News:

Please do have a browse through the forums or use the Search functionality before posting a new topic - chances are there is already a discussion underway on that subject, or your question has already been answered previously!

Main Menu

Shearings in to adminstration

Started by winston, May 22, 2020, 05:48:47 PM

Previous topic - Next topic

winston

Specialist Leisure Group Limited and certain subsidiaries* (in Administration) ('the Specialist Leisure Group')

The Specialist Leisure Group entered Administration on 22 May 2020.

More info below:
https://www.shearings.com/


Pat

Quote from: Winston on May 22, 2020, 05:48:47 PM
Specialist Leisure Group Limited and certain subsidiaries* (in Administration) ('the Specialist Leisure Group')

The Specialist Leisure Group entered Administration on 22 May 2020.

More info below:
https://www.shearings.com/
Unfortunately, I can see many more coach/tour operators going this way.  As far as I'm aware, there has been no financial support for companies, many of whom have staff furloughed and vehicles sat doing nothing.

winston

#2
Quote from: Pat on May 22, 2020, 05:54:59 PM
Unfortunately, I can see many more coach/tour operators going this way.  As far as I'm aware, there has been no financial support for companies, many of whom have staff furloughed and vehicles sat doing nothing.

Mostly likely, and the bulk of their customers are also the most vulnerable, which will be the last to come out of isolation i.e. OAP's

Shearing's article:
https://news.sky.com/story/coronavirus-shearings-collapses-with-loss-of-2500-jobs-11992922

Pat

Quote from: Winston on May 22, 2020, 05:58:09 PM
Mostly likely, and the bulk of their customers are also the most vulnerable, which will be the last to come out of isolation i.e. OAP's

Shearing's article:
https://news.sky.com/story/coronavirus-shearings-collapses-with-loss-of-2500-jobs-11992922
Also, this will likely have a knock on effect on the hotel industry - especially in seaside resorts, such as Torquay, where the hotels rely on coach holidays. 

winston

Quote from: Pat on May 22, 2020, 06:21:46 PM
Also, this will likely have a knock on effect on the hotel industry - especially in seaside resorts, such as Torquay, where the hotels rely on coach holidays.

Not sure, I think seaside hotels should be ok, as those that would normally holiday abroad will have holiday in the UK this summer

Pat

Quote from: Winston on May 22, 2020, 06:24:11 PM
Not sure, I think seaside hotels should be ok, as those that would normally holiday abroad will have holiday in the UK this summer
Possibly, although I expect the prices of holidays in this country to be extortionate which may put people off.

Tony

Presumably the assetts will be up for sale by the administrators

winston

Quote from: Pat on May 22, 2020, 06:27:17 PM
Possibly, although I expect the prices of holidays in this country to be extortionate which may put people off.

I agree, but as demand will exceed supply & people will be desperate to get away, so they'll get away with it....

karl724223

Quote from: Tony on May 22, 2020, 06:30:05 PM
Presumably the assetts will be up for sale by the administrators
would a lot of the coaches be on lease agreements
If yes probably not much assets value left

Tony

Quote from: karl724223 on May 22, 2020, 07:03:49 PM
would a lot of the coaches be on lease agreements
If yes probably not much assets value left

Correct.

There assets are basically their name, which I would be surprised if someone didn't buy to advertise a much smaller 2021 coach holiday programme

Pat

Quote from: Tony on May 22, 2020, 07:06:39 PM
Correct.

There assets are basically their name, which I would be surprised if someone didn't buy to advertise a much smaller 2021 coach holiday programme
A well known name would certainly carry quite a bit of value.  I presume that depots etc are all leased?

andyr

SLG had been up for sale for many months before the Corona pandemic. All of the fleet is leased and the Bay hotel properties sadly need a vast amount of money invested in them. The National Holiday brand was very much a low cost operation using mainly Britannia hotel properties for there UK tours.
There demise comes as little surprise to the uk coach tour industry, and unfortunately its not the first coach tour operator to call in the administrators and without government assistance it will not be the last.
The UK coach industry (not just coach tour operators ) is in need of urgent assistance.
The demise of SLG has alone as placed 240 coaches on to the market and this will further devalue operators fleets.

Solo1

Wouldn't it of been better to sell it off hotels  one owner & shearings.  another  rather than as a whole now more people might be out of a job

Solo1

Why did it they sell to usa firm when they are based in England

Pat

Quote from: Solo1 on May 25, 2020, 08:51:40 AM
Why did it they sell to usa firm when they are based in England
Because they would have been the ones interested in a sale.  You don't need to be based in England to own a business here.  Cadbury's for example are owned by the American firm Kraft and have been for some years now.

SMF spam blocked by CleanTalk