Author Topic: Wrightbus  (Read 24000 times)

Last Man

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Re: Wrightbus
« Reply #75 on: September 25, 2019, 10:35:00 AM »
It’s Martin and Hamilton and they pulled the pin before they were caught badly. I reckon the vanity project will continue once the dust settles. Nothing can stop the lords work. Pastor J has plenty in his own name to provide into the future.

NAG1

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Re: Wrightbus
« Reply #76 on: September 25, 2019, 10:50:25 AM »
It’s Martin and Hamilton and they pulled the pin before they were caught badly. I reckon the vanity project will continue once the dust settles. Nothing can stop the lords work. Pastor J has plenty in his own name to provide into the future.

Cheers for the correction.


RadioGAAGAA

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Re: Wrightbus
« Reply #77 on: September 25, 2019, 10:54:47 AM »
I'm no expert on the process but I think a sale out of administration is much more atttractive for potential buyers as they can cherrypick what they want and leave certain liabilities behind. I would be surprised if a large chunk of the business is not of interest to multiple buyers, however potentially not with a Ballymena based manufacturing facility (and a church).

But said facility is built on rented land is it not?

Who will want to hold themselves hostage to those landlords?
i usse an speelchekor

TabClear

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Re: Wrightbus
« Reply #78 on: September 25, 2019, 11:25:10 AM »
I'm no expert on the process but I think a sale out of administration is much more atttractive for potential buyers as they can cherrypick what they want and leave certain liabilities behind. I would be surprised if a large chunk of the business is not of interest to multiple buyers, however potentially not with a Ballymena based manufacturing facility (and a church).

But said facility is built on rented land is it not?

Who will want to hold themselves hostage to those landlords?

Thats my point. I think there is probably valuable IP/kit etc in the business but a new buyer might just want to take those pieces that it can easily transfer to a lower cost based economy and have no use for the Ballymena site or labour force. In an administration scenario  it is easier to leave behind the onerous contracts and liabilities you dont want (say through buying assets rather than shares) than if you bought the Company outright where those contracts generally continue to run.  I had though the staff were reasonably well paid but there was a guy  interviewed earlier who said the company refused payrises for 5 years because they were "investing in the facility". Clearly the x millions Pastor Jeff got for Green Pastures must have been classed as investment..... ::) ::)
« Last Edit: September 25, 2019, 11:27:46 AM by TabClear »

NAG1

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Re: Wrightbus
« Reply #79 on: September 25, 2019, 11:42:36 AM »
I'm no expert on the process but I think a sale out of administration is much more atttractive for potential buyers as they can cherrypick what they want and leave certain liabilities behind. I would be surprised if a large chunk of the business is not of interest to multiple buyers, however potentially not with a Ballymena based manufacturing facility (and a church).

But said facility is built on rented land is it not?

Who will want to hold themselves hostage to those landlords?

Thats my point. I think there is probably valuable IP/kit etc in the business but a new buyer might just want to take those pieces that it can easily transfer to a lower cost based economy and have no use for the Ballymena site or labour force. In an administration scenario  it is easier to leave behind the onerous contracts and liabilities you dont want (say through buying assets rather than shares) than if you bought the Company outright where those contracts generally continue to run.  I had though the staff were reasonably well paid but there was a guy  interviewed earlier who said the company refused payrises for 5 years because they were "investing in the facility". Clearly the x millions Pastor Jeff got for Green Pastures must have been classed as investment..... ::) ::)

Surely there will have to be some sort of enquiry to find out if any of these X millions came from Invest NI or any other public body managing public funds.

MoChara

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Re: Wrightbus
« Reply #80 on: September 25, 2019, 11:46:33 AM »
I'm no expert on the process but I think a sale out of administration is much more atttractive for potential buyers as they can cherrypick what they want and leave certain liabilities behind. I would be surprised if a large chunk of the business is not of interest to multiple buyers, however potentially not with a Ballymena based manufacturing facility (and a church).

But said facility is built on rented land is it not?

Who will want to hold themselves hostage to those landlords?

Wrights is owned by a group called The Cornerstone Group, and a subsiduary of TCG ( think its called prism or something similar) owns the land Wrights factory is on, Wrights pay them a yearly rent of 1.5 million, the Board for the subsiduary is Pastor Jeff and his sister.

Edit its Whirlwind Property
https://twitter.com/dup_online/status/1176426678467407872
« Last Edit: September 25, 2019, 12:27:29 PM by MoChara »

TabClear

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Re: Wrightbus
« Reply #81 on: September 25, 2019, 11:49:33 AM »
I'm no expert on the process but I think a sale out of administration is much more atttractive for potential buyers as they can cherrypick what they want and leave certain liabilities behind. I would be surprised if a large chunk of the business is not of interest to multiple buyers, however potentially not with a Ballymena based manufacturing facility (and a church).

But said facility is built on rented land is it not?

Who will want to hold themselves hostage to those landlords?

Thats my point. I think there is probably valuable IP/kit etc in the business but a new buyer might just want to take those pieces that it can easily transfer to a lower cost based economy and have no use for the Ballymena site or labour force. In an administration scenario  it is easier to leave behind the onerous contracts and liabilities you dont want (say through buying assets rather than shares) than if you bought the Company outright where those contracts generally continue to run.  I had though the staff were reasonably well paid but there was a guy  interviewed earlier who said the company refused payrises for 5 years because they were "investing in the facility". Clearly the x millions Pastor Jeff got for Green Pastures must have been classed as investment..... ::) ::)

Surely there will have to be some sort of enquiry to find out if any of these X millions came from Invest NI or any other public body managing public funds.

To be fair I think the payments were made when the Company was making big profits so its no difference to paying a dividend to shareholders. At the end of the day shareholders and directors can distribute surplus funds however they see fit. As long as the directors did not make the payments knowing that they were unlikely to be able to make creditor payments its up to them where the money goes.

If its true that one of the daughters sold shares (back to the company i think, it is in one of the links earlier in the thread) more recently for £1m, that transaction could attract more scrutiny in light of recent developments.

Ambrose

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Re: Wrightbus
« Reply #82 on: September 25, 2019, 12:29:59 PM »
Read somewhere during week, can't remember where, that employees had part of their salary deducted to go to the religious nutters' planned Ballymena Disneyland. Apparently one guy objected and promptly lost his job. ASFAIK, it's illegal to deduct anything from salary that is not tax/national insurance without the employee's permission. Added to that, their buses are supposed to be absolute shite and hated by many commuters in London

The Boris Bus didn't come with opening windows on the upper deck, they also didn't have aircon, which meant commuters couldn't really use the upper deck in warm weather. They were also terribly made, rattled more than a box of smarties and were £50k more expensive than other buses. It was never going to last.
Maybe the good lord greased a few palms in London to get the contract, who knows?
You can't live off history and tradition forever

LeoMc

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Re: Wrightbus
« Reply #83 on: September 25, 2019, 01:29:34 PM »
That is some thread. from dup_online.
IF I read it right The Cornerstone group (directors Jeff Wright, The Wright Evangelical trust & until lately his sister Lorraine Rock) own Wrightbus and Whirlwind Properties (directors Jeff Wright & Lorraine Rock). Whirlwind Properties in turn own £3.2m of land which they rent to Wrightbus for £1.5m per annum. The Cornerstone Group (Jeff) in a fit of largesse then gave away £4m to a Green Field pastures (Pastor Jeff Wright).
In addition Advance Engineering Ltd (a part of Wrightbus group) whose aim is to raise money for Green Pastures and Pastor Jeff.

Seem legit to me.

Apropos of nothing I wonder how many Wrightbuses have been sold to Sri Lanka or the Maldives.

tyroneman

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Re: Wrightbus
« Reply #84 on: September 25, 2019, 01:34:47 PM »
If EVER there was a subject for a Spotlight special....

It's amazing to me that no-one has written a book compiling all the scandals the DUP have (allegedly) been involved in.........

red hander

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Re: Wrightbus
« Reply #85 on: September 25, 2019, 02:47:50 PM »
Read somewhere during week, can't remember where, that employees had part of their salary deducted to go to the religious nutters' planned Ballymena Disneyland. Apparently one guy objected and promptly lost his job. ASFAIK, it's illegal to deduct anything from salary that is not tax/national insurance without the employee's permission. Added to that, their buses are supposed to be absolute shite and hated by many commuters in London

What a pathetic comment. Apparently, can't remember, supposed and shite.

I'll take that as a badge of honour, coming from the biggest clown on the board since Fearon was banned  ;D

You’ve had a nightmare there trailer son.

Did I?
AFAIK? Maybe? Go and check? People love a good rumour. If you think Wrightbus were deducing money from peoples wages WITHOUT THEIR CONSENT then you're in cloud cuckoo-land.

It's sad that these jobs are going to be lost. Hopefully someone will come in and buy the healthy parts of the business and keep the employment in the area.

There certainly was a story a few days ago from a person in exactly this situation, can't rem where I read it though but it was a named person who lost their job due to objecting to making the contribution.

They'd have been all right if Wrightbus was only deducing money from their salary without their consent, though  ::)

paddyjohn

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Re: Wrightbus
« Reply #86 on: September 25, 2019, 02:55:19 PM »
There is a spotlight show pending apparently.

Good enough for some of the staff, they are sc**bag bigots who wouldn't thank twice about sticking a knife or planting a bomb in any catholic. William Wright isn't innocent either, he sent his workers into Fisherwick to take down Tricolors (also paid any legal fees the incurred), paid the chip van for the Harryville chapel protest also.

Antrim Coaster

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Re: Wrightbus
« Reply #87 on: September 25, 2019, 03:01:58 PM »
There is a spotlight show pending apparently.

Good enough for some of the staff, they are sc**bag bigots who wouldn't thank twice about sticking a knife or planting a bomb in any catholic. William Wright isn't innocent either, he sent his workers into Fisherwick to take down Tricolors (also paid any legal fees the incurred), paid the chip van for the Harryville chapel protest also.
Probably why it was known as the Ballymena Shipyard.

tyroneman

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Re: Wrightbus
« Reply #88 on: September 25, 2019, 03:05:03 PM »
From an Irish Times article on Green Pastures and Pastor Jeff...  https://www.irishtimes.com/news/social-affairs/religion-and-beliefs/the-church-that-helps-you-fall-in-love-with-jesus-1.3299728


"In 2012, Green Pastures put in a bid of £4 million and one pound for the 97 acre plot of government-owned land at Ballee, near Ballymena, which was previously valued at £75 million.

Quite a bargain, wasn’t it? “Well, that was the asking price,” says Pastor Jeff, a little defensively."

snoopdog

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Re: Wrightbus
« Reply #89 on: September 25, 2019, 03:06:48 PM »
And to think the money these boys were getting off Dublin bus for years.