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Post Options Post Options   Likes (0) Likes(0)   Quote Alan L Quote  Post ReplyReply Direct Link To This Post Topic: Oh Dear
    Posted: 22 Nov 2022 at 4:06pm
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Titanium
Titanium


Joined: 21 Nov 2012
Location: Hastings
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https://www.stuff.co.nz/business/130542872/iwis-seafood-company-losses-for-third-year-in-a-row-unacceptable?cx_testId=12&cx_testVariant=cx_1&cx_artPos=5#cxrecs_s
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Post Options Post Options   Likes (0) Likes(0)   Quote lingee Quote  Post ReplyReply Direct Link To This Post Posted: 22 Nov 2022 at 4:17pm
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Platinum
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i do under stand the last few years have been hard for all, but if you run a bussiness you do not rape the funding or add more directores to do the same. 
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Post Options Post Options   Likes (0) Likes(0)   Quote SaltyC Quote  Post ReplyReply Direct Link To This Post Posted: 22 Nov 2022 at 4:49pm
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Titanium
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Joined: 10 Dec 2003
Location: Auckland, NZ
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Yeah well, if you buy a buisness that made it's money by raping the resource, ignoring quota laws and thumbing their nose at the authorities over and over again, I guess this is what you get.

It will be impossible to repair the reputation of this company, simply renamimg it and still having, even only initially, employed one of the lawbreakers to help manage it doesn't reflect well on the purchasers at all.

Personally, I will NEVER deal with this company, it's foundation is fundamentally flawed.
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Post Options Post Options   Likes (3) Likes(3)   Quote Alan L Quote  Post ReplyReply Direct Link To This Post Posted: 22 Nov 2022 at 6:15pm
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Titanium
Titanium


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You have to think they were stupid to buy a business that was before the courts for multiple and repeat offenses. How could you believe the books?
They clearly have not been able to turn it to a profit , and paid somewhere north of $12M for it. That was probably the fundamental problem.
They were scammed.
But surely - buyer beware.
What I can say is our fishery (which has been hammered by this company), has improved markedly over the last 18 mths. Better than a decade or two before. In 18 mths.
Why? Less trawlers. Simple. Long may it last.
Alan
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Post Options Post Options   Likes (0) Likes(0)   Quote smudge Quote  Post ReplyReply Direct Link To This Post Posted: 22 Nov 2022 at 7:48pm
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Moderator - Ninja
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Clearly you have some business acumen Alan L.
Best gurnard fisherman in my street
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Post Options Post Options   Likes (0) Likes(0)   Quote Alan L Quote  Post ReplyReply Direct Link To This Post Posted: 22 Nov 2022 at 8:11pm
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Titanium
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Joined: 21 Nov 2012
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Spent most of my life running businesses. The latter part, my own.
It is not rocket science really. Don't want to make it sound simple. It ain't. Hats off to all those trying to do it now. Myriad of rules etc, and issues beyond your control - forex etc. But the basics are simple. And there are no margins for stupidity.
Alan
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Post Options Post Options   Likes (0) Likes(0)   Quote Kevin.S Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2022 at 7:37am
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Titanium
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Joined: 10 Aug 2011
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So, ever since the new owners took over it has failed to make any money.  In fact, it has been losing significant amounts of money every year.  Could this be anything to do with the fact that the new owners are now fishing legally, and this company only ever made money because they were breaking the rules to make money?
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Post Options Post Options   Likes (0) Likes(0)   Quote Alan L Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2022 at 10:36am
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Titanium
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Joined: 21 Nov 2012
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And that is occurring while employing the previous owners to manage and consult to the business.
So it gets even weirder. 
Maybe they paid far too much for the business, and yes you would have to think they would be under the MPI microscope in terms of adhering to the regs.
Alan
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