Carlimits and Experience Megastore for sale!!

[GreySilver Beast]

Sad news from Carlimits today - Events Team

Statement from Andrew Walsh

Anyone fancy buying carlimits and experiencemegastore need to contact graham.thomas@axiavs.co.uk
Closing date for offers is 6th.
End of an era, over 2 decades of work gone.
I will still do some driver training days. Also may help the new owners with events.
Unfortunately I am not willing to borrow more money to keep going through covid.
Also my health took a turn 2 years ago so needs have changed.

[mrspiller]

Seen it earlier for people trying to redeem their vouchers , not much chance
Many many people will lose a lot of money

Funny how they never done it just before Christmas ...........
Oh yeah , busiest time of year to sell gift vouchers
Bit nasty that
Each to their own I guess


Sent from my iPhone using Tapatalk

[ChrisHolmes]

Always sad to see a popular business have to be sold or close down but cash flow is king and loans only make sense if the forecast business income can cover the payments and leave a profit or at worst just cover costs. If it cannot then the hard decision eventually cannot be put off and timing is never good in these situations.

[warpc0il]

It's possible (but may be unlikely) that the business is sold as a going concern and the new owners honour any vouchers/credits that are outstanding - stranger thing have happened and any new owner will need the goodwill of the community to make a go of the business in the long term.

[warpc0il]

A local restaurant, that had been one of the major centres of the village, went bust just before lockdown 1 this year.

It was empty for a while but another couple have taken it on and have been making a success of it, despite all the restrictions.

They posted on FB that anyone that had previously paid a deposit for an event, or had valid gift vouchers, should contact them and they would see what they could do to honour the commitments. I don't know the details of what they've done for those people but there's been no negative responses on any of the local FB groups, which is unusual for here...

[casey]

Sad to hear this, and slightly odd, in that the fixed overheads for this type of business would have been quite low? Surely, it could have simply hunkered down and ridden the storm, knowing it is (apparently) a successful business model which could recommence quickly once restrictions were lifted?

It does sound more like Andy's, and exterior, changed circumstances have combined to drive the decision to sell now, rather than later, and not so much a business cash flow issue?

[New Duke]

He has a Fleet of Supercars and two Transporters to pay for, plus all the Staff that are Employed by both Companies, so can understand why he doesn't want to borrow anymore money to keep the Company afloat

Am aware from Andy that his Company didn't qualify the Furlough Scheme from the British Government

Have known for sometime that his Company was in trouble, hence why Andy went to work for a company in Dagenham to get some money in

[casey]

The staff could, in desperation, be laid off, but I didn't realise he had a fleet of supercars (the other side of his business), that would be a cash-flow nightmare! I do wonder if he could manipulate debts between the two companies to keep one going and flog the other one though, but I'm sure he's thought of all the options.

As a last resort, I hope he can sell both businesses as going concerns then, for someone with deeper pockets.

[New Duke]

Yep. Even without staffing costs, all those assets have to be insured, stored and maintained. Locked down businesses still have costs like accounting and keeping a roof over the owners head. That government relief only helps if you meet the criteria, and had a healthy profit before all this given that it doesn't match past income. Then there comes a point where lenders won't let you borrow any more. Not to mention that some of that debt might have to be tied to personal assets even if it's for the business.

Maybe they hoped for a swathe of sales over Xmas as presents for people that didn't materialise. Who knows.

Why would any business like that continue in that nightmare cycle of debt. With no end in sight to all this and no guarantee that even if it does end, that enough customers will return to pull you out of debt. You have to earn more than before to break even with the debt repayments you now have, let alone make any profit.

Welcome to SME life right now. Hunkering down isn't a viable survival tactic. I hope they find a buyer, but I can't imagine why anyone, deep pockets or not, would consider a business like that a good investment right now unless they enjoy burning money. Will cross me fingers for them of course, it's very sad.

[rickp]

Sorry to hear the news, they were enjoyable days and well run and enjoyable events... Wish I had won the Euro millions, as I would try and save it...

[warpc0il]

If only we knew someone who is cash rich and fun poor...

Sent from my SM-G800F using Tapatalk

[casey]

Maybe someone who likes supercars too

[Mpv2k3]

*But on a serious note, its a shame that it has come to this. I was actually thinking about doing another event with them this year the other day.