TitoPuente
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Post by TitoPuente on Nov 3, 2021 9:35:45 GMT
RNS dated 2 November announces an acquisition for £1.55m to be paid in new shares and warrants.
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TitoPuente
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Posts: 624
Likes: 655
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Post by TitoPuente on Oct 22, 2021 10:28:28 GMT
The pub trade has been showing cautios but sustained recovery: www.thecaterer.com/news/hospitality-records-strong-sales-september-london-lagging-behind"[Data] marked a second successive month of year-on-year increases, with restaurants and pubs each recording total sales growth of 8%. For pubs, it was a notable improvement on growth of 3% in August 2021. Bars were again the best performing segment of all, following the easing of restrictions on the late-night sector in July. September trading was boosted by growing consumer confidence about safety and spending, good weather in many areas and ongoing staycations". Last admin note in May commited to provide an "addendum on the current situation" in a month. In the 2 August video, the "bearded affable bloke" (description of someone else's authorship) commented that the operator was (is?) working on a refinance. In another update here (difficult to follow the update pattern) it is mentioned that a meeting "about the TS loans" was taking place that day (or so). The Wingate pub was reopened on May 26 according to their Facebook page, and has been trading since (5 months). The Southport pub was reopened on May 17 with a different name according to their Facebook page, and has been trading since (5 months). The Darlington one does not seem to have a current digital footprint so it's not clear if it's open. ablrate it's clear that you have bigger fish to fry and your plate is quite full these days, but perhaps it's time to ask the "seasoned operator" to provide a more concrete update on trading, refinancing and next steps?
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TitoPuente
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Post by TitoPuente on Oct 21, 2021 13:57:42 GMT
Something sub-par with this loan? Loan to GDV of 80%
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TitoPuente
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Likes: 655
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Post by TitoPuente on Oct 10, 2021 11:11:42 GMT
Administration report dated 6 October 2021 available now in CH.
The good: (A) Planning. It appears that 6 months were enough time for the LCC to pick up the phone. No details provided, but the language is cautiously positive. (B) Market. Again, no details of figures provided, but the choice of words is positive wtr a potential sale. (C) Legal. The "preliminary legal advice" confirms MT as 1st in the line of secured creditors (I wonder if 6 months were not enough time to obtain a "final" legal advice).
The bad: (D) Lots of costs. (E) Lots of additional "activities" that will take time. (F) More costs.
The ugly: (G) UN1 holders. Sad situation, especially when their deposits are gone. Investigation underway. Potential dispute can add to the delay to get to the end of this.
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TitoPuente
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Posts: 624
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Post by TitoPuente on Oct 8, 2021 13:09:19 GMT
ablrate please could you add a one liner update confirming that the business is open, new name (if it's the case) and if you had the chance to visit the site as mentioned in your last update?
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TitoPuente
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Posts: 624
Likes: 655
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Post by TitoPuente on Oct 8, 2021 13:01:31 GMT
New Admin report notice posted in CH. Will be available within 10 days.
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TitoPuente
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Posts: 624
Likes: 655
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Post by TitoPuente on Sept 30, 2021 10:46:35 GMT
The updates on this loan are at a Lendy level of informative with multiple references to various forms of different IP though none appear to have been appointed. Everything about this loan is largely as clear as mud There are liquidators appointed to all the SPVs at asset level. I agree that a lot is clear as mud, particularly the reason for the glacial speed of the process.
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TitoPuente
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Post by TitoPuente on Sept 29, 2021 8:32:42 GMT
First Gazette notice for compulsory strike-off today in CH for M*** A*** Two Limited, the borrower.
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TitoPuente
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Post by TitoPuente on Sept 24, 2021 8:51:44 GMT
The Facebook page shows the business as "Permanently closed". Last post announces a "Closing down party" for 10 and 11 September. Previous post states "As of Sunday 13th September, J*** R***'s Irish bar will be under NEW operations and NEW management". Don't we deserve an update ablrate ?
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 23, 2021 7:39:13 GMT
- just an opinion but as was posted a while back, the owners/directors/majority shareholders/etc have largely lost interest and moved on to other personal money making schemes -
What's the source of the claim if I may ask?
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 16, 2021 12:17:42 GMT
Another cash call announced 14 Sept.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 15, 2021 11:18:36 GMT
Few updates on the platform including one for this. Still pocketing our interest from the 'ticking' loan and wanting to play hard ball apparently, colour me not very impressed. Wrong thread. For this one the "next few weeks" wildcard is being played for the first time.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 9, 2021 8:15:11 GMT
RNS dated 8 Sept announces significant changes in the C-suite and Board.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 7, 2021 12:57:49 GMT
The update is very positive given the circumstances. It would be benefitial to everyone involved that no details are revealed here or elsewhere.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 1, 2021 10:22:43 GMT
In a 24 August RNS, the plc announced a JV with the fruity buyer. Could the latter be considered a connected party?
This loan did not have a PG (correct me if I am wrong), so there is no clear way to try to recover the shortfall. However, the joint administrators mention that they submitted a report on the conduct of the directors to the Insolvency Service (part of their obligations).
For the untrained eye (i.e. me), the default and subsequent purchase of the asset by a connected party looks questionable enough for the director(s) to attract legal attention, even without a formal PG.
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