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Post by GO30 on Jun 23, 2024 10:22:33 GMT 12
FUCK!! I had a feeling about Sportscraft. Stuck on hold a wee while back but still a few K we now won't see. Trev's was OK as most of theirs was gaurentted by MarineLink, the buying group Trevs was part of. But Sportcraft is 'another' and they are really starting to hurt on top of a industry that has stopped. Kev and Ians was a planned retrenchment, it was not a tits up and as far as I know all bills were paid as per normal. We're seeing many companies who sought growth by acquisition now trying to decouple and struggle due to high debt levels. Sadly I think we're only just starting and unless there is a significant change quickly it's going to get very messy out there. |
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Post by harrytom on Jun 23, 2024 11:50:08 GMT 12
The problem the way I see it "COVID" many couldnt travel and thought fuck it,I will buy a boat,now can travel and shit loads of new/fairly new appearing on T/M just under what dealers are asking.At least the 1st service would be done saving 1k and all the niggles sorted. Kev N Ians own prompt parts at least thats still going. Was going past when Kev was shutting doors and stabi were in there retrieving stock.Once gates locked your fucked nothing can be removed apart from personnel tools etc Have had a conversation with Rogers in Albany on a upgrade in August,dont know if I will go ahead at this stage.Nothing wrong with we have now,ticks the boxes.simple 2s home service not a issue,water pump.Hmm youtube makes it look easy. Honda outboards have issues with timing belts,enough for the govt agency to step in. www.productsafety.govt.nz/recalls/honda-marine-motor |
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Post by GO30 on Jun 23, 2024 15:33:33 GMT 12
Kev N Ians own prompt parts at least thats still going. The other way around, PP brought K&I's. We see that happen a bit where the owner/manager of a business doing OK has/buys a boat and then sees a marine mob for sale and thinks 'I run a business well and know a boat,how hard can it be?. Some time later, usually not long at all, they find otherwise and then it's either closed in a controlled manner and taken as a learning experience or they hang in hoping but finish tits up. I started adding up all of those I know that fit that description but stopped when I realised I'd have to take my red bands off to continue. |
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Post by harrytom on Jun 23, 2024 16:32:37 GMT 12
Kev N Ians own prompt parts at least thats still going. The other way around, PP brought K&I's. We see that happen a bit where the owner/manager of a business doing OK has/buys a boat and then sees a marine mob for sale and thinks 'I run a business well and know a boat,how hard can it be?. Some time later, usually not long at all, they find otherwise and then it's either closed in a controlled manner and taken as a learning experience or they hang in hoping but finish tits up. I started adding up all of those I know that fit that description but stopped when I realised I'd have to take my red bands off to continue. Only dealt with K&I when they were holmes rd Manurewa ,lot of knowledge back then,not sure who brought them,Theres a marine crowd in Walters rd,nice people but charge like a wounded bull,in fact I would take my chances with the bull. |
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Post by harrytom on Sept 2, 2024 17:32:21 GMT 12
Times must be getting harder for marine insurance companies. Baileys who wouldnt insure me ,whether yacht/trailer boat due to age,now increased vessel age from 10yrs to 50yrs young. Posted on a fishing group site. No more market value but agreed value. Increase distance offshore. Too late as I am prepared to stay with company that offered to insure me without question and a bloody good rate.
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Post by GO30 on Sept 3, 2024 13:19:37 GMT 12
Times must be getting harder for marine insurance companies. Baileys who wouldnt insure me ,whether yacht/trailer boat due to age,now increased vessel age from 10yrs to 50yrs young. Posted on a fishing group site. No more market value but agreed value. Increase distance offshore. Too late as I am prepared to stay with company that offered to insure me without question and a bloody good rate. Or they are defending against the growing number who are telling them 'Thanks but no thanks at that price, I'll self insure' I know a few, myself include, who have started knocking a lot on the head.
But they could also be defending against their huge margins which people are now noticing. Ever seen a poor insurance company or management of?
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Post by ComfortZone on Sept 3, 2024 14:29:56 GMT 12
Times must be getting harder for marine insurance companies. Baileys who wouldnt insure me ,whether yacht/trailer boat due to age,now increased vessel age from 10yrs to 50yrs young. Posted on a fishing group site. No more market value but agreed value. Increase distance offshore. Too late as I am prepared to stay with company that offered to insure me without question and a bloody good rate. Or they are defending against the growing number who are telling them 'Thanks but no thanks at that price, I'll self insure' I know a few, myself include, who have started knocking a lot on the head.
But they could also be defending against their huge margins which people are now noticing. Ever seen a poor insurance company or management of?
It came down to the coverage Bailey's could sell from their underwriter, Vero. Vero were selling insurance for older boats thru their retail arm Mariner, but up until recently would not let Bailey's, who I think are the only independent broker representing Vero (Nautical may be as well?), sell like policies. I think there may have been a "meeting of the minds" with Vero to allow Baileys to match Mariner's policies hence the change
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Post by harrytom on Sept 6, 2024 19:03:04 GMT 12
Kev and Ians back trading on the servicing only. Waikato/Tauranga owing IRD 1.5 mill Trev Terry owes creditors 16 mil and then we have a iconic(cough cough) restaurant owing 5 mil. That I can understand after getting banned with wifes company several yrs ago.
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Post by GO30 on Sept 7, 2024 14:07:26 GMT 12
I was with some industry insiders/owners last week. Lots of talk of keeping the lights on but not making any coin. Hearing the same in a few other industries as well. The general feeling seems to be one of 'Survive until 25'. K & I is just reviving a known brand by the mob who brought it some years back. Sportscraft is trying to trade out of it. Trevs, what a cock up that was. It's caused quite a bit of mess in it's wake. After what was a very rapid expansion, that had many scratching their heads in 'How is that happening?', we now see it wasn't. One word I was told was 30mil and then the economy went bad. That's a hell big number to service when people stop shopping. Watch this space, they won't be the last. The place in the Tron I was about to by a motor sickle off fell over 2 days before I was heading down. Luckily there was a question around available colours and they couldn't finalise the paperwork so I said I'd pay on pick up, no worries. Phewwwww, I was planning on paying to lock one up then pop down to grab it. As you wanna know DF, a CFMoto 450MT. A lighter adventure bike for the tighter twistier roads/tracks up in rural the bigger heavier beasts can make hard work of. Was thinking KTM Adventurer but then found out CFMoto built KTM's motors so why not go direct to the source. We have CFmoto side by side and the little thing has impressed me no end with what it can do...willingly and not  |
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Post by harrytom on Sept 8, 2024 5:16:29 GMT 12
Sportscraft in Tauranga gone building up for sale.So must be going to try too keep morrinsville going? Trev well got greedy and brought up dealerships north/south island. Were interested a couple of yrs ago in a seanymph wasp,Winter price $15k come summer jumped to 21k. Tried to negotiate but NO,warrenty period 3 months,no issue but still covered under CGA,fit for purpose. Alarm bell started to ring when making further enquries,something in head said walkaway.Which I did..
Motorbikes in the Tron. Was in Honda shop by paknslav,had a few bikes number 1 is interested in. Went out to Boyds on the straight and totally ignored.
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Post by fish on Sept 8, 2024 9:54:00 GMT 12
Trevs, what a cock up that was. It's caused quite a bit of mess in it's wake. After what was a very rapid expansion, that had many scratching their heads in 'How is that happening?', we now see it wasn't. One word I was told was 30mil and then the economy went bad. That's a hell big number to service when people stop shopping. Even I couldn't work out how Trev's could expand that fast, how on earth they had the cash flow for that, and I know nothing about running a business, I know as much about running a business as a Politician does about ethics. And by ethics, I'm not referring to the county just East of London. |
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Post by GO30 on Sept 9, 2024 14:12:01 GMT 12
Trevs, what a cock up that was. It's caused quite a bit of mess in it's wake. After what was a very rapid expansion, that had many scratching their heads in 'How is that happening?', we now see it wasn't. One word I was told was 30mil and then the economy went bad. That's a hell big number to service when people stop shopping. Even I couldn't work out how Trev's could expand that fast, how on earth they had the cash flow for that, and I know nothing about running a business, I know as much about running a business as a Politician does about ethics. And by ethics, I'm not referring to the county just East of London. Neither could anyone else but somehow he managed to do it...until the day he couldn't
Hearing a few mentioning ballooning bad debts. Also more service outfits and boat builder types holding onto boats/jobs until they have payment in full.
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Post by fish on Sept 10, 2024 20:41:36 GMT 12
Fish City Albany...
5 days to go till we shut the doors Lots of bargains 40% of Salty crew mad hueys chums.
50% of darts
40% of all Gulp and many
50 % of Game lures
And tones of rod combos and rods.
Lots more pop on down to Fish City Albany open till 5.30 each day.
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Post by harrytom on Sept 10, 2024 23:11:50 GMT 12
Fish City Albany... 5 days to go till we shut the doors Lots of bargains 40% of Salty crew mad hueys chums. 50% of darts 40% of all Gulp and many 50 % of Game lures And tones of rod combos and rods. Lots more pop on down to Fish City Albany open till 5.30 each day. Closing closing or moving?Does this include Hamilton too? Whose next? |
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Post by em on Sept 11, 2024 8:38:18 GMT 12
Fish City Albany... 5 days to go till we shut the doors Lots of bargains 40% of Salty crew mad hueys chums. 50% of darts 40% of all Gulp and many 50 % of Game lures And tones of rod combos and rods. Lots more pop on down to Fish City Albany open till 5.30 each day. Where will you live if fish city closes down ? |
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