A sensitive subject
Discussion
Are TVR in serious financial trouble? A few weeks ago, I was made aware that a large supplier to TVR had stopped providing product because the bill had not been paid. I didn’t think too much of this until I saw a similar problem on the Tuscan Speed 6 forum, i.e. no cams and no cats.
This is a sensitive subject and I may be making a grassy knoll out of a molehill, but I can only think that the current build/engineering problems with the new cars and Speed 6 engines is taking it’s toll.
Dave.
This is a sensitive subject and I may be making a grassy knoll out of a molehill, but I can only think that the current build/engineering problems with the new cars and Speed 6 engines is taking it’s toll.
Dave.
simpo two said:
Not necessarily. Some companies seem to think that leaving suppliers in the lurch unpaid is good business practice. Or perhaps it was a one-off dispute.
Yes, but that is why I took no notice initially. But agree with you that some companies seem to trade "badly".
I hope that there are no problems, it's frustrating that such a special and unique car company can't get their act together, especially as they have such a forgiving customer base.
marino said:
it's frustrating that such a special and unique car company can't get their act together, especially as they have such a forgiving customer base.
Which came first, chicken or egg? 'Normal' people would storm off and buy something different so TVR would have to improve to survive. As it is, they don't have to. A nice niche if you can get it!
I know nothing about this, but I would say that TVR has been at the mercy of some suppliers for years. In some cases it has caused major problems with customers due to failing engines.... if this is the only course of action that TVR can take to get these suppliers to take notice - well who can blame them....
On the other hand it could be a simple mistake. You would be suprised to the number of FTSE 100 companies that have CCJ's etc against them - for failing to pay bills, not cos they cant afford them, but simply that they forgot or the paperwork got lost.... Taking into account TVRs lack of organisation this is the most likely reason.
On the other hand it could be a simple mistake. You would be suprised to the number of FTSE 100 companies that have CCJ's etc against them - for failing to pay bills, not cos they cant afford them, but simply that they forgot or the paperwork got lost.... Taking into account TVRs lack of organisation this is the most likely reason.
Spookey this thread must be a Surrey thing, I was up there on sunday speaking to a family friend who was saying a very similar thing.
Don't know if you were talking to the same person or not, Ted I think you may have been going there on Tuesday (yesterday).
Still maintain surrey is the UK's equivilant kalifornia/LA
.
Harry
Don't know if you were talking to the same person or not, Ted I think you may have been going there on Tuesday (yesterday).
Still maintain surrey is the UK's equivilant kalifornia/LA
. Harry
What complete bollocks! Talk about chinese whispers syndrome. Considering TVR are having their best sales for 3-4 years, and lots of free publicity, I hardly think last years profit of £400,000, and turnover around £37million, represent a company in trouble.
It's yet another rumour.
Can we talk about things with some substance please?
>> Edited by nubbin (moderator) on Wednesday 13th August 23:01
It's yet another rumour.
Can we talk about things with some substance please?
>> Edited by nubbin (moderator) on Wednesday 13th August 23:01
Calm down. I've been an owner since March and maybe not aware of past history Re. TVR. I would like to get a Tamora next year and am obviously interested in the financial state of the company. My posts here have been moderate, I asked the question because I love TVR's, which has made clear here. If I am misguided in suggesting such an idea, fair enough, but don't over react. Ted's post could have been the last sensible word on the matter.
By the way, £400,000 profit on £37 million turnover is negligable, just over 1%.
Dave.
By the way, £400,000 profit on £37 million turnover is negligable, just over 1%.
Dave.
Yes, but better than £1.5million loss the previous year! 
Sorry, I wasn't getting at you, it's just that this subject appears on a regular basis, but fortunately never has a basis in fact.
I hope you get your Tamora - I know of one that may be for sale in the near future, with uprated brakes.
>> Edited by nubbin (moderator) on Wednesday 13th August 23:34
Sorry, I wasn't getting at you, it's just that this subject appears on a regular basis, but fortunately never has a basis in fact.
I hope you get your Tamora - I know of one that may be for sale in the near future, with uprated brakes.
>> Edited by nubbin (moderator) on Wednesday 13th August 23:34
The sun has been shining for three weeks, my kids will be on holiday soon, and I wrote off my Tamora in May, and I'm not getting another until next year! 
I sketched some figures on the back of a post-it note and I really can't see how any warranty claims would have that drastic an effect on the business. I'm assuming TVR sell about 1000 cars per year. Suppliers don't get paid for a number of reasons - maybe they screwed up and don't deserve the money for example. And as far I am aware, as a privately owned company the idea is to make as little profit as possible.
In other words, don't worry about it.
Cheers,
Andy.
P.S. I think this topic comes up every six months if I remember correctly - well since I started reading the gassing station anyway!
In other words, don't worry about it.
Cheers,
Andy.
P.S. I think this topic comes up every six months if I remember correctly - well since I started reading the gassing station anyway!
simpo two said:
Not necessarily. Some companies seem to think that leaving suppliers in the lurch unpaid is good business practice. Or perhaps it was a one-off dispute.
Quite a normal practice for West End businesses for example... you don't pay the bill until you HAVE to... so sooner, no later.
marino said:
By the way, £400,000 profit on £37 million turnover is negligable, just over 1%.
Dave.
Turnover in 2002 was £25.2 million. In 2001 it was £23.5 million. Not true to say they are having their best sales for 3-4 years - turnover was a lot higher in 2000. However the T350 may have turned things around in the current year.
Net cash outflow before new loans: 2002 £796,000, 2001: £2.1m
Doesn't matter how profitable (or loss making) you are, what is important is how much cash you generate. Because that's what you pay your suppliers and employees with.
TVR are improving on this front - and according to the 2002 accounts, were squeezing creditors far less than they were in 2001. But as always, the accounts only show a snapshot at the year end.
It never ceases to amaze me how touchy people are on this subject (not specifically aimed at you Nubbin, it always happens). The accounts are a matter of public record, and its well known that TVR, in common with many small business, push their credit terms as far as possible to assist in managing cash flow.
Can I stop being an accountant now and go back to being a racing driver please
Oh, and dont forget that PW has paid himself something like £1M this year / last year. He's been unpaid for years and this time around he wanted something back... seems fair to me and does put a rather large hole in the accounts....
And yes, as a private company they dont want to make a big profit as it gets nabed in Company Tax and paid to those loverly people in Westminster.... considering its PW's money I dont blame him to keep this as low as possible....
And yes, as a private company they dont want to make a big profit as it gets nabed in Company Tax and paid to those loverly people in Westminster.... considering its PW's money I dont blame him to keep this as low as possible....
HarryW said:
Spookey this thread must be a Surrey thing, I was up there on sunday speaking to a family friend who was saying a very similar thing.
Don't know if you were talking to the same person or not, Ted I think you may have been going there on Tuesday (yesterday).
This rumour was mentioned to me. I laughed. Heard 'em all before.
griff2be said:
Where does all this stuff come from?!!!
The total remuneration for ALL directors in 2002 was £147,710.
He advanced a loan of £2,000 to the company and was repaid £15,000.
That's it.
How do you figure that Peter took £1m out of the business?
Well obviously Evo journalists are lieing scumbags then cos it was reported there. Previous years he didnt make any directors drawings and either this year or last he took earnings of around £1M for himself....
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