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Rangers are Rocking; Scottys Financial insight inside.


Speirs  

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  1. 1. Was Speirs talking the truth or lying

    • Yes
      54
    • No
      10

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On 7/23/2019 at 2:08 PM, Fairbairn said:

I actually forgot I'd read that yesterday.  While it could all be true the last 7 years has been full of rumours from, in the most part, mental obsessed Tims predicting Admin and all seeming to have inside knowledge of the clubs finances.  I pretty much disregard all these stories (which so far have all proven to be absolute tripe).

Thats pretty much my thoughts any time one of these rumours surfaces, its almost guaranteed to be made up

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Poor Mike 😞

From the Guardian 

Sports Direct warns of 'terminal' House of Fraser problems and €674m tax bill
Mike Ashley’s troubled company finally releases its results after a day of ‘shambles’

Sarah Butler and Zoe Wood
Fri 26 Jul 2019 19.07 BSTFirst published on Fri 26 Jul 2019 08.57 BST
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Mike Ashley’s Sports Direct has warned that its House of Fraser chain has “terminal” problems as the company revealed it had been hit with a bombshell €674m (£605m) tax bill from the Belgian authorities.
In an extraordinary statement issued 10 hours late – and after the stock exchange had closed – the maverick businessman laid bare the state of his retail empire.
The billionaire chief executive, who also owns Newcastle United, said that the desperate state of the House of Fraser chain, which the group bought out of administration in 2018, had created “significant uncertainty” as to the future profitability of the entire group. Its main Sports Direct chain was also struggling against a backdrop of tough trading conditions, with weak underlying sales.
In the 38-page document, which at various points descended into Ashley’s personal rants about the failings of “self-interested” City advisers, the company said:

  • It had received a €674m tax bill from the Belgian authorities that relates to products that had been routed internally via Belgium.
  • House of Fraser’s financial problems could be “terminal” with more store closures likely.
  • In a frank admission, Ashley indicated that he regretted the House of Fraser deal: “If we had the gift of hindsight we might have made a different decision in August 2018.”
  • Its finance director Jon Kempster is stepping down in September, the third senior departure in recent weeks.
  • The chief executives and finance directors of listed companies should have voluntary drug tests so as to avoid blackmail.

Some analysts fear that the colourful deal-maker has taken on too much in the last 18 months, after a buying spree that has seen the £3.7bn group acquire Evans Cycles, the furniture business Sofa.com, and Game Digital, as well as House of Fraser.

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The company’s results were originally due to be released on 18 July, but publication was postponed when Sports Direct admitted that the complexities of its House of Fraser takeover and tighter regulatory scrutiny of its auditor, Grant Thornton, due toits role in the Patisserie Valerie collapse, were making the financial results more complicated to prepare.
Throughout Friday, Sports Direct set several new deadlines for the publication of its results – a routine process that for listed companies happens at 7am – only for them to miss them until after the market had closed. Neil Wilson, an analyst at share trading platform Markets.com, described the delays as a “total and utter shambles”.
Wilson said the delays showed a total disregard for shareholders: “It not only raises questions about the haphazard way in which the investor relations and finance teams are run … it raises a question about whether Ashley will ultimately take the company private.”
The hefty tax bill was the biggest upset in the figures as it is the equivalent of several years of annual profits. The tax shock came as the group said it could not put a figure on its future profitability because of the disastrous buyout of the House of Fraser chain, which lost £1m a week in the year to the end of April. Profits for the overall group were up 5% at £142.3m for the year to April, but that was at the bottom end of expectations.
Even before the tax demand came to light, the chaotic day had hit the company’s share price, which closed down nearly 4% at 234p. The company told a half-empty meeting of analysts late on Friday night that the demand had come in at “the 11th hour”. It said it would respond to the requests for information and appeared optimistic that it could fight off the bill.
In a stark warning that will worry House of Fraser staff, who have already endured a year of uncertainty following the takeover last August, Ashley said the retailer was struggling to make some stores work even when it was paying landlords no rent at all. So far, just five stores have closed, leaving 54 still trading, but Ashley said it had discovered problems that were “nothing short of terminal in nature”.
“On a scale out of 5, with 1 being very bad and 5 being very good, House of Fraser is a 1,” Ashley said, in characteristically blunt language. “There are still a number of stores which are currently paying zero rent and that are still unprofitable, and unfortunately this is not sustainable.”

Edited by EddardStark
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5 hours ago, phart said:

Wait are we are now allowed to glory in folk losing their jobs, the moral code seems to change depending on the individuals preferences?

Much like how everyone used to mock Heather Mills for only having one leg, yet spin in to an outrage if anyone dared say anything about David Murray. 

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5 hours ago, Parklife said:

Much like how everyone used to mock Heather Mills for only having one leg, yet spin in to an outrage if anyone dared say anything about David Murray. 

I mocked Heather Mills because she was a gold digging slapper and it had fuck all to do with her disability. 

I think that's what most people did. So I reckon your post is a bit inaccurate Parky. 

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54 minutes ago, RenfrewBlue said:

I mocked Heather Mills because she was a gold digging slapper and it had fuck all to do with her disability. 

I think that's what most people did. So I reckon your post is a bit inaccurate Parky. 

Which means you are a prize arse RB.

Not something I would ever have had you down as prior to that post.

What went wrong?

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1 hour ago, RenfrewBlue said:

I mocked Heather Mills because she was a gold digging slapper and it had fuck all to do with her disability. 

I think that's what most people did. So I reckon your post is a bit inaccurate Parky. 

Did what she got up to bother you so much you mocked her? Really? Heather Mills? Honestly?

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1 hour ago, Barney Rubble said:

Which means you are a prize arse RB.

Not something I would ever have had you down as prior to that post.

What went wrong?

After that post on the cancer thread I am thinking it is you who is the prize arsehole. Mon RB.

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2 hours ago, RenfrewBlue said:

I mocked Heather Mills because she was a gold digging slapper and it had fuck all to do with her disability. 

I think that's what most people did. So I reckon your post is a bit inaccurate Parky. 

Weird post 

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2 hours ago, RenfrewBlue said:

I mocked Heather Mills because she was a gold digging slapper and it had fuck all to do with her disability. 

I think that's what most people did. So I reckon your post is a bit inaccurate Parky. 

Wasn't David Murray only disabled after driving his car drunk and crashing it?

That's a genuine question btw as I probably wasn't even born when it happened, but it's what I've always heard and Google doesn't seem to have any confirmation either way.

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2 hours ago, Barney Rubble said:

Which means you are a prize arse RB.

Not something I would ever have had you down as prior to that post.

What went wrong?

I'm interested in why you think the odd joke in a private group of friends is so bad. Seriously, it upsets you? 

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2 hours ago, macy37 said:

Did what she got up to bother you so much you mocked her? Really? Heather Mills? Honestly?

I cracked a few jokes at her expense to my friends. Some of them even laughed. Why does that bother you? 

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28 minutes ago, Terry Munro said:

Wasn't David Murray only disabled after driving his car drunk and crashing it?

That's a genuine question btw as I probably wasn't even born when it happened, but it's what I've always heard and Google doesn't seem to have any confirmation either way.

I know it was a car crash but I haven't ever heard that he had been drinking. 

And folk making jokes about his personality or actions wouldn't bother me. After all that's fair game, or have I got that wrong? 

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27 minutes ago, thplinth said:

Anyone who takes the piss out of Heather Mills morally speaking does not have a leg to stand on. Shameful.

Come on thplinth, that's Dad joke material. 😉

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