awavey wrote: . . . frankly Id be amazed if it didnt near enough bankrupt them
According to the organisers on a local TV interview, they are fully covered by the insurance payout
awavey wrote: . . . frankly Id be amazed if it didnt near enough bankrupt them
Pete Owens wrote:It wouldn't make sense for an events company to insure against cancellation due to weather. They are better off absorbing the losses themselves. Cancellation due to weather is a reasonably routine occurrence so plan a 5% budget surplus to cover the occasional loss, rather than pay 10% to an insurance company to cover that loss plus the insurance company profit.
squeaker wrote:Ironically, it now looks like it will just be wet 'till 1pm, not very windy, and then a nice afternoon
mjr wrote:squeaker wrote:Ironically, it now looks like it will just be wet 'till 1pm, not very windy, and then a nice afternoon
I have sometimes wondered about the damage to public health done by what seems like often over-pessimistic weather forecasts and all the exhortations not to go out in mildly windy weather for fear a tree falls on you. Are forecasters too afraid of being ridiculed like Michael Fish?
ianrobo wrote:That’s some loss on one event and with the cancellation this year I hope their insurance covered it
AndyK wrote:ianrobo wrote:That’s some loss on one event and with the cancellation this year I hope their insurance covered it
As far as I can see, CSM Active ran two events in the year covered by those accounts: Velo Birmingham and the London 10 Mile Run. It is a hefty loss, though: £1.1M on a revenue of £2M. Its ultimate parent company, Chime Holdings Ltd, had consolidated revenue of half a BILLION and net losses before tax of £120M, so I guess CSM Active is just small change to them. Even so, it's hard to see why they'd keep it going if it's hurting that much. They claim to be running Velo Birmigham and Velo South next year so maybe they hope it'll come good in the end.
Marcus Aurelius wrote:AndyK wrote:ianrobo wrote:That’s some loss on one event and with the cancellation this year I hope their insurance covered it
As far as I can see, CSM Active ran two events in the year covered by those accounts: Velo Birmingham and the London 10 Mile Run. It is a hefty loss, though: £1.1M on a revenue of £2M. Its ultimate parent company, Chime Holdings Ltd, had consolidated revenue of half a BILLION and net losses before tax of £120M, so I guess CSM Active is just small change to them. Even so, it's hard to see why they'd keep it going if it's hurting that much. They claim to be running Velo Birmigham and Velo South next year so maybe they hope it'll come good in the end.
Unless one of the ‘great white chiefs’ is doing this as a personal vanity project, and really doesn’t care about it being a ‘loss leader’, I can’t see any board approving these events again.
9494arnold wrote:I know the Birmingham Velo event rubbed a lot of villagers up the wrong way.
9494arnold wrote:I understood it was going to happen again but over a different route.?