Weston into receivership

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KeithT
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Weston into receivership

Post by KeithT » Wed Apr 20, 2011 6:37 pm

http://www.newstalk.ie/2011/news/receiv ... ld-assets/" onclick="window.open(this.href);return false;

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DonalMW
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Re: Weston into receivership

Post by DonalMW » Wed Apr 20, 2011 8:11 pm

WoW......

And did I hear Aer Lingus's government shares are going up for sale ? ? Ryanair take over possible again ? ?

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Re: Weston into receivership

Post by GoGoGadgetGoAround » Wed Apr 20, 2011 10:13 pm

That could be dangerous, only 25 years ago Ryanair were complaining about the monopoly that was Aer Lingus and BA on the Dublin London route.

If they snap the rest of the shares up it'll be tough for anyone else to break into the market on Ryanair's home turf. Easyjet and others tried and ran with there tail between their legs when fares were dropped and frequency increased at a loss no doubt but it worked.

Could turn into a Ryanair monopoly with increased airfares. I had thought the plan of the Government holding onto the shares was to ensure a competitive market. Plus they can't be worth all that much??

It'll be interesting to see how it works if they do sell the shares off.

Does anyone know if they do sell them off can they choose not to sell them to Ryanair under competition rules etc?
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Re: Weston into receivership

Post by OnTheNumbers » Wed Apr 20, 2011 11:58 pm

Oh dear. More uncertainty for staff and tenants. Here's hoping the receiver can see Weston's viablity!!

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Re: Weston into receivership

Post by havana_club69 » Thu Apr 21, 2011 8:04 am

They are saying that Weston is not profitable enough at present to make any dents in debts accumulated and that efforts to sell it are "likely to be hampered by the earlier planning issues that have hampered the development of the site"... I agree with David, hopefully things will work out for the Aerodrome!

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Re: Weston into receivership

Post by xair899 » Thu Apr 21, 2011 8:34 am

More food for thought from the McCarthy report:

Irish Aviation Authority - 672 employees - AVERAGE salary €120,300.
That's an annual wage bill alone of almost €81 million.
CEO salary €208,000, pension contributions €99,000, bonuses & perks €58,000. Total €365,800.
Almost modest compared to some semi-state bodies.

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Re: Weston into receivership

Post by Trigger » Thu Apr 21, 2011 11:38 am

As one who has been through the receivership mill, I can with authority say that the best scenario that can be described to the process is that it buys you time. The scenario havana_club69 has posted would mean I'd be making alternative plans if I were staff or tenant. If a sale cannot be agreed locks will be on the gate in seconds. :(

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Re: Weston into receivership

Post by KeithT » Thu Apr 21, 2011 1:46 pm

Also if i was a student at any of the outfits there, I wouldn't be handing over any large sums of money up front right now..not that you ever should :shock:

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Re: Weston into receivership

Post by OnTheNumbers » Thu Apr 21, 2011 4:44 pm

Weston may or not be able to make a dent in the debts of the Mansfield group but as a business concern there's certainly no reason why it shouldn't survive. One could argue that recievership is a positive move - it will mean the airport could be allowed to operate independently without having to support other elements of the group.

The more flying, the more revenue, the better the future looks - bring on the sunshine !!

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fast oiseau
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Re: Weston into receivership

Post by fast oiseau » Thu Apr 21, 2011 9:57 pm

Now that's what I call a positive spin!!!

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Re: Weston into receivership

Post by michael747 » Fri Apr 22, 2011 11:36 am

OnTheNumbers wrote:there's certainly no reason why it shouldn't surviveDavid
With just the schools based there and very few visitors i honestly cant agree.
Why would anyone visit when its so expensie and not as friendly as it was - COMMERCIALISED!!!!!!!!!!

Especially with EINC or EIKH only 15 mins either side of it where you reciee the warmest welcomes in the country....

Thats only my twopence worth...
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Re: Weston into receivership

Post by OnTheNumbers » Wed Apr 27, 2011 7:34 pm

Positive spin? I suppose you could call it that but I guess its a different viewpoint. As a business why can't it survive? It has a great location, a huge population in its catchment area and few competitors. As part of a property group, it may have been hampered but with a receiver treating it as as stand-alone business why shouldn't it survive?

Michael, commercialisation doesn't have to mean unfriendly. Changes may or may not need to be made, depending on the market they're looking for, but I don't see why it can't or shouldn't survive.

People may not like what Weston has become but the demise of Weston certainly isn't going to do GA any good.

I, for one, will be rooting for its survival.

David
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