Mick Friend Posted January 11, 2013 Report Share Posted January 11, 2013 With some sadness I have to report that I have been informed that Citysafe Wholesale ceased trading yesterday - My thoughts to all the staff. What a bummer Link to comment Share on other sites More sharing options...
grahamparker Posted January 11, 2013 Report Share Posted January 11, 2013 Sad news indeed, but i bet they are not going to be the last. Link to comment Share on other sites More sharing options...
keithm Posted January 11, 2013 Report Share Posted January 11, 2013 Does that mean that Nauta Group has folded in Holland or have they just off loaded the comapny they bought ( Citysafe) ) a few years ago? Link to comment Share on other sites More sharing options...
Mick Friend Posted January 11, 2013 Author Report Share Posted January 11, 2013 Dunno Link to comment Share on other sites More sharing options...
grahamparker Posted January 11, 2013 Report Share Posted January 11, 2013 Link to comment Share on other sites More sharing options...
nathandealey Posted January 11, 2013 Report Share Posted January 11, 2013 Dunno Can you not ask your brother?! Link to comment Share on other sites More sharing options...
Mick Friend Posted January 11, 2013 Author Report Share Posted January 11, 2013 I did he said ask you? Link to comment Share on other sites More sharing options...
Mick Friend Posted January 11, 2013 Author Report Share Posted January 11, 2013 Oh No! HE says that the Dutch (German) parent pulled the plug...... I wonder where it will all end - The quarter day was 24th Dec so by now rents not being paid will bite - You don't need a court order for commercial rents Link to comment Share on other sites More sharing options...
canoncan Posted January 11, 2013 Report Share Posted January 11, 2013 Very sad to hear. The telephone staff were some of the most helpful I've dealt with in 15 years. If they are reading this I hope everything works out well in the future. Link to comment Share on other sites More sharing options...
DC77 Posted January 11, 2013 Report Share Posted January 11, 2013 Looking to confirm Micks report I found on Duedil: City Safe Wholesale Limited have total assets of £0 plus total liabilities of £971,411. They owe £829,140 to creditors and are due £307,989 from trade debtors. As of their last financial statement, they had £16,650 in cash reserves. Their book value is £-299,020, and the value of their shareholders' fund is £-299,020. So they own nothing and have liabilities of almost one million pounds. What went wrong ? Asset stripping ? DC Link to comment Share on other sites More sharing options...
Mick Friend Posted January 12, 2013 Author Report Share Posted January 12, 2013 No I dont think Asset stripping Before they moved they were is a range of ramshackle buildings in a farm - They were bought out and moved that must have cost best part of 250K - They had a nice warehouse great offices - nice attitude. But they never recovered from the move and the thousands of pounds of dead stock they dumped in the move. I don't think they will be the last Link to comment Share on other sites More sharing options...
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