflow positive and that is when they will make the same call. Between now and then some of them will be trying to flog themselves to anyone who is willing to take on their debt.
Author:  jonbwfc [ Fri Dec 26, 2014 9:22 pm ]
Post subject:  Re: CityLink goes into administration
I imagine they've been on shaky ground ever since they lost their bulk contract with Amazon. Pretty much everything I got from there was via city link for a while, then they started coming from 'Amazon Logistics' instead, which I assume is an in-house operation. My suspicion is they expanded massively on the back of the Amazon business and then found the company to be unsustainable without that business.
Author:  pcernie [ Mon Dec 29, 2014 2:50 pm ]
Post subject:  Re: CityLink goes into administration
City Link owner defends handling of firm's administration
http://www.bbc.co.uk/news/business-30621884

http://www.dailyrecord.co.uk/news/scott ... ss-4882665

He's just misunderstood, that chap! :roll:
Author:  jonbwfc [ Mon Dec 29, 2014 5:40 pm ]
Post subject:  Re: CityLink goes into administration
Amazing how it's never the 'wealth creator's fault when a business goes bust is it?
Author:  Spreadie [ Mon Dec 29, 2014 5:49 pm ]
Post subject:  Re: CityLink goes into administration
Moulton lost £2m when Citylink collapsed. Poor lad is down to his last £168m!
Author:  ShockWaffle [ Mon Dec 29, 2014 8:46 pm ]
Post subject:  Re: CityLink goes into administration
jonbwfc wrote:
Amazing how it's never the 'wealth creator's fault when a business goes bust is it?

Of course it is. It is the fault of the investors for trying to save a piece of [LIFTED] business that should have been wound up with thousands of job losses years ago, rather than eating a pile of capital and still going bust now.
Author:  pcernie [ Wed Dec 31, 2014 11:32 pm ]
Post subject:  Re: CityLink goes into administration
http://www.bbc.co.uk/news/business-30646076

God only knows what they'll do on Valentines Day...
Page 1 of 1 All times are UTC
Powered by phpBB® Forum Software © phpBB Group
https://www.phpbb.com/