First Manchester

[Damien]

RE: First Manchester

(01/07/2012 00:12)gilesbus1 Wrote:  

(30/06/2012 23:20)thomasl1231 Wrote:  I'd just laugh if all of this was false and none of it actually happened. :P

It isn't false I'm affraid it is happening WN makes a loss.

Loss making businesses including bus depots either get sold or closed or have a financial turn around plan.

The fleet at Wigan which is probably the worst in the whole of the First Manchester company proves the fact its making no money.

Plus Pensioners Free Fairs, High general fairs, High Unermployment in Wigan which is increasing, High Car usage, other operators in Wigan, High Fuel Costs drops in Subsidy, Sorry its loss making pure and simple.

Many internal people have speld it out that its fopr sale including Drivers at Wigan depot itself so I understand from other sources.

So this is the last I will say on it, but it is going, so expect Bryn to close, yes its sad but thats reality in a business thats losing money, pure and simple, I should know seeing as I've a Business Studies Degree.

Sadly yes Bryn should of had a good life, but its not likely to be as it was a mangement mistake, several Banks now own FirstGroup and they are just there to allow them to repay a large loan that was taken on by purchasing lots of companies without thought as to how all the money was going to be paid back out of existing profits without going into a loss, to be fair to First they wheren't the only company, the firsm I work for foolishly did the same as did about 1 in 5 of all UK Companies in the boom without thought to what might happen in a recession.

Hence the underlying reasons.

Sorry some people might not liike this but this is the state that buying comnpanies without thought as to how you might repay the loan leaves you in, the banks take control and all they want to do is return the money they are owed wether they order you to sell the entire group or order you to close things they care not, but lets face it banks care about nobody but themselves.

Fantastic post, I play devils advocate on this, but my overall opinion is, company makes a loss, what do they do, ignore it. Carry on as normal, no.These are hard competitive times. WN does make a loss, First will play the no comment card all day long, mainly for the sake of the staff.But I agree with you totally, great points. People forget the bigger picture