D J LITT

[Nemo 0]

SS MATE YOU ARE WRONG ,THERE IS A DEPT OF MILLIONS OWED .I KNOW MOST OF THE STAFF THERE VERY WELL AND IT IS A VERY HIGH FIGURE OWED

 

T3

I also know quite a few. The debt as it sits is vast I agree, but the majority is tied up in stock. Once the new stock is returned to the owners the debt is substantially reduced. As you know, this includes, guns, cartridges, chokes, clothes, etc,etc,etc.

 

As I said in the above posts, they are not in debt for many millions, and £15m is not true either.

 

I cant say anymore than this.

 

SS

why ? whats the big secret . how do you know this privilidged info? whats the problem in being straight with people instead of this cloak and dagger bollocks

[SportingShooter 0]

SS MATE YOU ARE WRONG ,THERE IS A DEPT OF MILLIONS OWED .I KNOW MOST OF THE STAFF THERE VERY WELL AND IT IS A VERY HIGH FIGURE OWED

 

T3

I also know quite a few. The debt as it sits is vast I agree, but the majority is tied up in stock. Once the new stock is returned to the owners the debt is substantially reduced. As you know, this includes, guns, cartridges, chokes, clothes, etc,etc,etc.

 

As I said in the above posts, they are not in debt for many millions, and £15m is not true either.

 

I cant say anymore than this.

 

SS

why ? whats the big secret . how do you know this privilidged info? whats the problem in being straight with people instead of this cloak and dagger bollocks

 

Because its libel. And if specific sums are mentioned which are untrue, its slander.

Also, if it is people you respect then you dont give out anymore than is necessary.

 

SS

[Tikka T3 0]

ss

 

sensible reply .im sure we will get it sorted in the end ,its a massive task in front of them and its gonna take time

ss you should be ok down your way keens are not far are they ?

 

 

t3

[SportingShooter 0]

It is gargantuan if you think of the amounts of things other than guns there. However, the mark up is now complete so Im told and people should be returned their guns fairly soon. Yes, Keens is about 20 Mins away and I know a few other sources for cartridges and ammo that are near. So im fairly well cared for here.

 

SS

 

P.S Have you got somewhere near you now that Litts have gone?

[Tikka T3 0]

ss

 

no mate im stuffed really keens is only a 30 minute run,ive spoken to them and they have plenty of ammo there

and it seems reasonably priced so i should be ok

its just the service and it was nice to pop in to look at new things etc im

gutted for the lads though jobs like those dont come round to often .

i hope some one will take it over .because if it is run correctly its a gold mine the thing is it was never any control there

 

 

t3

[SportingShooter 0]

Who knows what went on there to make such a seemingly successful company go under.

 

Im Glad you have somewhere to get supplies, there is a new Cartridge supplier opening up in Merthyr if that helps.

 

Regards

SS

[Lewdan 17]

Who knows what went on there to make such a seemingly successful company go under.

 

Im Glad you have somewhere to get supplies, there is a new Cartridge supplier opening up in Merthyr if that helps.

 

Regards

SS

 

Good news , who is this new supplier--Merthyr only 15mins from me

[SportingShooter 0]

He is a member on here, TITCHY his name is.

PM him and see if he can sort you out.

 

SS

[dicehorn 38]

SS MATE YOU ARE WRONG ,THERE IS A DEPT OF MILLIONS OWED .I KNOW MOST OF THE STAFF THERE VERY WELL AND IT IS A VERY HIGH FIGURE OWED

 

T3

I also know quite a few. The debt as it sits is vast I agree, but the majority is tied up in stock. Once the new stock is returned to the owners the debt is substantially reduced. As you know, this includes, guns, cartridges, chokes, clothes, etc,etc,etc.

 

As I said in the above posts, they are not in debt for many millions, and £15m is not true either.

 

I cant say anymore than this.

 

SS

 

SS what would now like to add to this thread following the disclosure that we are talking a figure over 60 million according to the Receivers??

 

Peter

[SportingShooter 0]

I wouldn't like to add anything really, only that I was wrong with that figure, which I freely admit.

 

The receivers have got a better price for Litts than expected in the region of £1.2 Million for the business and the Shooting Ground.

 

It should be trading very soon, more than likely under the Litts name on the same site in Newport having been bought by Sportsman as im sure you know.

 

£60 Million is a staggering and wholly unexpected amount for the comparatively tiny amount of Cash Flow debt that they went through for. £60 M for under £40,000 of lost cash flow, amazing.

 

A lot of "investors" are now under close scrutiny following Mondays meeting.

 

The full details should be published before long in a nice long report by Deloitte.

 

Regards

SS

[dicehorn 38]

I wouldn't like to add anything really, only that I was wrong with that figure, which I freely admit.

 

The receivers have got a better price for Litts than expected in the region of £1.2 Million for the business and the Shooting Ground.

 

It should be trading very soon, more than likely under the Litts name on the same site in Newport having been bought by Sportsman as im sure you know.

 

£60 Million is a staggering and wholly unexpected amount for the comparatively tiny amount of Cash Flow debt that they went through for. £60 M for under £40,000 of lost cash flow, amazing.

 

A lot of "investors" are now under close scrutiny following Mondays meeting.

 

The full details should be published before long in a nice long report by Deloitte.

 

Regards

SS

 

Hi SS

 

You are right - quite staggering - actually I originally heard back in May that the figure was over 50 million but I only stated 15 million because (being an old codger) I was worried I may have mis heard !!

 

You are up late !! - been foxing?? Well I am late cos I was out till 12.15 with night vision in the drizzle but managed a cub when she stood still long enough, after chasing a few rabbits around the field.

 

Peter

[Deker 3,478]

I have the pre meeting report from Deloitte, a very thick document which covered things up to about the middle of June I think....the figure clearly stated then, officially was £50M (KNOWN at that time).

 

The report also makes some very interesting reading about how the business had been run as a private enterprise/investment, short term big return money lending operation.

 

The debts really started mounting up behind the scenes as is were....and I still don't believe half of the story that has been put forward, but the debts are enormous!

[SportingShooter 0]

You are up late !! - been foxing?? Well I am late cos I was out till 12.15 with night vision in the drizzle but managed a cub when she stood still long enough, after chasing a few rabbits around the field.

 

Peter

No Mate, not since Tuesday, got a post here about it all.

 

Im always up this late and much later, bit of an insomniac and THL helps to pass the time a bit.

 

I have had a few cubs now, more to follow no doubt.

 

Regards

SS

[Lewdan 17]

You are up late !! - been foxing?? Well I am late cos I was out till 12.15 with night vision in the drizzle but managed a cub when she stood still long enough, after chasing a few rabbits around the field.

 

Peter

No Mate, not since Tuesday, got a post here about it all.

 

Im always up this late and much later, bit of an insomniac and THL helps to pass the time a bit.

 

I have had a few cubs now, more to follow no doubt.

 

Regards

SS

 

Hi all, Must be common with us hunters, can;t sleep so might as well go out lamping or sometimes the other way around -and this bloody forum is addictive All good stuff

[Geoff.C 0]

A bit of news on the Litts situation. In the August edition of "Pull", the CPSA magazine, it says that Sportsman Gun Centre, based in Exeter have bought the business. The main shop, and "Treetops " shooting ground in Newport will continue. Litts also had a gunroom at the Royal Berkshire shooting school, but it is unclear if that continues. There is no financial detail at all.