Post by keitha on Dec 26, 2023 10:42:31 GMT
not sure if I should post this here or Funding Circle
a certain well known Pizza Chain has shut all it's outlets in Cardiff
people in FC may be aware that the franchise defaulted on at least 2 loans, yes they ran as separate companies but calling them PJ Town/City ...,
Research suggests that they were run by one family and that when it got difficult they loaded the debt onto one, swapped out all the good equipment for old/broken from other stores and transferred stock, and close a branch down.
Of course staff don't matter so they go unpaid, my information is that some in Cardiff weren't paid for 2 months and were close to 3 when the shops shut.
what a way to behave just before Christmas
Thinking back this seems to be a common practice in business family have 3/4/5 or more interlinked businesses, times gets a little hard, they pile all the debt onto one business and liquidate or put it into administration, then carry on a few months or even days the sibling whose business has gone bust starts another and the circle continues.
one I know off Fathers business in trouble, Son sets up a rival business, Father goes into administration, son buys out out of administration, a few months later after administrators have finished father becomes a director of sons firm, a couple of years down the line Father takes business over, son sets up in his own account again and they repeated the process.
For clarity I'm not one of the affected staff I know someone who is, however this seems to be a trend to go just before Christmas
a certain well known Pizza Chain has shut all it's outlets in Cardiff
people in FC may be aware that the franchise defaulted on at least 2 loans, yes they ran as separate companies but calling them PJ Town/City ...,
Research suggests that they were run by one family and that when it got difficult they loaded the debt onto one, swapped out all the good equipment for old/broken from other stores and transferred stock, and close a branch down.
Of course staff don't matter so they go unpaid, my information is that some in Cardiff weren't paid for 2 months and were close to 3 when the shops shut.
what a way to behave just before Christmas
Thinking back this seems to be a common practice in business family have 3/4/5 or more interlinked businesses, times gets a little hard, they pile all the debt onto one business and liquidate or put it into administration, then carry on a few months or even days the sibling whose business has gone bust starts another and the circle continues.
one I know off Fathers business in trouble, Son sets up a rival business, Father goes into administration, son buys out out of administration, a few months later after administrators have finished father becomes a director of sons firm, a couple of years down the line Father takes business over, son sets up in his own account again and they repeated the process.
For clarity I'm not one of the affected staff I know someone who is, however this seems to be a trend to go just before Christmas
