David BASC Posted May 14, 2008 Report Share Posted May 14, 2008 Dear All, I have been speaking with the receivers for DJ Litts. All trading has ceased (as if we did not know) and the receivers are now conducting a full stock check. This will take at least three weeks. They will then match all guns to their owners for anyone who has their gun in Litts for repair etc. I will be speaking with them again later today as I want to know if the receiver will contact the gun owner or if they want the gun owner to contact them. David Quote Link to comment Share on other sites More sharing options...
Dunkield Posted May 14, 2008 Report Share Posted May 14, 2008 It would be interesting to see how the remaining stock is sold off Quote Link to comment Share on other sites More sharing options...
bob300w Posted May 14, 2008 Report Share Posted May 14, 2008 It would be interesting to see how the remaining stock is sold off My bet would be to other dealers in bulk lots, probably by tender, to highest bidder. An public auction would be great, but I can't see it happening. Quote Link to comment Share on other sites More sharing options...
al4x Posted May 14, 2008 Report Share Posted May 14, 2008 my bet is the company will go as a going concern, in an effort to save jobs etc it seems to happen all the time. Its nice to buy a business with a good customer base for next to nothing just sadly somehow its the existing directors who usually manage to take it on. Quote Link to comment Share on other sites More sharing options...
David BASC Posted May 14, 2008 Author Report Share Posted May 14, 2008 If you or anyone else has a gun etc with Litts and want it back you need to contact the administrator on 07876 664035 and give their full details (name address, telephone number) and the details of the gun - make, model serial number. This is an answer phone / message service by the way - but experience shows they do get back to you. David Quote Link to comment Share on other sites More sharing options...
Taff Mason Posted May 15, 2008 Report Share Posted May 15, 2008 i went to A.Bales in cardiff today, and they are definately cashing in on litts's downfall. the shop was really busy for a change and for once the guy behind the till actually spoke to me and was very helpfull. he said he heard that the new buyers of the old litts shop are only going to sell cartridges, which i find doubtfull but we shall see. Quote Link to comment Share on other sites More sharing options...
Baldrick Posted May 15, 2008 Report Share Posted May 15, 2008 Today's Shooting Times has an article about Litts going into liquidation, and then further into the magazine, a double-page Litts advert. It looks like the left hand isn't talking to the right at ST... Quote Link to comment Share on other sites More sharing options...
Wookie Posted May 16, 2008 Report Share Posted May 16, 2008 Saw that too. I think theat they paid up front for the advertising and so the copy department are just trucking on... Quote Link to comment Share on other sites More sharing options...
Highlander Posted May 16, 2008 Report Share Posted May 16, 2008 Saw that too. I think theat they paid up front for the advertising and so the copy department are just trucking on... Doubt that a company the size of Litts would pay for anything 'up front' and that's the main problem when these things go tits up...some other guy suffers and some suffer way more than others. Quote Link to comment Share on other sites More sharing options...
starlight32 Posted May 16, 2008 Report Share Posted May 16, 2008 Saw that too. I think theat they paid up front for the advertising and so the copy department are just trucking on... Doubt that a company the size of Litts would pay for anything 'up front' and that's the main problem when these things go tits up...some other guy suffers and some suffer way more than others. They are talking about 20 million in the red are'nt they. How the hell does a company like that get in that mess? Quote Link to comment Share on other sites More sharing options...
bob300w Posted May 16, 2008 Report Share Posted May 16, 2008 Saw that too. I think theat they paid up front for the advertising and so the copy department are just trucking on... Doubt that a company the size of Litts would pay for anything 'up front' and that's the main problem when these things go tits up...some other guy suffers and some suffer way more than others. They are talking about 20 million in the red are'nt they. How the hell does a company like that get in that mess? You are correct there, that's an incredible amount for a gun shop to be in the red, I have not been to Litts, but they would have had to have had a tremendous amount of stock to amount to this? As in 1000 guns valued at £1000 each for just one million? Even adding a couple of flash unpaid for cars for the directors could only increase it by £100,000. Quote Link to comment Share on other sites More sharing options...
al4x Posted May 16, 2008 Report Share Posted May 16, 2008 theres lots of speculation but I'd be surprised from their accounts if it was a massive amount. If it is then based on them not supplying goods on account then its hard to see how they could be owed much. The main way of clocking up a bit would be if they had a long lease on the property and were liable for the remainder of the lease etc. Theres no CCJ's registered against them and up till last year they had a fair level of shareholder funds so I'd guess cash flow got them which should mean that once un ravelled people haven't lost too much. The advert may be running as they intend to re-open soon you can never quite tell how fast it will happen Quote Link to comment Share on other sites More sharing options...
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