Nixon Williams - no more thanks

[Alchemy Accountancy]

I see £54m (all due in September 2022) just in the related Party Transactions bit looking at the October 2020 accounts.

The £49m is from the balance sheet and only includes the principle with no interest - the related party transactions looks like it includes accrued interest as well, that must be buried somewhere else on the balance sheet.

Whilst we're at it...other highlights include:

• Finance costs of £17m vs operating profit of £10m (that is before any decrease in income resulting from these latest issues or an increase in interest rates)
• Debt repayable in 2023 of £108m - I guess that is the date they'd need to sell the group as I can't see who is going to lend them that much, given the state of it
• Renegotiated bank covenants in Nov-19 (pre-pandemic) - can't see them asking for tougher covenants, so something must have been amiss at that point

Shame really, NW was a good business once upon a time that I was proud to be part of.

[psychocandy]

A few are jumping ship. If you're going to do it. Do it now. Next tax year makes handover a lot easier.

Yep done.

[psychocandy]

The £49m is from the balance sheet and only includes the principle with no interest - the related party transactions looks like it includes accrued interest as well, that must be buried somewhere else on the balance sheet.

Whilst we're at it...other highlights include:

• Finance costs of £17m vs operating profit of £10m (that is before any decrease in income resulting from these latest issues or an increase in interest rates)
• Debt repayable in 2023 of £108m - I guess that is the date they'd need to sell the group as I can't see who is going to lend them that much, given the state of it
• Renegotiated bank covenants in Nov-19 (pre-pandemic) - can't see them asking for tougher covenants, so something must have been amiss at that point

Shame really, NW was a good business once upon a time that I was proud to be part of.

As I said before, they used to be brill. Guy called Danny Horner at NW.....Couldnt fault him at all......

Can't imagine this cyber attack is helping business either....