IFISAcava
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Post by IFISAcava on Oct 2, 2018 11:45:54 GMT
E-mail notification that Crowdstacker have enforced their security and appointed administrators. Concerns started when the subsidiary with cross guarantee Co****tr**k went into administration. Plan is to sell venues over time.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 2, 2018 12:12:16 GMT
E-mail notification that Crowdstacker have enforced their security and appointed administrators. Concerns started when the subsidiary with cross guarantee Co****tr**k went into administration. Plan is to sell venues over time. Except CT apparently arent in administration, at least there is no appointment on CH. There is receiver action against one property under a fixed charge. That said there isnt any appointment over BN or BN(services) either. CS have the floating charge over CT so they would have to appoint administrators (or Huddle) or CT themselves.
All very perculiar
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IFISAcava
Member of DD Central
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Post by IFISAcava on Oct 2, 2018 12:27:54 GMT
E-mail notification that Crowdstacker have enforced their security and appointed administrators. Concerns started when the subsidiary with cross guarantee Co****tr**k went into administration. Plan is to sell venues over time. Except CT apparently arent in administration, at least there is no appointment on CH. There is receiver action against one property under a fixed charge. That said there isnt any appointment over BN or BN(services) either. CS have the floating charge over CT so they would have to appoint administrators (or Huddle) or CT themselves.
All very perculiar
they say CT had "a notice to appoint an administrator". And one BN bar has been closed due to financial losses. Because of this there is a winding up notice against BN and BN services from creditors. As a result of which CS has appointed an administrator for BN. I don't follow it all myself, nor the relationship with all of the other interwoven companies, but none of it sounds good. Not surprisingly trading on the SM is suspended, as are interest payments.
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Post by dan1 on Oct 2, 2018 12:55:26 GMT
E-mail notification that Crowdstacker have enforced their security and appointed administrators. Concerns started when the subsidiary with cross guarantee Co****tr**k went into administration. Plan is to sell venues over time. Except CT apparently arent in administration, at least there is no appointment on CH. There is receiver action against one property under a fixed charge. That said there isnt any appointment over BN or BN(services) either. CS have the floating charge over CT so they would have to appoint administrators (or Huddle) or CT themselves.
All very perculiar
The receiver action took from 23 Aug (date of appointment) to 13 Sep to appear on CH, is it not possible that administrators have been appointed but the filing has not yet made its way on to the CH site? The first I heard about BN being in administration was the email from ABL on 28 Sep so perhaps we just have to be patient. We now have it from two sources - ABL & Crowdstacker.
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Post by dan1 on Oct 2, 2018 13:37:41 GMT
Except CT apparently arent in administration, at least there is no appointment on CH. There is receiver action against one property under a fixed charge. That said there isnt any appointment over BN or BN(services) either. CS have the floating charge over CT so they would have to appoint administrators (or Huddle) or CT themselves.
All very perculiar
they say CT had "a notice to appoint an administrator". And one BN bar has been closed due to financial losses. Because of this there is a winding up notice against BN and BN services from creditors. As a result of which CS has appointed an administrator for BN. I don't follow it all myself, nor the relationship with all of the other interwoven companies, but none of it sounds good. Not surprisingly trading on the SM is suspended, as are interest payments. I've just posted on DD Central. The BN bar which has closed is the one in central Cardiff but it's not the security for the ABL loans 1000067 & 1000068. The security for the 67/68 loans was due to re-open after refurbishment under a different brand on the August Bank Holiday but that has been delayed due to "Unforeseen structural issues". The security was valued at £1m on the basis of an ongoing concern, which is clearly not the case at present, although the LTV of 50% provides a degree of cushioning one would hope.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 2, 2018 13:47:25 GMT
Except CT apparently arent in administration, at least there is no appointment on CH. There is receiver action against one property under a fixed charge. That said there isnt any appointment over BN or BN(services) either. CS have the floating charge over CT so they would have to appoint administrators (or Huddle) or CT themselves.
All very perculiar
The receiver action took from 23 Aug (date of appointment) to 13 Sep to appear on CH, is it not possible that administrators have been appointed but the filing has not yet made its way on to the CH site? The first I heard about BN being in administration was the email from ABL on 28 Sep so perhaps we just have to be patient. We now have it from two sources - ABL & Crowdstacker. yes, could administrative delay at CH but some it should be on the gazette as well ... winding up petition. Can usually see insolvency cases on CH ahead of actual docs appearing.
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Post by Ace on Oct 4, 2018 7:59:55 GMT
E-mail notification that Crowdstacker have enforced their security and appointed administrators. Concerns started when the subsidiary with cross guarantee Co****tr**k went into administration. Plan is to sell venues over time. Was this referring to the A*******c A*******s loan on Crowdstackers, as I have a small part of that and didn't receive an email?
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hazellend
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Post by hazellend on Oct 4, 2018 8:02:39 GMT
E-mail notification that Crowdstacker have enforced their security and appointed administrators. Concerns started when the subsidiary with cross guarantee Co****tr**k went into administration. Plan is to sell venues over time. Was this referring to the A*******c A*******s loan on Crowdstackers, as I have a small part of that and didn't receive an email? The two companies are linked but don’t know if it affects them
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IFISAcava
Member of DD Central
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Post by IFISAcava on Oct 4, 2018 9:14:57 GMT
E-mail notification that Crowdstacker have enforced their security and appointed administrators. Concerns started when the subsidiary with cross guarantee Co****tr**k went into administration. Plan is to sell venues over time. Was this referring to the A*******c A*******s loan on Crowdstackers, as I have a small part of that and didn't receive an email? No, no problems were reported for the A A loan. It was CT going into administration (loan on Huddle) that first caused problems.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 4, 2018 9:40:27 GMT
AA owns the pubs, BN runs the pubs, CT provides the beer & equipment AIUI so yes there is the possibility that there may be an impact due to disruption in opertaions, supply chain & cash flow.
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hazellend
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Post by hazellend on Oct 4, 2018 9:55:51 GMT
So is the huddle loan defaulted already?
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kaya
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Post by kaya on Oct 4, 2018 10:13:10 GMT
Grab it now with a sweet 5% discount!  |
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IFISAcava
Member of DD Central
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Post by IFISAcava on Oct 4, 2018 10:39:34 GMT
It's a braver person that me to buy any of these. I sold all the ABL ones at par or small discounts last month. So much debt in these companies, and IMHO the UK's economic future is not looking particularly rosy at the moment - for discretionary spending especially.
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ding
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Post by ding on Oct 4, 2018 10:45:24 GMT
So is the huddle loan defaulted already? Nothing from Huddle yet. The group was highly leveraged but I would have thought they would have sold bits off before getting in this state. Not that I know what the current state is! Hopefully the Huddle loan is ok, 41% LTV and it started paying back principal in August so a few more % down - maybe.
Good luck all.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 4, 2018 17:29:28 GMT
Administrator appointment now in the gazzette. BT appointed 28/9.
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