The Heritage Trust and Bristol cars in administration

[Stefan]

Just to update members; the HT has formally expressed a very serious interest to the Administrators in acquiring any Bristol Cars Heritage material that becomes available, should the Administrators not receive a suitable bid today for the whole business. I have signed a Non Disclosure Agreement which means I absolutely cannot disclose any commercially relevant info I may have after looking around the factory with the Administrator's Agent's permission, but I can say I have seen priceless historic material that must be preserved.
Let us hope that the Company can get back on an even keel as soon as possible, without further disruption, but if not we will do our utmost to keep the heritage items safe, should assets be disposed of or should the next owner not wish to keep the historic items. I have also alerted the Curator of the Bristol Industrial Museum who has also expressed an interest.
The Club already kindly supports the HT to the tune of £5 per member per year. We may need to raise a significant sum at short notice so this is to alert you all to prepare to break open your piggy banks.
Standing by
Yours in Bristol
Stefan

[Eric Brumenil]

They are looking for offers for the business as a whole, including the stock in its entirety.
Estimation of the stock value is just crasy and I don't think they will get 10 % of its value

[GREG]

How do you know what they value the stock at ?

[Janne]

What is the stock?
Engines and Gearboxes?
Other stock/generic parts?

Most parts of an old/new Bristol are just that.

[Kevin H]

Originally Posted by Eric Brumenil

They are looking for offers for the business as a whole, including the stock in its entirety.
Estimation of the stock value is just crasy and I don't think they will get 10 % of its value

The "value" is what they can get for it.


The assets include;

• Historic British automotive brand with significant heritage.
• Current range includes Fighter V10 2 seat sports car, Blenheim V8 sedan, Blenheim Speedster and the Series 6 V8 sedan.
• Kensington Showroom, factory and restoration facility in Bristol
• IPR to support current and legacy model range.
• WIP
• Significant spares stocks to support current and legacy model range.
• Trade Marks supporting the badge and logo, Bristol name and Fighter model name
• Plant and Machinery
• Second hand car stock
• Domain name www.bristolcars.co.uk

So singling out the price of the spares seems pointless.
We are well past the closing date for offers. I wonder if it is still possible to buy spare parts - I meant to order a few things a couple of weeks ago and didn't get around to it

[Peter Grace]

I am still a little confused as to why they would let their workforce go when even the receivers acknowledged a number of orders waiting to be fulfilled? Is there a skeleton staff working on the cars they have promised to customers? Or is it common practice in the UK to turn all the machines off and turn off the lights until a buyer is found? If so, it seems more than cynical if they think they can just ask staff to come back later on?

[Kevin H]

Originally Posted by Peter Grace

I am still a little confused as to why they would let their workforce go when even the receivers acknowledged a number of orders waiting to be fulfilled?

In Australia it is illegal to trade while insolvent, that means it's also illegal to employ people whom you cannot pay. Similar laws probably exist in the UK.

As for outstanding orders, we don't know if fulfillment of those orders would be profitable, or if the company could continue operating until the orders were fulfilled. If you have taken deposits from people that makes for a tricky situation.

[Peter Grace]

Well I am not an expert on this (as may become quickly apparent) but in NZ once a company is in receivership, it can continue to trade but the new debts become the receiver's debts (who just skims if off the value of the assets anyway). That's how large retail chains clear stock or continue to be a desirable business to own. In this country, the minute you stop trading the business falls dramatically in value, and having no staff would intensify that. But perhaps administration is another thing, although Chapter 11 in the US allows you to continue trading.

[Eric Brumenil]

They expect more than £4.000000 ......
For springs , shims , bolts , hubs . They have a lot of Blenheim parts
I don't think they will get more than £100000 for everything

[GREG]

Is that £4 million parts value a guess or is it from the administrator ?