For Those Who Love A Good Argument About New Order Related Things...
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Jonny Donepoindatgunname wrote:
Also, buying the new Factory headquarters just as the market bombed was foolish and the main reason behind the collapse
If only Tony Wilson was blessed with your Nostradamus-like powers of prediction...
If cashflow was an issue at the time (it propably was, given the Hacienda situation), then making a huge financial outlay (in the HQ or any project) might have been foolish, but you can hardly blame him for not knowing about macroeconomics and future investment trends.
I'll readily concede that if he bought the building knowing that property prices were about to fall and knowing that Factory could not meet the mortgage repayments, then that's not the smartest move. But is that likely? And how the hell would he have explained that to his mortgage lender?
"The market's going to tank but I'd like to buy this fantastic building. Please. " "Go ahead, Mr Wilson - you seem to know what you're doing. By the way, have you heard of the the Adventure Babies? They're the next big thing, I'll wager." "Really? Thanks for the advice, Mr Bank Manager. Any chance of a £1 million loan so I can sign them up?" "No worries. Have you tried any of this newfangled ecstasy? I've just dropped one - it appears to be laced with angel dust and cocaine. It certainly makes the working day go quicker."
As it goes, there was a big drop in property prices predicted. I'd say that they had some poor financial advice in light of this. Wilson could also have done some research into the market. They were already haemorrhaging money at the Hacienda so any rise in interest rates would put them in big shit. They were also extemely extravagant with the building. Aluminium roof that cost a fortune, the infamous £30,000 table that the Mondays broke etc...
I remember holding my head in my hands when i heard they were buying the new HQ, the market was already tumbling in London and Manchester was sure to follow. You didn't need to be a financial expert, a Jedi or Nostrodamus to foresee this.
As it goes, there was a big drop in property prices predicted. I'd say that they had some poor financial advice in light of this
I wasn't too sure of the timings of the housing crash and the decision to invest a bundle (a bundle that factory plainly didn't have, in the final analysis) in the building. It does seem that their mortgage lender/accountant was having an off-day...
They were also extemely extravagant with the building. Aluminium roof that cost a fortune, the infamous £30,000 table that the Mondays broke etc...
Now all of that can only be described as foolish.
steveone wrote: For anyone who thinks im talking through my arse,i was only joking about everything being Bernards fault. I was having a laugh,although im pleased the thread has stirred such a response.
:D
Steven,go and sit on the "naughty seat"!
MONTY The Merciless wrote:
steveone wrote: For anyone who thinks im talking through my arse,i was only joking about everything being Bernards fault. I was having a laugh,although im pleased the thread has stirred such a response.
:D
Steven,go and sit on the "naughty seat"!
Yeah,i was headed for the naughty step but it seems Jem has took annual residence there.
