Suffolk Sportscars - liquidation
Discussion
It really doesn't surprise me.
It is, however, a shame.
https://www.eadt.co.uk/business/suffolk-sportscar-...
It is, however, a shame.
https://www.eadt.co.uk/business/suffolk-sportscar-...
Lily the Pink said:
JLR threatening copyright infringement - what's changed that held them back from doing that many years ago ?
It's a fair point. Could be to do with Jaguar offering their own 'Classic' department now. I wonder if this will also have implications for the likes of Eagle etc. I am gutted, I always fancied a Suffolk C-Type one day...
TR4man said:
Am I reading this correctly? There were two reasons for the liquidation - the JLR threat and then they also had debts of £850k?
How does such a small company have debts of that magnitude?
From the article linked above:How does such a small company have debts of that magnitude?
"Suffolk Sportscars’ largest creditor was William Roger Williams, one of its directors.
Mr Williams, who has been a director of the company since 1995, pumped nearly £575,000 into the company over the years, but now liquidators say he will not receive any money back."
Sounds like he was just throwing money at his pet project. That still leaves them owing £300k or so to what we assume are 'actual' creditors.
Leftfootwonder said:
It's a fair point. Could be to do with Jaguar offering their own 'Classic' department now. I wonder if this will also have implications for the likes of Eagle etc.
I am gutted, I always fancied a Suffolk C-Type one day...
Eagle "modify" existing cars, so they should have no problems. I am gutted, I always fancied a Suffolk C-Type one day...
Seems a shame to me. Although I’m surprised that there was no prior agreement between Suffolk and JLR. I would have thought however that JLR would be best advised to concentrate their efforts on improving the reliability of their existing road cars, instead of going after a low-volume replica-making business. Now seems that a dozen or so people are out of a job, probably some skilled craftsmen too, all while JLR itself to my knowledge, has no intention of doing anything with the SS100. JLRCW are too busy milking the E-Type and LR Series 1 dry.
I don’t think modifiers like Eagle should have any problems. Don’t forget that Jaguar (nee Swallow) started their own car business by modifying other companies vehicles (Austin, Wolseley & Standard), so any such action would be hypocritical to say the least.
Another photo from Gaydon last Sunday.
Another photo from Gaydon last Sunday.
Edited by LotusOmega375D on Saturday 5th September 10:44
agent006 said:
From the article linked above:
"Suffolk Sportscars’ largest creditor was William Roger Williams, one of its directors.
Mr Williams, who has been a director of the company since 1995, pumped nearly £575,000 into the company over the years, but now liquidators say he will not receive any money back."
.
I see that one of the partners of the liquidators is a Williams."Suffolk Sportscars’ largest creditor was William Roger Williams, one of its directors.
Mr Williams, who has been a director of the company since 1995, pumped nearly £575,000 into the company over the years, but now liquidators say he will not receive any money back."
.
Muddle238 said:
Seems a shame to me. Although I’m surprised that there was no prior agreement between Suffolk and JLR. I would have thought however that JLR would be best advised to concentrate their efforts on improving the reliability of their existing road cars, instead of going after a low-volume replica-making business. Now seems that a dozen or so people are out of a job, probably some skilled craftsmen too, all while JLR itself to my knowledge, has no intention of doing anything with the SS100. JLRCW are too busy milking the E-Type and LR Series 1 dry.
I think they are mostly preoccupied with their impending sale and that these letters which have gone out in several directions are part of shoring up ‘picking points’ that the buyer will have regarding future potential revenues etc. It’s likely that in the New Year JLR will have a new owner.
Of course, the other scenario is that the owner, who is the debtor has the advanatage of using a letter from JLR and a supposed slow down due to C19 to crystallise his loss for tax purposes, dump the employee liabilities overnight and retain first dibs on clean slating the operation if he desires.
Reasons given are never the reasons for.
Edited by DonkeyApple on Saturday 5th September 11:52
LotusOmega375D said:
Here’s one of JLR’s own collection. 2.5 litre SS100 spotted at Gaydon last Sunday. Very nice. What do originals go for nowadays?
This concours winning resto sold for $750k a couple of years agohttps://rmsothebys.com/en/auctions/mo18/monterey/l...
DonkeyApple said:
Of course, the other scenario is that the owner, who is the debtor has the advantage of using a letter from JLR and a supposed slow down due to C19 to crystallise his loss for tax purposes, dump the employee liabilities overnight and retain first dibs on clean slating the operation if he desires.
Reasons given are never the reasons for.
I think that's a very reasonable proposition. Reasons given are never the reasons for.
Edited by DonkeyApple on Saturday 5th September 11:52
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