Discover leisure

[seth1]

This is probably old news to most people but im still in shock.
Went to Barrons of Coppall today,which is now Discover leisure to find its shut up shop.Including Harringtons close to where we live.What a shame.

 

[RogerL]

They closed and went into Administration on 14th October last year - the Administrators have been disposing of it's few assets - unsecured creditors and shareholders aren't expected to get anything.

 

[seth1]

Makes me wonder how it gets to this stage.Things seem to have gone slow again but caravan sales i thought were flying.Reading about the company its seems they were 35million in debt.Which is quite easy to believe judging by the amount of stock they held.This country is on its knees.

 

[RogerL]

Discover was a badly run company using an unsustainable business model and heavily dependent on expensive borrowing - there were major concerns from investors for several years - closing outlets and gradually selling the sites was the only way they could raise cash to service their debts.
They had a company CVA in the middle of 2010, the equivalent of bankrupcy for an individual so it was only a matter of time.
Many of their customers lost out.
I don't believe that Discover is symptomatic of the countries situation, Discover was an inevitable disaster waiting to happen.

 

[MichaelE]

The Caravan Company purchased alot of their caravan stock, they were doing some cracking offers and sold alot of vans in their Reading Branch in the month of December.

 

[seth1]

When i refered to "the country being on its knees" it wasnt in sympathy to Discover.I has already put two and two together and realised it was run badly.Very rarely does this type of set up work,buying exsisting business on a large scale like they did.I would have expected those smaller outlets to still be open if they were still independant.

 

[emmerson]

A lot of the stock from Discover is now available from the Caravan Centre, Blaenavon, South Wales.01495 792700. They also do mail order.

 

[NigelDonnelly]

The majority of the former Discover stock is at the Caravan Company branches.
http://www.practicalcaravan.com/news/caravan-company-takes-stock-changing-market

Cheers