Steerpike
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Post by Steerpike on Apr 24, 2018 9:46:47 GMT
ArchOver met with M** E********** Ltd last week and we were made aware of delays caused by Network Rail in start dates for contracts that they had already won. This delay has caused significant cashflow issues for the company.
ArchOver has paid Lenders interest and made capital repayments for April and is ready to do so again for May, if this is necessary. A meeting of creditors has been called at which we expect Lameys will be appointed as Liquidators.
We will provide further updates in due course with regard to next steps, but can assure you we are working closely with the M** management team.
Unfortunately, I am in two of these .
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Nomad
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Post by Nomad on Apr 24, 2018 9:53:51 GMT
ArchOver met with M** E********** Ltd last week and we were made aware of delays caused by Network Rail in start dates for contracts that they had already won. This delay has caused significant cashflow issues for the company.
ArchOver has paid Lenders interest and made capital repayments for April and is ready to do so again for May, if this is necessary. A meeting of creditors has been called at which we expect Lameys will be appointed as Liquidators.
We will provide further updates in due course with regard to next steps, but can assure you we are working closely with the M** management team.Unfortunately, I am in two of these . Sorry to hear that. Phew! Momentary panic as I am in 20 loans, but not these three I find...
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registerme
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Post by registerme on Apr 24, 2018 10:24:44 GMT
hugoarchover please could up the priority of the work to list the loan id on the main page? Without that it's difficult to a) find loans that you are interested in and b) discuss them without chucking ******** in everywhere, which just invites a mistake and the attention of the mods. The only reason I know I am not in these loans is because they are not on my list of invested loans, but I can't find them to go back and think about the reasons I chose not to invest......... Thanks, RM
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archie
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Post by archie on Apr 24, 2018 10:34:01 GMT
I seem to be in the last ranking one.  |
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Apr 24, 2018 10:47:46 GMT
hugoarchover please could up the priority of the work to list the loan id on the main page? Without that it's difficult to a) find loans that you are interested in and b) discuss them without chucking ******** in everywhere, which just invites a mistake and the attention of the mods. The only reason I know I am not in these loans is because they are not on my list of invested loans, but I can't find them to go back and think about the reasons I chose not to invest......... Thanks, RM Hey registerme, if you do find out why you didn't invest could you let us know why, 'cos soft ar*e here IS in two of them and I love to learn 
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IFISAcava
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Post by IFISAcava on Apr 24, 2018 10:48:44 GMT
I seem to be in the last ranking one. (Fortunately with hindsight) I am (still) waiting for the ISA so haven't committed new funds since before these ones were released.
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m2btj
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Post by m2btj on Apr 24, 2018 11:12:43 GMT
I seem to be in the last ranking one. I invested in this one just 4 over weeks ago! I invest no more than £1,000 in any loan or company. This is my first hit from Archover & I will be interested to see how they rank for recovery.
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mary
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Post by mary on Apr 24, 2018 11:35:50 GMT
hugoarchover please could up the priority of the work to list the loan id on the main page? Without that it's difficult to a) find loans that you are interested in and b) discuss them without chucking ******** in everywhere, which just invites a mistake and the attention of the mods. The only reason I know I am not in these loans is because they are not on my list of invested loans, but I can't find them to go back and think about the reasons I chose not to invest......... Completely agree. In fact the whole website needs a substantial makeover, it's by far the worst of the P2P sites I use. Listings are illogically ordered, Search is terrible. One would assume sure that there are no bad loans as nowhere can you see any such information, even when a loan does go bad, no information or tag is attached to the loan details, let alone anything regarding recoveries.
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registerme
Member of DD Central
Posts: 6,618
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Post by registerme on Apr 24, 2018 11:44:01 GMT
hugoarchover please could up the priority of the work to list the loan id on the main page? Without that it's difficult to a) find loans that you are interested in and b) discuss them without chucking ******** in everywhere, which just invites a mistake and the attention of the mods. The only reason I know I am not in these loans is because they are not on my list of invested loans, but I can't find them to go back and think about the reasons I chose not to invest......... Thanks, RM Hey registerme , if you do find out why you didn't invest could you let us know why, 'cos soft ar*e here IS in two of them and I love to learn Would you PM me the company name please? I might be able to find it that way....
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Steerpike
Member of DD Central
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Post by Steerpike on Apr 24, 2018 11:45:48 GMT
I agree that web site improvements are desirable, I have made a number of suggestions over the years and most if not all have not been implemented.
However, the Archover system is very good in some areas, for example, to display a tax report for the current year, after logging in, takes one click.
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registerme
Member of DD Central
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Post by registerme on Apr 24, 2018 12:09:30 GMT
jonno OK, this is with the benefit of hindsight, and I didn't take any notes (ie take it with a pinch of salt) but..... 1. In theory it's the sort of thing that would be attractive to me (British engineering SME etc). 2. I didn't like the way the last loan was a) bespoke and b) ranked behind the other two. 3. In spite of assurances of investment in the rail network etc I am always leery of anything that relies on government spending, particularly in an age of so called austerity with a Tory government (I would have looked at it differently if they'd said "we have got agreement to proceed with these projects and we need working capital" as opposed to "we think we're going to get these projects and we need working capital"). 4. I was probably nervous of the possibility of a Labour government coming in and nationalising everything. 5. The financial performance - the net profit is pretty uninspiring given the turnover, even accounting for the acknowledged "lean years". 6. I seem to recall twitching at something in the overview, but having gone back and looked again I now can't find it. 7. It's entirely possible that I read something negative about the rail industry on Bloomberg, Reuters, or in the Economist etc. It's also possible that I simply missed the investment window because I was busy with something else, in which case all the above is hogwash  ,
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Post by pmjenkins on Apr 24, 2018 12:19:16 GMT
ArchOver met with M** E********** Ltd last week and we were made aware of delays caused by Network Rail in start dates for contracts that they had already won. This delay has caused significant cashflow issues for the company.
ArchOver has paid Lenders interest and made capital repayments for April and is ready to do so again for May, if this is necessary. A meeting of creditors has been called at which we expect Lameys will be appointed as Liquidators.
We will provide further updates in due course with regard to next steps, but can assure you we are working closely with the M** management team.Unfortunately, I am in two of these . I'm in #6317 and I haven't received this e-mail. Is it from ArchOver?
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Apr 24, 2018 12:19:48 GMT
jonno OK, this is with the benefit of hindsight, and I didn't take any notes (ie take it with a pinch of salt) but..... 1. In theory it's the sort of thing that would be attractive to me (British engineering SME etc). 2. I didn't like the way the last loan was a) bespoke and b) ranked behind the other two. 3. In spite of assurances of investment in the rail network etc I am always leery of anything that relies on government spending, particularly in an age of so called austerity with a Tory government (I would have looked at it differently if they'd said "we have got agreement to proceed with these projects and we need working capital" as opposed to "we think we're going to get these projects and we need working capital"). 4. I was probably nervous of the possibility of a Labour government coming in and nationalising everything. 5. The financial performance - the net profit is pretty uninspiring given the turnover, even accounting for the acknowledged "lean years". 6. I seem to recall twitching at something in the overview, but having gone back and looked again I now can't find it. 7. It's entirely possible that I read something negative about the rail industry on Bloomberg, Reuters, or in the Economist etc. It's also possible that I simply missed the investment window because I was busy with something else, in which case all the above is hogwash , Thanks registerme. I remember being wary of (3) above, but put some (all?) of my trust in Archover having enough reassurance to offer this in the first place.
For me the outcome will be a real test of my trust in this platform. Anyway, well done for avoiding it 
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m2btj
Member of DD Central
Posts: 631
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Post by m2btj on Apr 24, 2018 12:42:49 GMT
ArchOver met with M** E********** Ltd last week and we were made aware of delays caused by Network Rail in start dates for contracts that they had already won. This delay has caused significant cashflow issues for the company.
ArchOver has paid Lenders interest and made capital repayments for April and is ready to do so again for May, if this is necessary. A meeting of creditors has been called at which we expect Lameys will be appointed as Liquidators.
We will provide further updates in due course with regard to next steps, but can assure you we are working closely with the M** management team.Unfortunately, I am in two of these . I'm in #6317 and I haven't received this e-mail. Is it from ArchOver? Yes!
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m2btj
Member of DD Central
Posts: 631
Likes: 772
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Post by m2btj on Apr 24, 2018 12:53:22 GMT
jonno OK, this is with the benefit of hindsight, and I didn't take any notes (ie take it with a pinch of salt) but..... 1. In theory it's the sort of thing that would be attractive to me (British engineering SME etc). 2. I didn't like the way the last loan was a) bespoke and b) ranked behind the other two. 3. In spite of assurances of investment in the rail network etc I am always leery of anything that relies on government spending, particularly in an age of so called austerity with a Tory government (I would have looked at it differently if they'd said "we have got agreement to proceed with these projects and we need working capital" as opposed to "we think we're going to get these projects and we need working capital"). 4. I was probably nervous of the possibility of a Labour government coming in and nationalising everything. 5. The financial performance - the net profit is pretty uninspiring given the turnover, even accounting for the acknowledged "lean years". 6. I seem to recall twitching at something in the overview, but having gone back and looked again I now can't find it. 7. It's entirely possible that I read something negative about the rail industry on Bloomberg, Reuters, or in the Economist etc. It's also possible that I simply missed the investment window because I was busy with something else, in which case all the above is hogwash , Thanks registerme . I remember being wary of (3) above, but put some (all?) of my trust in Archover having enough reassurance to offer this in the first place.
For me the outcome will be a real test of my trust in this platform. Anyway, well done for avoiding it
I've been very cautious with a few Archover loans but thought this one ok. I wasn't impressed with the thumbnail financials provided but thought the client was well positioned to benefit from the huge uplift in rail infrastructure over the next ten years. Once again delays in contract start dates & cash flow were the game changers. Some of my most promising P2P loans have failed & some I took a punt on have prospered. This is a numbers game & my first Archover loan in 17 to default....hopefully, the last!
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