GVE London

[John]

@Jimexpl Not connected to this subject but we were in Crantock last week, the new golf driving range and restaurant came as a bit of a surprise.

[Jimexpl]

@Jimexpl Not connected to this subject but we were in Crantock last week, the new golf driving range and restaurant came as a bit of a surprise.

Did you go? Friendly front of house staff, a decent chef in the kitchen and great views.
I am not a golfer, but we have spent a bit of time there as the kids love it.Is there another driving range which has award-winning cows in the adjoining fields waiting to be turned into great steaks in the restaurant?
It's been set up by the family from the farm and investors in the village - a welcome addition after Tony (referred to as 'Big Tony' on Chris Harris' podcast) & Nina closed C-Bay last month.

[John]

We've both taken up golf this year so we walked over from Quarryfield for a quick session on the range and a drink. We were going to return for a meal but Storm Amy put a stop to that. Will definitely visit again when we are next down.

[IanF]

https://cardealermagazine.co.uk/adminis ... are/319244

[MikeHunt]

£6200/day seems very high, not sure I’d be happy if I was a creditor.

[Jobbo]

Just read that GVE owned the building they were trading out of. Could that be sold and buyers reimbursed some cash that way?

They're in administration, but there's no realistic prospect of the business continuing so it'll end up being liquidated and the assets being sold with the proceeds used to pay the administrators and liquidators, any mortgage, the government (any unpaid taxes etc) and any debenture holders (stock finance providers, for instance) before the unsecured creditors get anything. I'd not expect their assets to go far down that list.

As I predicted (hey, it's an easy one to predict in an insolvency like this), the assets aren't even covering their liability to HMRC. Unsecured creditors will get nothing. Unfortunate but: avoid SOR.

[Explosive Newt]

https://cardealermagazine.co.uk/adminis ... are/319244

However, the cost of the administration is already racking up, with the recently departed Qureshi owed £137,840 plus VAT for her period [22 days] in the hot seat

If everything goes smoothly, the company will then be dissolved at the end of the administration period, which is expected to be within the next year.

Two things.
1. How do I get one of these administrator jobs?
2. If this takes a year to wrap up won't the administrators have just taken any remaining money?

[JonMad]

£429 / hour, blimey.
Sounds like they are looking to reunite cars on SOR with their rightful owners. But won'r help anyone who's bought one and had it taken away from them.

[Jobbo]

Two things.
1. How do I get one of these administrator jobs?
2. If this takes a year to wrap up won't the administrators have just taken any remaining money?

1. Generally, be an accountant and qualify as an insolvency practitioner: https://www.icaew.com/regulation/insolv ... actitioner

2. Administrations often go on for way longer but this isn't an obvious case for administration - chances are they'll shunt it on to liquidation very quickly. Administrations are useful where the business, or a part of it, is still viable and that can be sold on as a going concern.

£429/hr isn't particularly mad; it's not the personal take home pay of the administrator, it's the fees they charge through their firm and covers all overheads, support staff etc. Professional fees are going up at the same rate as garage service fees. I'm still under £400/hr (ex VAT) so I'm starting to feel cheap