Thursday, March 18, 2010
Oh dear, they took the car!
Loading my coach in London today I noticed that a group of 4 passengers for Newport looked rather grumpy. They had no luggage and they surely looked unhappy. They were grumbling amongst themselves when one guy glanced my way and told me that it had become a long, bad day. They had been on a day trip to France yesterday but when they returned to Dover in the early hours, Customs Officers pulled them over and inspected their car. The Customs Officers found rather a lot of tobacco in their car, which the guy speaking to me claimed was for personal use and would last him 6 months. The Customs Officers took a different view, seized the tobacco and their car. This procedure I have read about before and it is to stop the booze-cruisers buying cheap alcohol and tobacco to sell at a big profit on the black market. The seizing and destruction of motor vehicles was to deter the black marketeers from making future booze-cruise trips. These 4 passengers were well gutted at losing their car, which the owner claimed he had only had for a week. They then had to buy 4 single tickets from the nationwide company to get home, without their booty!
Still, I have no sympathy for people like this. They know what they are doing and it is not for their own personal use, they are simply taking the piss. This shortfall in Excise Duty has to be paid - paid for by you and me, the honest taxpayer. Oh dear, they took the car, what a shame! Serves them right for being greedy, doesn't it? Still, that was another 4 seats sold which the debt ridden nationwide company was not expecting.
Loading my coach in London today I noticed that a group of 4 passengers for Newport looked rather grumpy. They had no luggage and they surely looked unhappy. They were grumbling amongst themselves when one guy glanced my way and told me that it had become a long, bad day. They had been on a day trip to France yesterday but when they returned to Dover in the early hours, Customs Officers pulled them over and inspected their car. The Customs Officers found rather a lot of tobacco in their car, which the guy speaking to me claimed was for personal use and would last him 6 months. The Customs Officers took a different view, seized the tobacco and their car. This procedure I have read about before and it is to stop the booze-cruisers buying cheap alcohol and tobacco to sell at a big profit on the black market. The seizing and destruction of motor vehicles was to deter the black marketeers from making future booze-cruise trips. These 4 passengers were well gutted at losing their car, which the owner claimed he had only had for a week. They then had to buy 4 single tickets from the nationwide company to get home, without their booty!
Still, I have no sympathy for people like this. They know what they are doing and it is not for their own personal use, they are simply taking the piss. This shortfall in Excise Duty has to be paid - paid for by you and me, the honest taxpayer. Oh dear, they took the car, what a shame! Serves them right for being greedy, doesn't it? Still, that was another 4 seats sold which the debt ridden nationwide company was not expecting.
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How do u know that the nationwide company is debt ridden?? I was in Birmingham a lot this week and the way the management and staff acted and behaved you would believe that they were in a position to give seats away!!!!!!!!!!!!!!!!!!
I personally cannot wait for this nationwide company to fold in order for me to be able to say to them, ''I told you so''!!!!!!
This company only has itself to blame in so much as they have run this business very badly for a long time.
I personally cannot wait for this nationwide company to fold in order for me to be able to say to them, ''I told you so''!!!!!!
This company only has itself to blame in so much as they have run this business very badly for a long time.
# posted by 
: 18 March 2010 at 22:44
: 18 March 2010 at 22:44
This debt has been greatly reported throughout the British press. The latest story is at The Times on 26th February 2010 and to save you reading the whole article, here are the important bits...
The group, which said that now it saw itself as essentially a bus and coach operator, will have no further rail operations when its East Anglia and C2C franchises end next year.
National Express reported a 43 per cent decline in full-year adjusted pre-tax profit of £116.2 million, compared with £202.4 million the previous year. When all impairment charges, costs and exceptional items are taken into account, the company plunged to an £83.5 million loss.
Yet the company’s main problem was its level of debt and its restrictive covenants. It began 2009 with net debt of £1.2 billion but has reduced that by £521.9 million to £657.9 million, largely through £200 million of cash generation, £50 million of cost cuts and its rights issue.
One bright spot was in the coach division, where profits improved by 27 per cent to £34.3 million.
...So Matthew, a bit of a mixed bag here, £657.9 million of debt but a £34.3 million operating profit on coaches. Anything can happen in 2010 but I would be surprised if the nationwide company folded and I am sure that the coaches and the branding will continue.
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The group, which said that now it saw itself as essentially a bus and coach operator, will have no further rail operations when its East Anglia and C2C franchises end next year.
National Express reported a 43 per cent decline in full-year adjusted pre-tax profit of £116.2 million, compared with £202.4 million the previous year. When all impairment charges, costs and exceptional items are taken into account, the company plunged to an £83.5 million loss.
Yet the company’s main problem was its level of debt and its restrictive covenants. It began 2009 with net debt of £1.2 billion but has reduced that by £521.9 million to £657.9 million, largely through £200 million of cash generation, £50 million of cost cuts and its rights issue.
One bright spot was in the coach division, where profits improved by 27 per cent to £34.3 million.
...So Matthew, a bit of a mixed bag here, £657.9 million of debt but a £34.3 million operating profit on coaches. Anything can happen in 2010 but I would be surprised if the nationwide company folded and I am sure that the coaches and the branding will continue.
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