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FORUMS > Leeds Rhinos > OT - Refuse Workers Benefit
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Quote: Serge A. Storms "OK name the company and we will be able to get a set of stat accounts from companies house and we can verify that what you say is correct and have a serious debate.

£300m cash contribution to the parent? was that just a repayment of funds lent to the company by the parent in the first place?

So many imponderables - just name the firm what's the big secret?'"


The £300m was a repayment but is an indication of the fact that the company is cash rich and if it was facing the problems it claims why didn't it ask the parent company to let it keep the money. After all the parent company didn't need and thqat anmount of money could have paid for a lot of staff development so that come 2010 we'd be in an excellent position.

As regards naming the company, there are obvious reasons for this - most companies would take a dim view of this sort of discussion.

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on now

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Quote: JohnG "The £300m was a repayment but is an indication of the fact that the company is cash rich and if it was facing the problems it claims why didn't it ask the parent company to let it keep the money. After all the parent company didn't need and thqat anmount of money could have paid for a lot of staff development so that come 2010 we'd be in an excellent position.

As regards naming the company, there are obvious reasons for this - most companies would take a dim view of this sort of discussion.'"


Are you sure, really really sure that your company didn't ask to defer the payment or to make it in milestones X months apart?

The reality is that it's unlikely that any credible company would shed 1200 of 6000 staff and repay a loan of £300M without having very little alternative. The £100M operating profit figure is a red herring also unless you can tell us the turnover.

Is it possible that the parent company may have needed the £300M to repay a loan that they had taken or could one of the supporting financial institutions called in a debt to reduce thier financial burden? Stories like this are never isolated and are frequently long and complex, but don't let that stop you.

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Quote: batleyrhino "Are you sure, really really sure that your company didn't ask to defer the payment or to make it in milestones X months apart?

The reality is that it's unlikely that any credible company would shed 1200 of 6000 staff and repay a loan of £300M without having very little alternative. The £100M operating profit figure is a red herring also unless you can tell us the turnover.

Is it possible that the parent company may have needed the £300M to repay a loan that they had taken or could one of the supporting financial institutions called in a debt to reduce thier financial burden? Stories like this are never isolated and are frequently long and complex, but don't let that stop you.'"


You speak like you expect the shopfloor worker to understand the complex financial structures of the company and parent company that they work for - there is a reason why not many workers co-operatives make it beyond the small business level you know icon_wink.gif

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Quote: McLaren_Field "You speak like you expect the shopfloor worker to understand the complex financial structures of the company and parent company that they work for - there is a reason why not many workers co-operatives make it beyond the small business level you know
Not sure if you were being sarcastic or not but what about Suma started in Leeds and £24 Million turnover and the rest just for the record.

www.cooperatives-uk.coop/live/im ... view09.pdf
Quote: McLaren_Field "You speak like you expect the shopfloor worker to understand the complex financial structures of the company and parent company that they work for - there is a reason why not many workers co-operatives make it beyond the small business level you know
Not sure if you were being sarcastic or not but what about Suma started in Leeds and £24 Million turnover and the rest just for the record.

www.cooperatives-uk.coop/live/im ... view09.pdf


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You could also include the John Lewis Partnership for good measure.

None of which distracts from the point, your average Co-op or JLP shopfloor worker has the first clue of what goes on in the boardroom and the only entry in the annual accounts that they are interested in is the word "dividend"

72 posts in 6 pages 
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72 posts in 6 pages 
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