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Speedferries Problems


BJSLIV
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[quote user="P2"]

All this talk of 'shame if they have gone because they gave cheap fares' and others bewailing the fact that they have bought x number of tickets in advance'.

If Speedferries do not have the cash then it has been pricing incorrectly. Also, if this is the case it has been using the advanced ticket sales to subsidise the under pricing. Not a very good game to play.

Always a problem if you rely on one carrier because they are cheap. You need to consider what the consequences are if they go bust.

Paul 

[/quote]

They havnt gone yet P2.

Speaking for myself as one of  the "others", I was not and am not bewailing the fact that I recently bought 10 tickets, I considered the consequences as I did last time and will accept them if in fact they are forced to cease trading.

I will however probably bewail (although I am not really sure what the word means) if we return to the bad old days with the remaining operators, even those that chose not to use Speedferries have had a lot to thank them for in recent years.

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I seem to recall that there is a time limit with regard to claiming back payments made by credit cards. I purchased my '10 ticket voucher' last May. Does anyone know if I can still make a claim? That is, of course, Speedferries cease trading.
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I think that there could be an announcement soon, discussions are indeed takig place today, the announcement on the website has been recently reworded although basically unchanged and a Dover newspaper has confirmed my thoughts that the Speedferries management were unable to attend the meeting already scheduled for 10.00 am Friday as they no longer had a boat to travel on!

They would  also have had to deal with customers stranded at the terminal, repatriate the crew also stranded and contact cusomers due to travel.

La voix du Nord decribed the indebtedness as "une ardoise", if you were to use a pub analogy, a landlord whose customer (a motorcycle courier) had not paid off his "slate" would surely threaten to refuse the man further drinks and generally make his life difficult but would he seize his bike thus rendering him unable to earn money to pay off his slate or to travel to the pub to pay it and drink some more? - On second thoughts maybe a French one would[6]

Of course none of us know the full detail of the amount unpaid and counterclaim etc, but my message to Kurt is that you can use the £250 that I lent you to pay off your slate as I am not likely to see it again otherwise.

Regarding getting any money back from credit or debit card providers I am less optimistic, having looked at the scheme, which strictly only applies to credit cards, I found that it must be for purchases of single items of more than £100, it gives an example of return airline tickets of totalling over £100 not being refundable as the two items (the flights involved) cost less. Its all on MSE if you trawl hard enough.

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[quote user="Frederick"]

Euro worth 81 pence this morning .......makes me wonder how many people will want to use them  or the ferries next year
[/quote]

81pence sounds good, booked tickets with Ryanair over the weekend and their conversion Euro to ST used 86.75pence

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I find the statement by Speedferries management that they were unable to attend the meeting is very amusing.  There must be over 50 departures each day by P&O, Seafrance & Eurotunnel to France.  Why could they have simply not booked onto one of these and driven or is that another statement as to the state of the company.  For example; we did not attend as we cannot actually pay.....

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[quote user="FerryGuru"]I find the statement by Speedferries management that they were unable to attend the meeting is very amusing.  [/quote]

It was reported today in the local Kent press here (honestly) as:
 "A spokesman for SpeedFerries said the Friday meeting was postponed because 'we didn't have a boat to get there.'"

[:D]

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[quote user="FerryGuru"]I find the statement by Speedferries management that they were unable to attend the meeting is very amusing.  There must be over 50 departures each day by P&O, Seafrance & Eurotunnel to France.  Why could they have simply not booked onto one of these and driven or is that another statement as to the state of the company.  For example; we did not attend as we cannot actually pay.....
[/quote]

Any credibility that your choice of username may have engendered you with has dissapeared with the above statement, which you also posted verbatim on another forum that you have just joined.

You dont have one leg and a parrot on your shoulder by any chance?

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JR, I too saw FG's comment on 'another forum', where it appeared to be in response to a Speedferries comment, as reported in the press, that its representatives could not attend a meeting in Boulogne because they did not have a boat. That particular quote had not been posted on this forum, and without it FG's amusement could easily be misunderstood. So I referenced it just after FG's post.

I hope that explains the amusement - I too found it droll, in a rather ironic way.

If, as seems possible, Speedferries is trying to buy extra time, then perhaps one can feel encouraged. There may indeed be a way of finding the finance to overcome this problem and resume the service.

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Thanks Will

JR, please let me assure you that I am not employed by any of the operators at Dover.  Yes I will admit I have contacts within P&O and Norfolkline but that is only down to the website that I run. The Ferry Enthusiast Network

On an aside to Speedferries, I note from their website this morning that Norfolkline's online booking is now back working

and they have an offer of 9 return trips for £21 each way (does say

excludes peak time supplement) for 2009.

It is mentioned on the banner that rotates.

Click here

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I assume that they now have a double funding problem.

Clearly the port decided to cut their losses whilst there was some a chance of there being some value left in the business, ie Speedferry One.

The timing of the Speedferry  Bulk Ticket offers, usually in the Autumn, has long suggested that it was a means of funding working capital during the off-peak season. The reports of the slow payments to creditors and the increased frequency of bulk offers during the peak season would seem to indicate an ongoing deterioration of their cash position.

Even if they were able to resume today, how many people would be prepared to buy further bulk tickets in the immediate future? 

Hence they need money to clear existing debts and a new injection of working capital.

Anyone got any spare cash to invest in a business who's USP of "Cheap and cheerful" , will have to be modified to "Not quite so cheap".

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Will

I also found it amusing and drole but I could not however imagine the CEO of Speedferries travelling under any circumstances with either competitor that he has consistently branded as pirates, can you imagine the publicity that the others would have milked from it! They are getting enough negative publicity at the moment, each extra day without a resolution brings yet more, and more nails in the coffin.

FG

I am very pleased to be proved wrong and find that you are indeed a FerryGuru! Please accept my apology, evidently the culprit who placed a Speedferries uniform for sale on E-Bay as no longer needed remains a mystery!

BJSLIV

You echo my sentiments, I took a flyer with my first Superticket voucher and had also noted the increased frequency even urgency of the offers, I had a nagging doubt this time around but after seeing how full the boat was last week (grace à Le tunnel) I had what I know know to be misplaced confidence.

Unless they had my money and others stuffed under the mattress while disputing with the Boulogne COC I agree that they must be searching for additional funding right now, I hope that they are successfull.

They have updated the web-site, no real news but better than remaining mute.

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The story is here.

Thanks to the kindness of another forum user I have had sight of Speedferries' last annual return as filed at Companies House. One of the 'risks' identified was the company's vulnerability to exchange rate fluctuations. The recent pound-euro slump is no doubt a significant factor that has been largely overlooked.

 

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[quote user="Alan Zoff"]Have just read on another Forum that Dover port have joined in the fun by issuing proceedings to recover a six figure debt owed to them by Speedferries....  If true, Curt can hardly blame the French for that one.[/quote]

The moral of this tale being that Dover should have been quicker off the mark and nailed their own writ to the mast.

John

 

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I think it is all over for Speedferries now: (from www.speedferries.com)

Notice to all Customers: Speedferries Limited (in Administration)

The affairs, business and property of the Company are being managed by

the Joint Administrators, A Swarbrick and T Burton, who act as agents

of the Company only and without personal liability.

What has happened?

On 12 November 2008, on the application of the Directors, the High

Court of Justice, Chancery Division, made an an Administration Order in

relation to Speedferries Limited. Angela Swarbrick and Tom Burton of

Ernst & Young LLP were appointed as Joint Administrators of

Speedferries Limited.

The Administration is necessary because of Speedferries financial

position and to ensure the best interests of creditors and customers

are served. The Administrators are currently exploring the option of

selling the business as a going concern.

Customers

Crossings have been cancelled for 14, 15 and 16 November 2008 and

customers are asked to wait for further information on future crossings

and to keep any pre-booked tickets.

We will continue to keep you updated with developments in respect

of the long term plans for Speedferries and notify you as soon as

possible via the Company website if changes are proposed to be made

which will affect your current position.

Suppliers

The directors are still the directors of Speedferries Limited.

However, whilst the company is in Administration, we, the

Administrators, are ultimately responsible for Speedferries Limited.

The directors and existing management structure will remain in place

and the directors and their existing management team will be involved

in the day-to-day operations.

We will be working closely with management and whilst we explore

the option of selling the business we do not envisage any major changes

to procedures on a day-to-day basis. Our objective is to sell the

business as a going concern and to achieve this we will require your

support during this process.

Press Enquiries

Any press enquires should be directed to Vicky Conybeer, Ernst and Young LLP media relations on 020 7951 0868.

Interested Parties

Interested Parties should contact Stuart Kelly on [email protected]

Finally, we would like to re-iterate that our key objective is to

explore the option of selling the business as a going concern and would

ask for all of your support during the Administration of Speedferries

Limited, whilst a buyer or buyers are sought for the business. We shall

keep you as fully informed of the situation as we are able as matters

progress.

Angela Swarbrick and Tom Burton

Joint Administrators

The Institute of Chartered Accountants in England and Wales

authorises A Swarbrick to act as an Insolvency Practitioner under

section 390(2)(a) of the Insolvency Act 1986 and The Institute of

Chartered Accountants of Scotland authorises T Burton to act as an

Insolvency Practitioner under section 390(2)(a) of the Insolvency Act

1986.

The affairs, business and property of the Company are being managed

by the Joint Administrators, A Swarbrick and T Burton, who act as

agents of the Company only and without personal liability.
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I notice this says crossings have been cancelled 14,15,16 November. Does this mean they are running today [8-)] [Www]

I can only assume my ticket money has disappeared into the wide blue yonder...... and I need to book with someone else

Is there anyway to try and get my money back ?? or do I just give a shrug of the shoulders (Well I do live in France now [:D] ) and move on...

Between Speedferries, the Euro Rate and the cut in UK interest rates I am starting to get rather depressed - Is it time for a glass of Red yet ?? [B]

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Today's crossings had already been cancelled - they seemed to be deciding on a daily basis.

When, and whether, they resume depends on the administrators satisfying the port authorities who are holding the ship that they will get at least some of the fees and taxes owed, allowing the ship to be released. There is always the possibility that the ship will be arrested again when it returns to Dover, but, frankly, I would be rather surprised about that as I am sure Dover would want the service to resume, as long as it can get back some of what it is owed.

Another near-certainty is that this will mark the end of the very low fares. Income from operations up to now has barely, if at all, covered operating costs, let alone the cost of chartering (and later paying the mortgage on) the ship, and other capital items. If the service is to continue it will have to be at economic rates. I would imagine that if the service continues then tickets already sold will be honoured, but new bookings will have to be more expensive. It will be interesting to see how LD Lines fares match what Speedferries will have to charge.

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[quote user="J.Rs gone native"]

I am keeping my fingers crossed for the company, employees and other ticket holders like myself.

 

[/quote]

Don't forget Curt's neighbours. According to a TV programme that was shown some years ago now he went round all of his neighbours with cap in hand when he started the whole adventure.

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Unless the problems are down to some temporary cock-up, I think the administrators will be obliged to take quite a short term view in terms of how best they can meet the claims on the company in order of legal priority - their own charges first, taxes, secured debts, then unsecured debts (including ticket obligations) and lastly shareholders.

If they think the operation can succeed if managed better and that the best option is to carry on trading, they can do that, but that sounds optimistic. If they resume in the short term, I imagine that will be only so they might bring in some income to offset some of the outgoings before the operation (in particular the vessel) can be sold.

If they have been appointed as administrators rather than liquidators, I assume the company is at present still thought to be solvent in terms of asset value exceeding known liabilities. That could change of course when they have looked into things more closely.

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