Go Outdoors

[pete75]

Yes , it's always other people isn't it? Of course you've never done anything which damages the environment have you.

Did somebody say they were perfect?

In which case why criticise others for their imperfections? How was it put around 2,000 years ago - Let him who is without sin cast the first stone.

[pete75]

pete75 is sort of right, unfortunately, the idea that anything that moves more money and stuff around, pushes the economy, is desirable, is sadly widespread. But whatabout Greta?

Many of this parish are guilty too, I fear, see live thread about the Cycling Equipment Fairy who visits several times a week

Ah well old gits criticise youngsters for leaving rubbish and old gits crticise Greta for having the temerity to tell them, her elders and betters, that they are doing things wrong.

[pete75]

Recently on a walk in the hills I came across a soiled baby's nappy. Whose fault was that? The parent or the manufacturer?

Ok I take your point. Businesses bear no responsibility whatsoever for the products they make and materials used. Happy?

[rjb]

I cant get my head around this. Go outdoors goes into administation and 4 days later is bought back by its previous owner.
Whats all that about, it stinks of creative accounting and putting workers lives in misery for a few days.

Heres an extract from the administrators.

"As of June 23rd, Go Outdoors appointed Deloitte as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money."

Any accountants here able to spread a bit of light on what's going on?

[Oldjohnw]

Recently on a walk in the hills I came across a soiled baby's nappy. Whose fault was that? The parent or the manufacturer?

Ok I take your point. Businesses bear no responsibility whatsoever for the products they make and materials used. Happy?

Neither happy nor unhappy. It was a question going through my mind. I think business does have a responsibility but equally, they cannot help idiocy among their customers. But it is complex.

[Oldjohnw]

I cant get my head around this. Go outdoors goes into administation and 4 days later is bought back by its previous owner.
Whats all that about, it stinks of creative accounting and putting workers lives in misery for a few days.

Heres an extract from the administrators.

"As of June 23rd, Go Outdoors appointed Deloitte as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money."

Any accountants here able to spread a bit of light on what's going on?

Do they avoid settling debt?

[Jdsk]

I cant get my head around this. Go outdoors goes into administation and 4 days later is bought back by its previous owner.
Whats all that about, it stinks of creative accounting and putting workers lives in misery for a few days.

Heres an extract from the administrators.

"As of June 23rd, Go Outdoors appointed Deloitte as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money."

It looks as if that broke the existing lease commitments.
https://www.investegate.co.uk/jd-sports-fashion--jd--/rns/restructuring-of-go-outdoors/202006231724308500Q/
https://www.consultancy.uk/news/24953/go-outdoors-sold-out-of-administration-by-deloitte

"At the point of administration, Go operated 67 standalone stores and a trading website. The Group has taken an initial 12 month licence such that it will continue to occupy all of the Go stores and, subject to realism and flexibility in the future leases, it is the Group's intention to retain the majority of Go's retail estate and preserve as many jobs as possible. It is also the Group's intention to honour the principal historic liabilities of the Go business including branded stock suppliers, HMRC liabilities on taxation, customer returns, and gift cards. Further, all pre-existing Go employees will transfer across to the new business with their previous terms and conditions of employment preserved."

Jonathan

[pete75]

It is all our business, criminal waste of resources

Folk can do what the hell they like with their own money/possessions as long as it's not illegal. The fact you may disapprove doesn't make it criminal.

Littering is compulsory now then is it? It used to be criminal, and at the very least is what the scum of the earth do 'because they can' - if the cap fits...

Read what I said - providing it's not illegal. Littering is illegal as far as I'm aware. If you want to find the scum of the earth look at people like pornographer Richmond Desmond bribing his way to getting planning permission not kids leaving tents at a festival which isn't illegal as it's on private land.

[reohn2]

I cant get my head around this. Go outdoors goes into administation and 4 days later is bought back by its previous owner.
Whats all that about, it stinks of creative accounting and putting workers lives in misery for a few days.

Heres an extract from the administrators.

"As of June 23rd, Go Outdoors appointed Deloitte as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money."

It looks as if that broke the existing lease commitments.
https://www.investegate.co.uk/jd-sports-fashion--jd--/rns/restructuring-of-go-outdoors/202006231724308500Q/
https://www.consultancy.uk/news/24953/go-outdoors-sold-out-of-administration-by-deloitte

"At the point of administration, Go operated 67 standalone stores and a trading website. The Group has taken an initial 12 month licence such that it will continue to occupy all of the Go stores and, subject to realism and flexibility in the future leases, it is the Group's intention to retain the majority of Go's retail estate and preserve as many jobs as possible. It is also the Group's intention to honour the principal historic liabilities of the Go business including branded stock suppliers, HMRC liabilities on taxation, customer returns, and gift cards. Further, all pre-existing Go employees will transfer across to the new business with their previous terms and conditions of employment preserved."

Jonathan

Slick lawyers and fast buck owners.
Coupled with a government and legal system that'll do sweet FA
Capitalism,don't you just love it?

[PH]

Slick lawyers and fast buck owners.
Coupled with a government and legal system that'll do sweet FA
Capitalism,don't you just love it?

Well yes, but while it's one bunch of capitalists eating another I can't get too worked up about it.

[reohn2]

Slick lawyers and fast buck owners.
Coupled with a government and legal system that'll do sweet FA
Capitalism,don't you just love it?

Well yes, but while it's one bunch of capitalists eating another I can't get too worked up about it.

Ultimately they'll eat us I fear.

[wirral_cyclist]

Folk can do what the hell they like with their own money/possessions as long as it's not illegal. The fact you may disapprove doesn't make it criminal.

Littering is compulsory now then is it? It used to be criminal, and at the very least is what the scum of the earth do 'because they can' - if the cap fits...

Read what I said - providing it's not illegal. Littering is illegal as far as I'm aware. If you want to find the scum of the earth look at people like pornographer Richmond Desmond bribing his way to getting planning permission not kids leaving tents at a festival which isn't illegal as it's on private land.

Oh come on if littering is wrong in public it's just as bad as on private land, and not a good idea to have two standards. Just think all those private permissive paths we share with cars can become racetracks and it's all fine?

[Jamesh]

I cant get my head around this. Go outdoors goes into administation and 4 days later is bought back by its previous owner.
Whats all that about, it stinks of creative accounting and putting workers lives in misery for a few days.

Heres an extract from the administrators.

"As of June 23rd, Go Outdoors appointed Deloitte as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money."

Any accountants here able to spread a bit of light on what's going on?

Pre pack deal

Allows the business to off load a number of liabilities such as debt,
Workers rights, pensions, tennancy contracts etc.

I would expect it's the last one tbh. Landlords who won't budge.

I'm no expert btw.

Cheers James

[pete75]

Littering is compulsory now then is it? It used to be criminal, and at the very least is what the scum of the earth do 'because they can' - if the cap fits...

Read what I said - providing it's not illegal. Littering is illegal as far as I'm aware. If you want to find the scum of the earth look at people like pornographer Richmond Desmond bribing his way to getting planning permission not kids leaving tents at a festival which isn't illegal as it's on private land.

Oh come on if littering is wrong in public it's just as bad as on private land, and not a good idea to have two standards. Just think all those private permissive paths we share with cars can become racetracks and it's all fine?

It#s not two standards. One is legislated against and one isn't. There are quite a few things which are illegal on public property and not illegal on private property.
Private permissive footpaths are subject to the same rules as public footpaths regarded vehicular use.