Caravan retailer buffeted by debt

Discussion in 'Motorhomes in the News' started by Jim, Sep 14, 2008.

  1. Jim

    Jim Ringleader

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    Caravan retailer buffeted by debt

    By Michael Kavanagh Financial Times

    Published: September 13 2008 03:00




    Caravan and motor home enthusiasts are a hardy breed. But wet weather and economic gloom will have tested the humour of investors in Discover Leisure, the market-leading caravan retailer, in recent months. Shares in the Aim-listed company have lost more than 90 per cent in the past year, closing down at 2p yesterday. Then, in a profit warning this week, the company said it was facing reduced demand and higher interest charges. Debt levels have grown to £22m compared with £11m a year ago - largely as a result of increased stock resulting from acquisitions, its push into motorhome sales and the launch of a rental service. Company broker Panmure Gordon has cut its profit forecast for the year from £2m to £500,000. But any stock or debt provisions could push post-exceptional figures into the red. Existing stockholders may have seen the worst and want to hold. For others, Discover is one strictly for brave enthusiasts.
     
  2. Road Runner

    Road Runner Read Only Funster

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    Been better not buying out all the existing big named retailer.
     
  3. Johns_Cross_Motorhomes

    Johns_Cross_Motorhomes Trader - Motorhome & Accessory Sales

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  4. Douglas

    Douglas Read Only Funster

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    Hopefully the Swift Group

    Oh! how I wish the same thing would happen to the Swift Group, I have a 630g and the problems I have had with that company are such that I will never buy one of there products again.

    Doug.
     
  5. Johns_Cross_Motorhomes

    Johns_Cross_Motorhomes Trader - Motorhome & Accessory Sales

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    Sorry to hear that Doug, Swift are the most conscientous converter in the UK and always follow up problems.

    You can always bring yours to us under warranty and we will sort it for you.

    Peter
     
  6. Diabalo

    Diabalo Funster

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    I find that very suprising, they were more than helpfull with our probs. And I would certainly buy another Swift MH. It's a funny old world isn't it.
     
  7. Baldy

    Baldy Read Only Funster

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    I too am shocked at this, we are currently in a 14 year old Abbey caravan, we contacted swift for some window mechanisms, No problem, matching colour, and the same type.

    On another occasion I needed the wiring diagram for the caravan to change the Batt charger. I got it faxed through within the hour and then a follow up call to see if I was succesful. Now that is what I call customer service, :thumb::thumb::thumb:
     
  8. Douglas

    Douglas Read Only Funster

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    Swifts are simply not good enough for full timing

    HI all,

    I know that there are plenty of people who are happy with their Swift products but I would like to know if these people are using the motorhomes on holliday basis or are they like me, fulltiming?

    I do except that Swift try to be helpfull but I dont except that only supplying complete units rather that parts for a unit is customer friendly, ie. I need a new door for the accomodation but Swift cannot supply that but they can supply a different door complete with the frame and flyscreen at 3 or 4 times the cost (with extra fitting costs)!!!!!

    It was the same with the garrage door that fell off 2 years ago 1,400 pounds for a garrage door complete with a new frame because that dont stock anything that is not in current production, just wait untill the have finished the revamping of the production line!!! A lot of very young vans are going to become obsolite!!!

    Doug and Sandra
     
  9. SwiftGroup

    SwiftGroup Read Only Funster

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    Doug

    I remember speaking to you about this problem.

    The exterior door you are referring to is available for your vehicle, we established at the time that the repairer had ordered the incorrect panel in the first instance which is why the cost of the door was £200 more. The panel they ordered was for a different vehicle and was from a different supplier.

    The habitation door available for your motorhome is an alternative from the original door fitted. However, I am pleased to say that on a 7 year old vehicle we are still able to supply the exterior door.

    There are many reasons why original parts are not available as time passes but we do try and offer an alternative and on this occasion we are still able to do that.

    Regards
    Kath
     
  10. Stephen & Jeannie

    Stephen & Jeannie Read Only Funster

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    discover leisure.

    I am not surprised one bit by the above companies troubles !......i had a problem with a heki roof light leaking and had an appointment with brownhills of cannock to fix it under guarantee ! one week before the date brownhills contacted me to say that "discovery" were now the ones to contact ! they didn't want to know....so , buyer beware !!! through this site i have had any remedial work done by Dave Newell at Telford at half the price of brownhills or salop leisure in Shrewsbury ( they wanted £120 just to inspect my fridge that was working intermittently ) so, shop local !!!!!!!!!!!!!! :clap:
     
  11. haganap

    haganap Funster Life Member

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    Back to the original topic. trust me I know nothing about shares and its just a feeling. Come next June discover shares will rocket. Once the BBC fueled recession and the banking boys stop sulking and realise they have to lend to people again, discover will be ok.

    Me Im in gordons mould, never ever voted labour, but think under very trying circumstances hes doing alright. a far better fisical man than he is primeminister.

    so get your money on discover for the big recovery, or spen spend spen, after all with what you get ininterest rates, hardly worth saving.
     
  12. Jim

    Jim Ringleader

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    Paul, you might well be right See here, yesterdays Northern Echo

     
  13. Douglas

    Douglas Read Only Funster

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    Hi Kath,

    Yes I know that Swift can supply an alternative to the original but I dont except that Swift do not keep spares for the expected life of the vehical.

    There is nothing wrong with frame, lock, hinges and flyscreen on my van but I have to pay for new ones, plus the extra fitting charges as the door that will be suppied will not ft the original frame That is not customer friendly.

    Of course if the door was properly made in the first place it would not have delaminated, and that goes for most of the other things that have failed in my van, poor workmanship and unsuitable materials.

    Regards Doug.

    Doug
     
    Last edited: Nov 27, 2008
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