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Bomp


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Re: What would actually happen if NR walked away from Cairngorm?
Date Posted: 14.01hrs on Mon 29 Oct 18
That's remarkably prescient of those 17th century folk to legislate for the railways ;-)
alan


Posts: 10750
Joined: Nov 1994
Last Visited: 23:28
2nd Dec 2021
What's this?What's this?What's this?
Re: What would actually happen if NR walked away from Cairngorm?
Date Posted: 14.52hrs on Mon 29 Oct 18
Bomp Wrote:
That's remarkably prescient of those 17th century folk to legislate for the railways ;-)


Oops, 19th even.
SnowmanDave


Guest
Re: What would actually happen if NR walked away from Cairngorm?
Date Posted: 16.14hrs on Mon 29 Oct 18
The most interesting set of accounts is the year that NAIL took over from HIE as operator of CGML...

CGML had new articles on 5th June 2014

ALL the below info is from Accounts for CGML year ending March 2015

"related party relationships & transactions":-
During the period the company received management services amounting to 483K, purchase of fixed assets amount to 82K, & other services amounting to 122k..all from Natural Retreats UK Ltd. As of March 2015 100K was still owing to NRL of the above amounts.

Basically from June 2014 to March 2015 Natural retreats had billed CGML 687K...& CGML had paid out 587K....so that's half a million straight out of CGML & into NR....& mainly for "management services"...


Asset stripping as I have been stating ALL along!!

"this section edited as mis-read accounts as soo complex, so incorrect info deleted"

CGML also paid out 516K on "dividends on preference shares classed as financial liabilities"

Up until 10th June CGML was owned by HIE...& then on 11th June 2014 the entire share capital of 565k was bought by NAIL.

Also on a final note from these accounts it states:-

The company has net liabilities (Minus) of 93K for year ending March 2015...& yet it had net assets of (plus) 105K for year ending March 2014...

As soon as NAIL took over asset striping....



ON a Final Final note I strongly recommend all interested persons to read the opening statement in the March 2014 accounts for CGML made by G.S. Johnston:-

[document-api-images-prod.s3.eu-west-1.amazonaws.com]


He goes into great depth about the ski season, bad weather, days closed etc. He also states that QUOTE "we ended the year having fully repaid the loan & cash advance to our shareholders HIE".


He then goes on about HIE seeking to get NR to take over & states QUOTE "HIE have received positive returns since taking over the company"...


Now go & compare that to all the subsequent statements made by CGML under NAIL..& what they have done to it...






Edited 2 times. Last edit at 17.27hrs Wed 31 Oct 18 by SnowmanDave.
tim1mw


Guest
Re: What would actually happen if NR walked away from Cairngorm?
Date Posted: 11.48hrs on Tue 30 Oct 18
SnowmanDave, that analysis has hit the NAIL on the head (sorry bad pun alert).

However, it's saying something that the current management have managed to make the situation in 2014 actually look good.
SnowmanDave


Guest
Re: What would actually happen if NR walked away from Cairngorm?
Date Posted: 16.16hrs on Tue 30 Oct 18
Nice financial article on David Gorton in the FN from 2011...about how his hedge fund company failed & then he had to rebuild it...

[www.fnlondon.com]

QUOTE:- Founding partner David Gorton told Financial News: "We expanded and tried to become a diversified asset manager as opposed to doing what we did best. We spread ourselves too thinly. The lesson is to focus intently on what you do best and don't stray too far from this."

So Mr. Gorton why have you NOT taken your own advice & thrown out all the pervious staff, & totally ignored all that has gone before??


That's right because you like making money for YOU....


& that company has changed its name to DG partners now...
[beta.companieshouse.gov.uk]


You like changing company names quite often don't you???
some frustrated skier


Guest
Re: What would actually happen if NR walked away from Cairngorm?
Date Posted: 21.43hrs on Tue 30 Oct 18
All sounds very messy. HIE have made a huge mistake. Good luck getting the keys back.

Is there a mid lease break in the contract?
PeterS


Guest
Re: What would actually happen if NR walked away from Cairngorm?
Date Posted: 07.07hrs on Wed 31 Oct 18
If all this could be untangled the story of the funicular would make a fascinating if alarming documentary.
petebenson1002


Guest
Re: What would actually happen if NR walked away from Cairngorm?
Date Posted: 13.59hrs on Wed 31 Oct 18
If you look at the lease between NR and HIE (available on the HIE website) HIE could have terminated the lease on the basis that the Daylodge development has not been completed (or started) as this was a condition of the lease...i.e NR to pay for the development of the Daylodge by a particular 'back-stop' date. Now HIE may have changed this backstop date, or just decided not to enforce the lease. I am sure there are other ways to terminate the lease if HIE chooses to....

I am not sure what a fancy building at the bottom of the hill would do for skiers or the summer 'cake-munchers' but hey, the thunder brains at HIE obviously thought that this was what Cairngorm needed in 2015.

It seems they (HIE) are pretty much running the place now anyhow...taking the lead in fairly disastrously communicating the problems with the funicular, time-lines for decisions and attempting to manage the situation.


I would have thought that NR would have taken the lead on all this as they are the operator, but I suppose it is easier to let a public body spend the time effort on money sorting it all out, then poof 1M is found to fund your very own snow factory...meanwhile on the other side of the cairngorms, the Lecht has shelled out 500K of their own cash on a snow machine as have Glencoe (both may have got some grant assistance tho)




tim1mw


Guest
Re: What would actually happen if NR walked away from Cairngorm?
Date Posted: 22.39hrs on Wed 31 Oct 18
petebenson1002 Wrote:
meanwhile on the other side of the cairngorms, the Lecht has shelled out 500K of their own cash on a snow machine as have Glencoe (both may have got some grant assistance tho)


If they didn't get grant assistance then they need to apply for a retrospective one to cover the cost on the grounds that a commercial competitor has just been given a 1m grant for equipment they will presumably be allowed to keep once the uplift issues are resolved. GS and Nevis should ask as well.
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