Reply to: Nixon Williams - no more thanks

[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....

[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.

[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.

[eek]

£49m of that need to be repaid this year according to their accounts...I think it'll be squeaky bum time over there about now!

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

[Alchemy Accountancy]

They've got to repay the £168m of loans they have some how or other).

£49m of that need to be repaid this year according to their accounts...I think it'll be squeaky bum time over there about now!

[2022TTM]

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

Indeed....however, it's extremely doubtful any new Acct will receive the previous accounting records. Suspicions growing re historic data, or viable access to the same.

[johndc31]

Had a brill 5 years with them a while back. Cracking accountants...

Don't know whats happened to them recently. This was even before the recent "problems".
Emails ignored, no call backs, promises of stuff being actioned and not.

I did complain and it improved for about a week. Now we're back to same old.

They're pretty much taking the money and doing nothing at the moment. I can safely say any work they've done in the last few months I could have done myself - and better, because I know it had been done and not forgotten about.

So no SJD then?

Company was incorporated last Nov so I need an accountant whos willing to take it all over.... And sort out the mess that NW left.

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

[johndc31]

NL - stop being such a bellend for the sake of it.....

I'd had EXCELLENT service from them previously. Yes I was aware that some people had issues with them. BUT I made the decision to go back to them....
Show me a company where 100% of its customers are happy....

<mod snip - deleted - prof forum>

[quackhandle]

Thank you, I would flag it with MODS if it happened again, I was really busy with a client at the time and it was way back in 2014 from Martin @ NW but I can see he hasn't posted since 2015.

When I challenged them on it, they did apologise but I was just glad I wasn't with them anymore.

qh

[cojak]

I remember they cost me a some money / service was poor so I left many moons ago but I found that they don't like to be named and shamed and they threatened me via DM on here with posting all my details for all to see. Hmm, very professional.

qh

Please let the Mods know when this happens, I’m sure that Admin would be interested (apologies if you did).

[Contractor UK]

This is the professional forum. I know you have a personal beef with PC but why don't you keep it to General. If you don't like his posts in this section, you are not obligated to read or respond to them. If you think they are bad, report them for moderation.

To any new members it just makes the forum look bad. They don't know the backstory, they just see two pricks bickering all the time. You're baited into it every time, so you're hardly much better.

Why don't you BOTH stop it.

+1 Well said d000hg

NLUK - stop commenting on every PC post in the prof forum. Keep it on topic in prof forum only.

[psychocandy]

I remember they cost me a some money / service was poor so I left many moons ago but I found that they don't like to be named and shamed and they threatened me via DM on here with posting all my details for all to see. Hmm, very professional.

qh

Really? Wow. Not quite sure how they think they've got a legal right to tell someone not to discuss whats happened....

[quackhandle]

Happily moved off of NW last year - it's worth doing and the nice part about going somewhere is that the new agents does all the work, it's like when you change mobile contracts or something. Introduce them and let them get on with it.

Nixon Williams are to their credit very good about letting people go, their notice is a month and they're very cooperative. And if you get them at a quiet moment, they'll concur with why you're going too.

I remember they cost me a some money / service was poor so I left many moons ago but I found that they don't like to be named and shamed and they threatened me via DM on here with posting all my details for all to see. Hmm, very professional.

qh

[eek]

Anyway, back on topic.....

I complained to the director of NW recently as I did before. The version of events hes got from his staff member is somewhat different to the truth..... I mean cmon, I've got emails with dates etc proving when I asked for these things. When I've got two emails from December its a bit silly trying to tell your boss I only asked 24 hours ago..... Don't want to get anyone in trouble but this is way too far.....

Handed in my 30 days notice with them now. Bit gutted I've got to pay them this. To be honest, since November when I signed up with them, they probably did about 10 minutes work for me.

They've got to repay the £168m of loans they have some how or other).

[psychocandy]

Anyway, back on topic.....

I complained to the director of NW recently as I did before. The version of events hes got from his staff member is somewhat different to the truth..... I mean cmon, I've got emails with dates etc proving when I asked for these things. When I've got two emails from December its a bit silly trying to tell your boss I only asked 24 hours ago..... Don't want to get anyone in trouble but this is way too far.....

Handed in my 30 days notice with them now. Bit gutted I've got to pay them this. To be honest, since November when I signed up with them, they probably did about 10 minutes work for me.