 Poster: A snowHead
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| LittleBullet wrote: |
| This is structural. |
Yes, it absolutely is. However in the case of S+R there are particular visible issues that would see it struggling in the best of times. Once upon a time it was run in a very hands on way by the founders and the staff were motivated and seen as being 'expert'. In short, they cared. Since joining the private equity club the floor staff simply can't be ar5ed. I sometimes pop in to EB and SR in Covent Gdn and the difference in attitude is stark. S+R have simply stopped doing all the things that got them to the top.
CVAs, in my experience, can work short term but ultimately fail. It's a game where suppliers claw back as much of what they are owed as they can without restocking and exposing themselves to more problems down the line. It often just delays the inevitable, and it only takes one creditor to refuse to play and the CVA doesn't happen anyway, leaving a fire sale and administration as the options.
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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| LittleBullet wrote: |
Few observations from my side;
This is structural. |
so basically another zombie business propped up by Q.E. that should have gone under in 2008 when the Augean stables should have been cleansed.
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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You need to Login to know who's really who.
You need to Login to know who's really who.
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| midgetbiker wrote: |
| Quote: |
dodgy geezer operating out of a defunct post office
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@Dave of the Marmottes, all the best ski businesses operate out of ex PO premises I'll have you know! |
Oh yeah forgotten about you -same applies 
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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It's hard to work out what their business model is; they don't seem to have a proposition at all. It's clearly the beginning of the end and no great loss as a business that's not fulfilling any need. (The problems of employees trying to navigate their way out of this mess excepted).
They had an outlet at Sheffield Ski Village, with about as little mutual benefit as a business relationship can have - expensive sports gear retailer meets down at heel learner/summer practice venue. No surprise to see both ventures fail/struggle.
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You'll need to Register first of course.
You'll need to Register first of course.
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At its heart there is a business proposition, skiers need to try on boots, runners shoes, cyclists bike frames for size and certainly outdoor sports enthusiasts can be induced into spending on more shiny kit or the right shade of chartreuse or boysenberry garment once in store. But i) They need real experts to help and ii) not have a sense that they are being legged over for full RRP everytime.
Retail is in dire straits. Combination of rents + business rates means that unless you are turning and burning like a supermarket or Primark etc then you are looking at ways of managing your decline gracefully. Mike Ashley, for all his faults is at least bucking the trend - only problem is once he is the highstreet then service is gone.
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Thanks for the link, yeah, that was the chap.
| DoM wrote: |
| Retail is in dire straits. |
The traditional model looks unlikely to survive, but then the writing's been on the wall for a couple of decades.
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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"Yes he was, quite a time ago now though. 20 years + ?"
Actually It was probably closer to 40 years ago. He was working for Alpine Sports, who made a lot of money on the back of the original scate board boom, before jumping ship and opening up in High Street Kensington. I think Alpine Sports went bust shortly after. I seem to remember he had a very capable p.a./assistant called Sharon.
Such a shame it's all gone to rack and ruin/slush and rubble.
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I have always found the Chertsey store very good
I have had a great service from the workshop, bought skis and ski wear and have spent a reasonable sum with them.
My best sallopettes ever are Kjus and the quality is excellent.
There are lots of brands who sell high end priced ski wear does not mean you need to pay top price as they always price match to the European warehouse prices.
I live close by so its handy .
On one occation I popped in to pick something up to find the new skis I had purchased a few week prior to my trip were now on sale. A staff member said bring in your receipt as we will refund the difference up to 30 days.
All in all they are fine , they are no worse than many other large retailers .
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snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
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@harvsurrey, I have had very good experience of S&R at certain times of its operation - there have been excellent staff in the Covent Garden store at times. But it clearly is a stressed company at present, as are many.
I climb. I ski. A lot. I rely on good kit to avoid dying.
We have two scales. The DGKS and the EWS.
DGKS runs 1-10. EWS goes up to 11. Minus numbers are permitted.
It gives you this.
Rab DGKS 10, EWS 5
Mountain Equipment DGKS 10, EWS 4
Peak Performance DGKS 10, EWS 8.7
Kjus DGKS 9.4, EWS 11
Bogner DGKS minus 1000, EWS 11
Arcteryx DGKS 9.9, EWS 10.1
DGKS = Dead Good Kit Scale
EWS = Eye Watering Scale
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And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
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Full retail I agree Kjus is expensive but I have never paid close to full retail.( normally around 50% off that )
I have in the past had lots of spyder, then again I ski alot in the states and avoid the horrid coloured stuff.
Plus price of Spyder in the USA means I have worn jackets for a few seasons then sold on Ebay for what I paid .
Alas prices and the exchange rate mean that's not happened the last few years.
Kjus jackets also reach good resale value on Ebay.
Buy smart , sell smart and you get kit without digging too deep into the pockets
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@harvsurrey, you are absolutely right. We do exactly the same. I try to avoid full retail as I would wince as I thrutch for a hold and grind my jacket against razor sharp schist, or when I hoik my skis onto my shoulder. I want good kit which functions brilliantly but I am not precious about. So I indeed am a manic bargain hunter. The only downside of having piles of excellent kit is that my partner says ‘not another blo*dy jacket...’ so I explain, ‘buy it when you see it, not when you need it...’ and then she always nicks the best new arrivals. Hypocrite.
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You know it makes sense.
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@valais2, Like the scientific scale (!) but not convinced that the Arcteryx kit I have/had is worse than the Rab, ME or (one piece) PP kit I have had. I would say more 8 for the cheaper ME kit and 9 for the higher end stuff and mostly 9 for Rab. The PP midlayer I had more like an 8?
@harvsurrey, I have some Kjus Formula pants several years ago before the became a feature of the outlet sites. Did pay about 50% of retail for them but when I changed to shell pants, couldn't shift them for much more than half what I paid despite being in excellent condition so resale not the best at least then!
Anyway back on topic...
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Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
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| LittleBullet wrote: |
Few observations from my side; this is the owner of S&R, Outdoor & Cycle Concepts. Digging bit deeper found the 2017 accounts listed on companies house.
https://beta.companieshouse.gov.uk/company/03382348/filing-history
190m group revenue around ca. 30% S&R ca. 70% Cotswold outdoor. Loss of around 6-7m in 2017, presumably amazonification has made it for worse for 2018. With that income breakdown, I doubt S&R is the sole driver of the losses.
Digging through the composition of the costs the leases look like the obvious target coming in at 17.5m in 2017 and future years breakdown looking similar. (To think councils are buying up commercial property on buy-to-let!!!)
Appreciate above comments that the firm offers poor service & pricing and essentially is a private equity backed machine, but this is wider problem. In fact my money is on retail being the next big crisis. It's been a steady drip of weaker firms failing/seeking CVA etc for a few years now.
Our neighbourhood has deliveries arriving more or less non-stop and our office postroom had to increase the size of the holding area because everyone uses it as their online shopping depo.
If you look carefully many small retail shops are now just glorified warehouses (notice choice is less but stock deeper).
This is structural. |
Its already arrived. Retail is a no go zone as an investment class of property asset. Private Equity of retailers hasn't helped as they have sought to simply expand an already broken model, without recognising that the industry has changed. WHen loans secured against retail properties start coming up for renewal, and lenders (especially banks) realise that the LTV has moved from 55% to 80% or that the rents underpinning the asset value cannot be relied upon the chickens will come home to roost.
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