Simply Scuba in Administration (chapter 11)
- Thread starter Graeme Fraser
- Start date
Please register or login
Welcome to ScubaBoard, the world's largest scuba diving community. Registration is not required to read the forums, but we encourage you to join. Joining has its benefits and enables you to participate in the discussions.
Benefits of registering include
- Ability to post and comment on topics and discussions.
- A Free photo gallery to share your dive photos with the world.
- You can make this box go away
Use the link above for their last filing ...
I am not good at reading accounts, but the row for short-term debts (payable within a year) increased when their cashflows did not improve much.
It seems that they have alot of cash coming in and out against their cash cushion reserves. This means that in a large event like this, if they cannot reduce their cash coming out, they will be forced to file for bankruptcy, because they will eat through their cash quickly ?
I just looked at the two most recent sets of accounts. The delta between them was not healthy as far as I could see.
I don’t think you can read much into the charge. I’d guess that the holder is a family member of the owner(s) (shares a surname) and it is a way to lend the company money without it being totally at risk.
I visited the shop only once, on the way home from a day a time the coast. It wasn’t amazing, and the dive stuff was one end of a biggish (by U.K. standards) room with a couple of other outdoor sports in the middle and a time the other end. Online they seemed to have a good range, I bought a hood from them that neither of the local shops kept.
My opinion is that this is the sort of operation that has been killing the local shops by taking away gear sales.
I don’t think you can read much into the charge. I’d guess that the holder is a family member of the owner(s) (shares a surname) and it is a way to lend the company money without it being totally at risk.
I visited the shop only once, on the way home from a day a time the coast. It wasn’t amazing, and the dive stuff was one end of a biggish (by U.K. standards) room with a couple of other outdoor sports in the middle and a time the other end. Online they seemed to have a good range, I bought a hood from them that neither of the local shops kept.
My opinion is that this is the sort of operation that has been killing the local shops by taking away gear sales.
Must_dash
Contributor
Interesting that there is a charge registered to a Mrs Joanne Dennis (a former director) filed on 21 Nov 2019. Gerald Dennis is the current Director.
I preferred to not buy from Simply Scuba because they did not provide any parts or support on the products they sold.
Simply Scuba were happy (eg) to sell you an Apeks Wing, but wouldn't order and sell you a spare bladder for that wing. The same with regulators. They either stocked the item or they didn't sell it.
I find Mike's Dive Store much better at supporting the products they sell.
I'm unlikely to miss Simply Scuba.
Simply Scuba were happy (eg) to sell you an Apeks Wing, but wouldn't order and sell you a spare bladder for that wing. The same with regulators. They either stocked the item or they didn't sell it.
I find Mike's Dive Store much better at supporting the products they sell.
I'm unlikely to miss Simply Scuba.
TheCoolBeans
Contributor
I hope we don’t see any more Diveshops going into difficulty. We all know that competition isn’t a bad thing for the consumers in business.
My local dive shop used to almost be a daily ‘hub’ to hang out and catch up while getting air fills, or watching them service tanks or drysuits etc. Now they’ve had to change modus operandi to fill the void.
Can’t say it’s a change for the worse as they are now releasing some fantastic online content.
Like this: previously there wouldn’t be time to do things like this.
Sure I’d rather be visiting an actual store I’ll settle for this knowing the business will be there when COVID is more controlllable.
My local dive shop used to almost be a daily ‘hub’ to hang out and catch up while getting air fills, or watching them service tanks or drysuits etc. Now they’ve had to change modus operandi to fill the void.
Can’t say it’s a change for the worse as they are now releasing some fantastic online content.
Like this: previously there wouldn’t be time to do things like this.
Sure I’d rather be visiting an actual store I’ll settle for this knowing the business will be there when COVID is more controlllable.
I see many LDSs going belly-up. Until peeps are able to travel freely, there will be minimal demand for equipment. 80% of the equipment sales in the store I worked at was derived in some way from a future trip.
Unfortunately I can not see them being the last UK scuba shop to fail due to this.
As someone said, in the industry even without this current catastrophe, margins are thin, reserves are likely low and unless there is a way to maintain cashflow to cover the outgoings (such as utility bills, wages etc) then the only options are finance (to service the debts short term) or administration (which opens options such as restructuring debts, sale as an ongoing business etc).
As someone said, in the industry even without this current catastrophe, margins are thin, reserves are likely low and unless there is a way to maintain cashflow to cover the outgoings (such as utility bills, wages etc) then the only options are finance (to service the debts short term) or administration (which opens options such as restructuring debts, sale as an ongoing business etc).
In reading Simply Scuba's Companies House filings I was struck by the number of employees they had listed. I feel empathy for all of the employees who will be facing employment uncertainty in the middle of this pandemic crisis.
Similar threads
