Tag Archives for Bank

The new Count Palentine of golf

A golf ball directly before the holeImage via Wikipedia

In an article on Ross Marshall, 27, c0-founder and CEO of yourgolftravel.com, there is no mention of the holding company, Palatinate Leisure Group Limited formed in 2007.

Ross met Andrew Harding at Durham University and after trying other careers decided to follow their passion for golf and set up yourgolftravel.com in 2005.  Turnover reached £8m in 2008 and is expected to double this year – no recession in the golfing world!  They now have over 50 staff, nearly 90,000 clients and represent 1,200 golf courses in 26 countries.

In the article, Diary of a Golf Venture, mention is made of £250,000 loan taken in January 2006 for expansion.  Is the loan convertible and what kind of business plan resource have they used? Did they uses their background in banking and the profession to go for an Active Equity Company?

Buried in the website is a little bit of knowledge(!) about the origins of the word Palatinate.  I wonder if they make their customers members of the Order of Palatinates?

Another great case study

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Stay in the Game

The Bank of England is avilable to rent...Image by aminorjourney via Flickr“Stay in the Game” says my son as KPMG offers staff a four day week or a few weeks holiday.  Tempting to take the latter but as we move into unknown territory (when before did KPMG and the like have to make such an offer) it is better to stay at the coal face.  At least until you are made an offer you cannot refuse.

Herman Hauser is promoting the cause of the Cambridge Cluster with thousands of jobs and companies at risk as they are unable to raise further rounds of funding.  The future of the UK knowledge-based economy could be at risk.  The case needs to be made to the government – the Cambridge Cluster is as important as the car and other industries.  I hear from Bristol that a company visited VCs in London and found the atmosphere chilling.

Although the banks were supervised by the Bank of England and the Financial Services Authority – what were they doing? –  bankers have to take the stick but how come the likes of Applegarth of Northern Rock, Hornby of HBOS and Goodwin (paid £30million over ten years and relaxing with a pension pot of £8.4million) of RBS get away without taking responsibility for their actions.  If they had been entrepreneurs they would have lost all their wealth which might have concentrated their minds.

So should we encourage the talent in the Cambridge Cluster to start a business or are they better joining the relatively risk free and highly rewarding career of large companies.

One last thought, we will know we are in a full blown recession when the public sector starts reducing head counts.  I guess we have a long way to go.  So it is all about chosing the game you want to play and staying at the coal face.

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Kirkham looks after investors; and himself

Dfs (retailer)Image via WikipediaAnother lord, Lord Kirkham shows how to run a business.  You may, or may not like his sofas but he looks after number one!  DFS was founded in 1969, floated it on the stock market and in 2004 bought it back for £496million.  The funding required will be repaid over the next five to nine years.  The Equity Fingerprint is simple with Lord Kirkham having the lions share (83%) and his daughter and a family trust the remaing 17%.

Perhaps he does not have to provide any options to motivate his 2,714 employees now that the company is “only” opening two new stores this year. Lord Kirkham is the adopted son of a miner and started DFS with £400 of his own savings.  No university education to muddle his mind!

I wonder whether he is a good speaker or just a brilliant motivator?  Let us hope he enjoys his latest little earner – dividends of £46.3million.

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