Slater & Gordon ‘Bleeding Cash’ – Part 864.
Dee Cole, poster girl for Slater & Gordon, got her caravan on the south coast to gave her ‘closure’ and help her forget the time she was, er, raped by Savile in a caravan on the south coast….if only Slater & Gordon had done as well out of that tale as Dee did.
Yet again Slater & Gordon have posted massive losses. On Tuesday, the law firm announced a cool $1 billion full-year loss in what Andrew Grech described as ‘a tough, challenging and disappointing’ period for the once high flying law firm.
That’s around $85 million dollars a month? How do you manage to let $85 million slip through your fingers each and every month – when you are already in ‘special needs’. The investors must be thrilled. It’s their cash.
It was the reasons for the massive loss which perked me up. No longer just blamed on the Quindell disaster, they now admit that they are ‘bleeding cash due to issues experienced in Britain‘.
A billion dollar loss is no way to repay the $460 million debt that they were given an extension to May 2018 to repay.
“[The extension] gives us the headway we feel we need to do the work that needs to be done and of course that includes restoring cash flows to the business which is really what will determine the outcome over that year or so,” Mr Grech said.
As part of a turnaround plan, Slater & Gordon have reduced its staff numbers in Britain by 14 per cent and closed four offices.
Slater & Gordon also cited underperformance of its British operations.
Mr Grech described ‘progress as unfortunately slow’.‘We haven’t achieved the resolution rates in those cases that we wanted to and there are a variety of reasons,’ he said, citing co-operation of insurers, staff changes and other factors.‘Of course the longer the cases take to resolve the more expensive it makes it for us and it is something we are addressing, in trying to accelerate the process,’ said Mr Grech.
Or put it another way – those whining Pommies at the Savile Trust fought us tooth and nail, going on about ‘proof’ and nonsense like that and we ended up with a derisory fee after five solid years of trying to clean out the BBC, the NHS and the Charities that should have received Savile’s estate…
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