B&Q to close

sparkling sea

The South East has become the new West; an analysis on RTE of the recent ESRI report found that MNC are most likely refusing to locate in Waterford.

The commentator also indicated that Waterford is being left behind and does not have enough politicans with strong enough clout and/or a strong enough lobby group to bring about change for Waterford.

delthedriver

realworld82 wrote: »

just remembered some lad on here thought this would have been a good location for IKEA

Wonder how many B&Q stores are in Greater Manchester.?

We simply dont have the population to support multiple branches of B&Q , let alone another branch of Ikea.

Very sorry for the individuals losing their jobs, particularly those with young families and mortgages

delthedriver

spankmemunkey wrote: »

Yeah but a shop like IKEA would attract people from all surrounding counties, although i dont think waterford is a good position, theyd probably want to be going to the likes of Cork instead

Don't think Ikea will need a second branch in ROI, the shop in Dublin is easily accessible from any part of the country in a 2 hours or less by car using our new Motorway. Before they opened in Dublin, people drove to Belfast to shop in Ikea.

JPA

delthedriver wrote: »

Don't think Ikea will need a second branch in ROI, the shop in Dublin is easily accessible from any part of the country in a 2 hours or less by car using our new Motorway. Before they opened in Dublin, people drove to Belfast to shop in Ikea.

You think people like driving for 2 hours?

Professey Chin

JPA wrote: »

You think people like driving for 2 hours?

People do strange things for Ikea

delthedriver

JPA wrote: »

You think people like driving for 2 hours?

If they want to shop in Ikea, yes!

Indeed it is not that long ago people took the ferry from Rosslare to go shopping in Ikea Cardiff!

Finnbar01

sparkling sea wrote: »

The South East has become the new West; an analysis on RTE of the recent ESRI report found that MNC are most likely refusing to locate in Waterford.

The commentator also indicated that Waterford is being left behind and does not have enough politicans with strong enough clout and/or a strong enough lobby group to bring about change for Waterford.

If only.

Waterford's problem is actually the South East is too divided.

Trick of the Tail

Finnbar01 wrote: »

If only.

Waterford's problem is actually the South East is too divided.

Agreed. And full of far too many politicians, all of whom with their own little insular, parochial, self-aggrandising agendas.

A

sparkling sea

Finnbar01 wrote: »

If only.

Waterford's problem is actually the South East is too divided.

As in the historical rhetoric of the West - to Hell or to Connacht.

Finnbar01

sparkling sea wrote: »

As in the historical rhetoric of the West - to Hell or to Connacht.

No, as in the last few decades.

That is exactly how the West knew to play An Béal bocht.

Deise_67

we have the minister for kk and the minister for wx ! that's what's wrong with Irish politics. also why se will stay a blackspot for unemployment. all successful lobby groups sing from de same hymn sheet we don't ! too much bulls*it about who gets what !

sandin

as usual, a lot of mis information and scaremongering here.

1. B&Q and other multinationals have not re-registered as Irish companies, they always have been Irish entities as they have to be to conform with company law. They do however have parent company guarantees for the rents and this examinership will be testing the law in terms of rescinding leases and getting out of guarantees. Landlords of these companies refuse to lower rents as they think they are safe with the parent company guarantees.

2. Harvey Norman has a 25 year lease, so even if they pull out at the end of their lease, it will be 2033.

3. TK Maxx HAD to move out as they simply did not have planning to sell the type of goods it sold in a retail park that has very specific planning guidelines. This was a legal matter and one which if it wasn't enforced would have led to the death of waterford and other town centres.

4. Argos are not pulling out - that old rumour has been going for years. Again they have a 20+ year lease so they would have to pay rent and rates on the building no matter whether they were open or closed.


Now, it IS possible that if the B&Q examinership allows for some leases to be rescinded and guarantess for parent company being invalid it will lead to others goin the same route. But they MUST PROVE to a court that a particular store is losing money and they have looked at all other avenues of survival including rent reduction - if a landlord gives a rent reduction and can show that with that reduction the store would be profitable, a court can insist the sore remains open.

So until the examinership of B&Q is completed, its all rumour. If the landlord of the retail park has any sense he will drop the rent to one that B&Q can make a profit and then its possiblethe court won't allow its rescinding.

CardBordWindow

How long has Argos been there?
(Just outta curiosity)

spankmemunkey

sandin wrote: »

as usual, a lot of mis information and scaremongering here.

1. B&Q and other multinationals have not re-registered as Irish companies, they always have been Irish entities as they have to be to conform with company law. They do however have parent company guarantees for the rents and this examinership will be testing the law in terms of rescinding leases and getting out of guarantees. Landlords of these companies refuse to lower rents as they think they are safe with the parent company guarantees.

2. Harvey Norman has a 25 year lease, so even if they pull out at the end of their lease, it will be 2033.

3. TK Maxx HAD to move out as they simply did not have planning to sell the type of goods it sold in a retail park that has very specific planning guidelines. This was a legal matter and one which if it wasn't enforced would have led to the death of waterford and other town centres.

4. Argos are not pulling out - that old rumour has been going for years. Again they have a 20+ year lease so they would have to pay rent and rates on the building no matter whether they were open or closed.


Now, it IS possible that if the B&Q examinership allows for some leases to be rescinded and guarantess for parent company being invalid it will lead to others goin the same route. But they MUST PROVE to a court that a particular store is losing money and they have looked at all other avenues of survival including rent reduction - if a landlord gives a rent reduction and can show that with that reduction the store would be profitable, a court can insist the sore remains open.

So until the examinership of B&Q is completed, its all rumour. If the landlord of the retail park has any sense he will drop the rent to one that B&Q can make a profit and then its possiblethe court won't allow its rescinding.

That was a great answer. very clear and insightful but if what your saying is true then like you said whats stopping Harvey Norman saying were not making profit in the waterford branch and were going into receivership, something thats been said in recent radio and TV debates is the angle that alot of companies are taking in order to fold up certain premises, I dont know what way Harvey Norman operates but what if they said were going to try get our rents down and say this shop isnt doing great Business? Harvey Normans is always busy though, I wouldnt shop there cos i still think their prices are quite high for what your getting!

S28382

spankmemunkey wrote: »

That was a great answer. very clear and insightful but if what your saying is true then like you said whats stopping Harvey Norman saying were not making profit in the waterford branch and were going into receivership, something thats been said in recent radio and TV debates is the angle that alot of companies are taking in order to fold up certain premises, I dont know what way Harvey Norman operates but what if they said were going to try get our rents down and say this shop isnt doing great Business? Harvey Normans is always busy though, I wouldnt shop there cos i still think their prices are quite high for what your getting!

Apparently Harvey Norman hasnt made a profit in Ireland since they came here. I remember hearing some guy from Harvey Norman on Today fm saying that.


I have never seen Harvey Normans busy, anytime im out there getting stuff there is hardly anyone there.


Yeah their stuff can be fair pricey alright but they do have a good range.

wmpdd3

1. B&Q and other multinationals have not re-registered as Irish companies, they always have been Irish entities as they have to be to conform with company law. They do however have parent company guarantees for the rents and this examinership will be testing the law in terms of rescinding leases and getting out of guarantees. Landlords of these companies refuse to lower rents as they think they are safe with the parent company guarantees.

Some British High st store that I and my friends worked with asked their staff to sign updated employment contracts with the only difference being the name of the company, from 'Acme' to Acme Ireland. this is what I based my post on.

Cabaal

sandin wrote: »

4. Argos are not pulling out - that old rumour has been going for years. Again they have a 20+ year lease so they would have to pay rent and rates on the building no matter whether they were open or closed.

It very well may be a old rumor in Waterford but it none the less has some very solid basis.

The Argos business model has to change and even they know this, they have to try compete with online retailers like Amazon. They admit this themselves - http://businessetc.thejournal.ie/argos-planning-to-close-up-to-75-stores-647339-Oct2012/

This restructure potentially could see stores in Ireland closing, it will without a doubt see stores in the UK closing though....the Irish stores are included in the review though.

sandin

spankmemunkey wrote: »

That was a great answer. very clear and insightful but if what your saying is true then like you said whats stopping Harvey Norman saying were not making profit in the waterford branch and were going into receivership, something thats been said in recent radio and TV debates is the angle that alot of companies are taking in order to fold up certain premises, I dont know what way Harvey Norman operates but what if they said were going to try get our rents down and say this shop isnt doing great Business? Harvey Normans is always busy though, I wouldnt shop there cos i still think their prices are quite high for what your getting!

1. B&Q are NOT in receivership. They are n examinaership - Huge difference.

2. HN could follow, but an examiner is independently appointed by the courts and make independent decisions based on actual data. HN would not be able to change this data as they are a public compnay in Oz and doing so would cost them huge embarrassment.

3. If B&Q succeed, (and hopefully they will) I doubt if it will lead to a rash of examinerships, but it will lead to many landlords (mainly institutions) suddenly getting real with rents and finally agreeing to drop them as otherwise a company can go for examinership and give the stores back (they will then lie empty for years). This will be great for people jobs as the costs of operating will finally match the income of their stores.

Jamie2k9

Confirmed Waterford will close.

http://www.rte.ie/news/business/2013/0212/367375-court-hears-survival-plan-for-diy-chain-bq/

danjo-xx

Hopefully good news for Waterford.

Five investors have expressed interest in troubled howeware chain B&Q Ireland Limited.

spankmemunkey

danjo-xx wrote: »

Hopefully good news for Waterford.

I think i heard this on the news today but that 2 branches will close unfortunately!

Wilde_37

http://www.rte.ie/news/business/2013/0212/367375-court-hears-survival-plan-for-diy-chain-bq/


According to the RTE site - a plan for B&Q has been agreed and the Waterford store will close.

mike65

Quell surprise with Brookes gone as well (and Morris' having been scaled back?) everyone else should at least stand more of a chance now.

jezko

Seen the closing down /sales signs up today at B&Q, Never been a big fan of the stores, but I do feel for the Employees... How many more Jobs can the South East afford to loose ... Seems to be no end to the down sizing...

spankmemunkey

jezko wrote: »

Seen the closing down /sales signs up today at B&Q, Never been a big fan of the stores, but I do feel for the Employees... How many more Jobs can the South East afford to loose ... Seems to be no end to the down sizing...

Wonder what level of sales their having? sad to see them go for the sake of the staff, i certainly hope there is no knock on to the other shops there,

realworld82

time for the vultures to circle over the body of B&Q

spankmemunkey

realworld82 wrote: »

time for the vultures to circle over the body of B&Q

are you questioning our morale standing if we show interest in a large sale in a shop thats closing down?

we should avoid the sales then???

So people who have very little money and might need certain products that are on sale but cant afford them normally should keep away?

Dont get your comment!

south

Closing 4th of May.

allthedoyles

Its been said that 'upward only rent reviews ' are to blame .

What planet are Landlords / Government on

spankmemunkey

allthedoyles wrote: »

Its been said that 'upward only rent reviews ' are to blame .

What planet are Landlords / Government on

Ive said it before and ill say it again this country is fooked!