Rumours of Zenos into administration..
Discussion
Yesterday this comment was on the Wiki pages :-
" On January 16th 2017 at a lunchtime meeting the staff were told the company was being placed into administration. It is hoped a buyer will be found."
However this has been removed today , so perhaps the situation is not as bad as rumoured ?
" On January 16th 2017 at a lunchtime meeting the staff were told the company was being placed into administration. It is hoped a buyer will be found."
However this has been removed today , so perhaps the situation is not as bad as rumoured ?
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ks st tt arse and buggery. Hope they manage to carry on, or the staff manage to find other work. Real shame. I went to their Sunday service a couple of years ago and was very impressed. My gym is in the building next door and is closing because of the high business rates. Now Zenos. Are you listening, my council???
ks st tt arse and buggery. Hope they manage to carry on, or the staff manage to find other work. Real shame. I went to their Sunday service a couple of years ago and was very impressed. My gym is in the building next door and is closing because of the high business rates. Now Zenos. Are you listening, my council???Are we sure this is correct ? It's a very dangerous rumour to be propagating without substantive proof.
I can't find any notice of appointment and the website I looked at shows nothing other than business as usual. If the company is admin there us a duty to state that the companies affairs are under the jurisdiction of administrators and to name the appointed individuals.
As an aside if the company's sales pipeline is as strong as it seems I wouldn't have thought they would have a problem securing a credit line against it.
Edited by anonymous-user on Wednesday 18th January 09:23
RSK21 said:
Are we sure this is correct ? It's a very dangerous rumour to be propagating without substantive proof.
I can't find any notice of appointment and the website I looked at shows nothing other than business as usual. If the company is admin there us a duty to state that the companies affairs are under the jurisdiction of administrators and to name the appointed individuals.
As an aside if the company's sales pipeline is as strong as it seems I wouldn't have thought they would have a problem securing a credit line against it.
Edited by RSK21 on Wednesday 18th January 09:23
I found this on the wiki pages yesterday, but as I said earlier it's been removed now.
ads_green said:
CaptainCosworth said:
A shame, but I do think the market for expensive track day toys is very saturated, there's only so many people that can afford to spend £30k+ on something they'll only use for the occasional Sunday morning blast, and a handful of track days a year.
That was only phase 1 of the plan. Perfect the new carbon tub and chassis construction on basic road legal track car. Generates interest and hopefully brings some cash in.
The E11 (coupe) and E12 (roadster) are where it was really heading.
I've seen quite a few images of how the E11 was shaping up and it was stunning.
crofty1984 said:
Olivera said:
A shame, given it allegedly drove very well indeed. Unfortunately I always though it looked aesthetically ugly, in a hit every branch of the tree kind of way.
The prototype I drove certainly did.Beauty is in the eye of the beholder and all that, I always thought they looked really good. Suited either very bold or very muted colours IMO, but somehow didn't work so well with the more middle of the road choices like the red, but as I just said that's entirely subjective.
The only reply so far from the Zenos forum is an owner requesting people STFU so that if something really is going south that they're given a chance to sort it out without negative publicity possibly sinking things. Unfortunately once it's on the web it can't be stopped that easily, but I certainly hope something can be put together to keep the company going if there is any truth to the rumours.
I like their ethos and especially how they looked after owners with upgrades and fixes - the brake changes to improve feel for example.
The only reply so far from the Zenos forum is an owner requesting people STFU so that if something really is going south that they're given a chance to sort it out without negative publicity possibly sinking things. Unfortunately once it's on the web it can't be stopped that easily, but I certainly hope something can be put together to keep the company going if there is any truth to the rumours.
I like their ethos and especially how they looked after owners with upgrades and fixes - the brake changes to improve feel for example.
Europa1 said:
crofty1984 said:
Olivera said:
A shame, given it allegedly drove very well indeed. Unfortunately I always though it looked aesthetically ugly, in a hit every branch of the tree kind of way.
The prototype I drove certainly did.The Crack Fox said:
Weird. They doubled turnover from 2015 to 2016, losses halved (and were small anyway) and get pretty good press from everyone who drove one (me included). Why did they fail? Why were the export orders cancelled?
Financial info here; https://www.eddisons.com/assets/uploads/MBA/Zenos%...
Good luck, guys, if you're reading.
I assume they had debt (serviceable probably) which may have been called in by lenders early and they couldn't raise it?Financial info here; https://www.eddisons.com/assets/uploads/MBA/Zenos%...
Good luck, guys, if you're reading.
Who knows!
The Crack Fox said:
Weird. They doubled turnover from 2015 to 2016, losses halved (and were small anyway) and get pretty good press from everyone who drove one (me included). Why did they fail? Why were the export orders cancelled?
Financial info here; https://www.eddisons.com/assets/uploads/MBA/Zenos%...
Good luck, guys, if you're reading.
What was it that drove the cost of sales up so much in 2016 compared to 2015?Financial info here; https://www.eddisons.com/assets/uploads/MBA/Zenos%...
Good luck, guys, if you're reading.
Was it a major drive into overseas sales and the setting up of an international reseller agreement?.
If somit sounds like that's what backfired and those markets cancelled those orders,
Still a great shame!
I might have misread the Eddison's financials, but I can undertstand the cost of sales going up along with sales, they sell tangible products, so that make sense.
What puzzles me is the negative earnings. They're certainly reducing those, but if I've understood they burned through 1.2Mil in 2015, and 770K upto Oct 2016. If that's just a load they're paying off then makes sense... but otherwise shows that despite good sales, and reasonable margin, something is making them unprofitable.
What puzzles me is the negative earnings. They're certainly reducing those, but if I've understood they burned through 1.2Mil in 2015, and 770K upto Oct 2016. If that's just a load they're paying off then makes sense... but otherwise shows that despite good sales, and reasonable margin, something is making them unprofitable.
CaptainCosworth said:
A shame, but I do think the market for expensive track day toys is very saturated, there's only so many people that can afford to spend £30k+ on something they'll only use for the occasional Sunday morning blast, and a handful of track days a year.
Yes, it's as simple as that.A friend of mine made mention of something that got me thinking; if the car is so developed, and administrators have been called in, might it not make commercial sense for a company like Lotus to step in?
After all, if the R&D work etc has been done, and all the manufacturing process sorted, then with a little of the renowned Lotus 'fairy dust' sprinkled over it they could have another string added to their bow.
I'm not sure that it would be feasible but aforementioned friend genuinely thought it was a good idea....
After all, if the R&D work etc has been done, and all the manufacturing process sorted, then with a little of the renowned Lotus 'fairy dust' sprinkled over it they could have another string added to their bow.
I'm not sure that it would be feasible but aforementioned friend genuinely thought it was a good idea....
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