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Capita to offload Parking Eye
youreds91
post Wed, 31 Jan 2018 - 09:25
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I've not looked if the mainstream media have gone into this much detail on the trading update, as I've read it on the new CEO's internal memo, but Parking Eye is to be offloaded as part of the restructure.

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We have identified a small number of quality businesses, including ParkingEye and Constructionline, that do not fit with our core business, for which there will be better owners and a process to maximise value will commence shortly.


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post Wed, 31 Jan 2018 - 09:25
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Fredd
post Wed, 31 Jan 2018 - 09:45
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I suppose that means we'll be back to the days of threatening letters to Pepipoo from their solicitors once corporate reputation ceases to be an issue again...


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ManxRed
post Wed, 31 Jan 2018 - 10:05
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I wonder if they've looked at the fact that the new Government proposals might mean they'll have a proper regulator instead of the BPA and forecast a distinct downturn in PE's profits?


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Redivi
post Wed, 31 Jan 2018 - 10:32
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There's a more serious reason

https://www.theguardian.com/business/2018/j...-profit-warning
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freddy1
post Wed, 31 Jan 2018 - 11:32
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https://www.google.co.uk/search?sourceid=na...%20%20ws_rd=ssl
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The Rookie
post Wed, 31 Jan 2018 - 11:43
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I guess all the 'assets' PE claimed to have (unpaid tickets) weren't quite realised as planned.

So, PE was started with seed funding from the labour government, grew to be one of the biggest players in the game, company started to get quite litigious, sld by the founders/owners to Crapita for a thick wedge with a balance sheet full of assets (possibly not mentioning that the return on investment in litigation was quite small), now Crapita are seeking to offload in a fire sale. Doubt they will get their £57M back. I wonder who the winners are?

I wonder if the CEO was fed up with those emails......

This post has been edited by The Rookie: Wed, 31 Jan 2018 - 11:57


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youreds91
post Wed, 31 Jan 2018 - 11:45
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Just be thankful you don't work there & took notice of Andy Parker's grinning face on the Employee Share Ownership Brochure when the price was £10+ angry.gif icon_hang.gif
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freddy1
post Wed, 31 Jan 2018 - 13:34
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enough gloating for the day

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The Rookie
post Wed, 31 Jan 2018 - 14:14
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https://uk.finance.yahoo.com/quote/CPI.L?p=CPI.L

Watch it slide........


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youreds91
post Wed, 31 Jan 2018 - 15:33
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I particularly like The Register's description on the announcement.

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In a **** sandwich, containing very little bread, Lewis said:


https://www.theregister.co.uk/2018/01/31/ca...profit_warning/
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freddy1
post Wed, 31 Jan 2018 - 15:46
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Jlc
post Wed, 31 Jan 2018 - 18:58
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I hear rumours that a certain fish and chip shop owner is contemplating buying them. laugh.gif


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RK=Registered Keeper, OP=Original Poster (You!), CoFP=Conditional Offer of Fixed Penalty, NtK=Notice to Keeper, NtD=Notice to Driver
PoFA=Protection of Freedoms Act, SAC=Safety Awareness Course, NIP=Notice of Intended Prosecution, ADR=Alternative Dispute Resolution
PPC=Private Parking Company, LBCCC=Letter Before County Court Claim, PII=Personally Identifiable Information

Private Parking - remember, they just want your money and will say almost anything to get it.
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freddy1
post Wed, 31 Jan 2018 - 19:04
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I heard that ratchael was counting up all her £50 fees
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4101
post Wed, 31 Jan 2018 - 21:03
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I seem to remember they got charged 1m for messing the London Congestion Charge scheme.
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Redivi
post Wed, 31 Jan 2018 - 22:26
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Carillion then Capita

Audited by KPMG doesn't appear to be a reliable indicator of financial health
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The Rookie
post Thu, 1 Feb 2018 - 07:04
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Crapita are in nowhere near as deep a poo as Carillion, the new chief exec is following a fairly common practice and getting ALL the bad news out at once, stopped dividends for a year or two, reducing the burden from the pension deficit and giving him some cash to start getting good news out in about two years, it’s what Carillion should have done 3 years back but instead used the bucket of sand approach.


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There is no such thing as a law abiding motorist, just those who have been scammed and those yet to be scammed!

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Rookies 1-0 Birmingham

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whitewing
post Fri, 2 Feb 2018 - 00:29
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QUOTE (Jlc @ Wed, 31 Jan 2018 - 18:58) *
I hear rumours that a certain fish and chip shop owner is contemplating buying them. laugh.gif

Reminds me of the story that Ted Nugent tried to buy Muzak to shut it down - Kickstarter anyone?
A few carefully-flawed cases to set precedents to wipe out the whole industry perhaps..
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The Rookie
post Fri, 2 Feb 2018 - 05:42
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They made £6.5M in 2016, I’m not sure you’ll raise enough through a kickstarter to cover that!


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There is no such thing as a law abiding motorist, just those who have been scammed and those yet to be scammed!

S172's
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Council PCN's
Rookies 1-0 Warwick
Rookies 1-0 Birmingham

PPC PCN's
Rookies 8-0 PPC's
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Churchmouse
post Sat, 3 Feb 2018 - 17:43
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QUOTE (Redivi @ Wed, 31 Jan 2018 - 22:26) *
Carillion then Capita

Audited by KPMG doesn't appear to be a reliable indicator of financial health

Not any more than a credit rating is... Audit opinions are not guarantees, which should be fairly evident from reading one:

QUOTE
We have audited the accompanying balance sheet of X Company as of December 31, 20XX, and the related statements of income, retained earnings, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in XXXX. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of X Company as of [at] December 31, 20XX, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in XXXX.

--Churchmouse
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ManxRed
post Sun, 4 Feb 2018 - 13:08
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QUOTE (freddy1 @ Wed, 31 Jan 2018 - 19:04) *
I heard that ratchael was counting up all her £50 fees


Rachel must be a multi-billionaire by now, surely she she could buy them out?


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