| Posted By |
Discussion Topic: Challenger
Similar Discussions :
Challenger openday Saturday.
Challenger "Silent Shadow"
CHALLENGER SYNDICATESHIPS
Go Boating/Challenger
Challenger Stealth
-- Page:
1
2
3
4
5
6
7
8
|
|
classix |
Jan-06-2008 @ 6:28 PM
|
| |
|
Newbie
Posts: 4
Joined: Jul 2007
Add To Ignore List
|
Hi I have just seen a post on the canal world forum stating that Challenger have called in the receivers. Has anyone else heard anything? .
All the best for 2008
classix
|
|
JBx5 |
|
Jan-06-2008 @ 6:41 PM
|
| |
|
Forum Regular
Posts: 195
Joined: Aug 2005
Add To Ignore List
|
Their Website is still up and running.
Anybody else know anything?
Regards John
This message was edited by JBx5 on Jan-6-08 @ 5:42 PM
|
|
PeteSanders |
|
Jan-06-2008 @ 6:49 PM
|
| |
|
Lives to Post
Posts: 1144
Joined: Jul 2005
Add To Ignore List
|
I think the info has come from here
If what is said in that forum is true and Challenger do in fact own a "share" in each of the boats, it could as one poster has said there, prove "interesting"!!
Pete
"Can we all move on now please ?"
|
|
rojomo |
|
Jan-06-2008 @ 12:34 AM
|
| |
|
Forum Regular
Posts: 736
Joined: Feb 2006
Add To Ignore List
|
If this gossip is true then we will be really saddened.
2 Years ago we hired Challenger's Broads cruiser "Silent Shadow" and last year we were on the Challenger narrowboat "Blackbird". The quality and service were excellent and we were considering hiring with Challenger again in the future.
We really do hope that if this news is true, that no shared owners, or hirers, will lose out.
John and Anne
So you want me to moor stern on here?...in this wind?...and tide?...no probs????
This message was edited by rojomo on Jan-6-08 @ 11:50 PM
|
|
billmaxted |
|
Jan-07-2008 @ 8:52 AM
|
| |
|
Mudplug Juggler
Posts: 8438
Joined: Mar 2005
Add To Ignore List
|
I will suspend judgement until more is known, for fear of making things worse. These initial comments don’t make things very clear, does this just effect shared ownership in the UK or shared ownership everywhere and what about the hirefleet operations. Are we really talking about receivers or going into administration or simply ceasing to trade?
The capital asset value of the shared ownership side must be very limited and I’d not be sure about the landholding of the bases either if Brundall is anything to go by. Buying out a residual 4%, if that applies, I would not have thought presents much of a problem. Coping with hire bookings already paid for might cause much more of a problem especially if the payments cannot follow the bookings, to anyone who might wish to take over. Are they ABTA members?
Bill...(The Ancient Mardler)
|
|
Boatboy |
|
Jan-07-2008 @ 10:44 AM
|
| |
|
Mardles sometimes
Posts: 2523
Joined: Apr 2005
Add To Ignore List
|
I cannot find any ABTA membership for them. There seems to be a lot of discussion on that thread about something which started as hear-say, I would be cautious until the actual facts are announced.
I note from companies house that their 2007 Accounts are overdue, I'm not sure how relevant that is.
edited because boatboy can't spell!
This message was edited by Boatboy on Jan-7-08 @ 9:54 AM
|
|
PeteSanders |
|
Jan-07-2008 @ 10:56 AM
|
| |
|
Lives to Post
Posts: 1144
Joined: Jul 2005
Add To Ignore List
|
It does appear to have started as "hear-say" but in my experience, late submissions of returns and accounts is not usually a good sign. I'd imagine their office is rather busy this morning and there will soon be an announcement one way or the other. If it's not true they will be anxious to speedily quash that rumour. The fact that they've not done so already via their web site, again does not bode well.
Pete
"Can we all move on now please ?"
|
|
pks1702 |
|
Jan-07-2008 @ 9:00 PM
|
| |
|
Lives to Post
Posts: 1199
Joined: Mar 2006
Add To Ignore List
|
From an IPC Publication:
--------------------------------------------------------
Large boat share company ceases trading
MBM has learned that Challenger Syndicateships, one of the largest boat share companies in the UK, ceased trading on 3 January.
The company, started 15 years ago by husband and wife team Ed and Gill Rimmer, had built up an impressive fleet of shared ownership boats, including 27 narrowboats and top of the range motorboats like a Broom 50, Princess 56 and Sunseeker Manhattan 56 in the Mediterranean.
At the time of writing, it is understood receivers have been called in, but that ownership of the individual boats should remain with the 12 members of each syndicate.
Mr Rimmer, a well-known industry figure, sits on the board of National Boat Shows, and his company remains a member of the British Marine Federation (BMF), according to the BMF's website.
Information from Companies House shows the company as still trading, but with accounts three months' overdue.
No one at Challenger was available for comment for this piece.
Regards
Perry
It is not wealth or ancestry,
but honourable conduct and a noble disposition,
that maketh men great
|
|
PeteSanders |
|
Jan-07-2008 @ 11:18 PM
|
| |
|
Lives to Post
Posts: 1144
Joined: Jul 2005
Add To Ignore List
|
From what's been said on the Canalworld Forum today, where customers have tried to contact the Company, it would appear that they have found this impossible, which all ties in with this rumour being based on truth.
From the Company's website it would appear that they do in fact retain a 4% share in the syndicate boats, as they only sell 96% of each one. I would imagine therefore that this will be seen as an asset of the company and need to be sold, unless the Company is sold as a "going concern". The boats don't look as though they'll be worth even near the value the Company places on them though. When the annual running costs are taken into account, I did'nt realise this was such an expensive option towards ownership. In fact, to me, it's difficult to see what can have gone wrong.
Pete
"Can we all move on now please ?"
|
|
billmaxted |
|
Jan-08-2008 @ 6:28 AM
|
| |
|
Mudplug Juggler
Posts: 8438
Joined: Mar 2005
Add To Ignore List
|
Oh dear, this looks as if it could get messy, if the company has gone into receivership and you have a registered interest you will be informed but this may take some time. You can try and write to the company at its registered address and also monitor the information held on Companies House website but it is more than likely that the administrator will be instructing any remaining company employees to direct all communications through his office.
In so far as the Broads are concerned there are likely to be only a limited number of parties affected but these will fall into two distinct categories. Firstly there are the hirers who have booked for 2008 and paid a deposit or indeed the balance in full. Secondly there are the syndicate members with share holdings in the limited number of Broads cruisers.
As to the hirers there are other forum members who are able to give better advice than I on the actions to take. If the company has gone into receivership then to a large extent you are in the receivers hands. However, you may have some say in the matter as a creditor. The two main options are that the company is sold as a going concern or it is liquidated. If it is liquidated then the receiver will dispose of any assets the company has (including any shares in boats) to pay creditors. I would suggest that you do not pay any outstanding amounts of money that are being requested until you find out the status of the company. If you have paid by credit card you may have some redress through that channel but I’m not sure what is score is if ‘the supplier’ no longer exists. If you booked via a travel agent then clearly advise them of the situation as soon as possible. Given the time of year and the quality of the boats it is just possible that the administrator may find another operator who is prepared to take the boats over at a price that enables them to honour existing contracts. I would not hold my breath but the Broads operation is a small peripheral one so the receivers might be of a mind to get it out of the way to allow them to concentrate of the main issues. If there are any Forumites in this situation I would suggest they post on this thread so that if necessary they can adopt a united approach. Individually legal advice will not, I suspect, be cost effective.
With syndicate members there are a number of issues to think about.
The residual interest (if any) that Challenger may have in your boat.
The insurance of your boat especially if, as I suspect, there is some form of group scheme.
Any outstanding payments for work being done over the winter lay-up.of your boat
The on going provision of moorings and servicing and payments relating to these.
I can’t help but feel that that the best approach to all of the above in so far as the Broads based boats are concerned would be for the shareholders of all the boats to work together. The assistance of a solicitor is probably going to be required. Even if the company was to be sold as a going concern I think I might be a little concerned that the new owners might not be operating to the level of service and/or charges that I’d expect. If a syndicate has 100% ownership of the boat it would certainly make life much more simple. If the insurance contract is with Challenger and they are no longer trading it may well have lapsed especially if premium payments are paid on a staged basis. I presume however that details of the insurance cover are known to syndicate members so that direct contact is not too difficult and if necessary temporary cover can be arranged. The other two issues are not matters about which anyone outside the loop can really make comment. I would have thought however that the yard(s) concerned might be heartened to think that syndicates were considering their situation as well and if they are working to a standard BMF contract they may well have a lien over the boat for any unpaid work authorised by Challenger as your agent.
Whilst how the boat is subsequently run is up to its owners, it is possible that parts of any agreement or contract you have signed will still be in force or that the agreement/contract will stipulate what happens if the managing company is dissolved or sold. If you are not tied into Challenger's successor on your existing contract you would need to decide if you want to manage the boat yourselves or place it within another managed scheme. It has been suggested that nationally there is possibly only one real option, namely ‘OwnerShips’ but that might not be strictly true locally given the small number of boats concerned, assuming that the Broads syndicates are working together.
I hope that helps.
Bill...(The Ancient Mardler)
This message was edited by billmaxted on Jan-8-08 @ 7:27 AM
|
Reply to Discussion