Kimberly under Admininstration

[filcar]

https://www.caravancampingsales.com.au/editorial/details/kimberley-under-administration-110226/?utm_campaign=B2C_caravans_2017_caravans-newsletter-151217&utm_medium=email&utm_source=eloqua

Not going out of business just restructuring

[Pottsy]

Always makes me nervous when administrators move in, let's hope it nothing more than the suggested restructure.

[Rumpig]

Maybe the final sentence in the link says it all, let's hope so for the sake of the 80 odd employees...

Going into Administration is simply necessary under Family Law to allow internal restructuring to take place - nothing more

[edz]

Wishing the workers well with that..

[SEADOO]

Must be hard to sell campers between $50-$100k and remain competitive.

I hope they remain.

[tryagain]

Is it just me or do their caravan's look like the back half of a bus with a fibreglass nose cone?

Administrators do seem like an extreme length to go too for a restructure, to my way of thinking, sounds like it might be carrying too much debt from whatever caused the need for the last restructure, and this is a way to shed some debt from a business that would be profitable if not for repayments. Just a guess though.

[MarkVS]

According to their website, it appears there is a structuring going on, that legally requires them to do this. They also point out that they have just put on new staff, and this last qtr was the largest they've had for sales. They would be very liable, putting this sort of stuff on their website, for public consumption, if it wasnt true.

[tryagain]

According to their website, it appears there is a structuring going on, that legally requires them to do this. They also point out that they have just put on new staff, and this last qtr was the largest they've had for sales. They would be very liable, putting this sort of stuff on their website, for public consumption, if it wasnt true.

I am not saying what they have put out there isn't factual, I'd be pretty sure it isn't the full picture though, I have never heard of (not saying it doesn't happen) of administrators being called in purely for a restructure though, they laid off about 20% of their workforce earlier this year due to cashflow issues that they have since put back on and while that is a good sign for the future, it doesn't really address short term cash flow issues, hence my guess about debt issues and the administrators calling a meeting of the creditors also fits with this. I am not suggesting in any way this is the end of the road for the Kimberly group, but also I don't think it is quite as honky dory as they might be making out. I hope for all involved though that it is all worked out it's business as usual as much is possible for them.

[Jason B]

It’s good to stick to the facts.


As quoted by Bruce Loxton owner of KK FYI. The reality is he has split from his wife and restructuring the company to deal with that situation. From the staff word is it is business as usual and this is just a process that had to be undertaken to achieve the desired changes to the structure.



The Ballina, NSW-based Kimberley Group, builders of the high-tech Kimberley Kamper, innovative Kimberley Karavan and the lightweight E and S-Class luxury off-road caravans, has gone into Administration.
A meeting of the company’s creditors will be held at the Ballina RSL Club on December 19 by Sydney Administrator Nicols + Brien at which the company’s financial and administrative re-structuring will be discussed.
One of Kimberley’s key creditors is understood to be Sydney businessman and the company’s dynamic managing director Bruce Loxton, who has already stepped down from his current role in preparation to become a consultant to the restructured company.
It's business as usual at Kimberley, according to the former boss
This will allow Loxton’s business partner in Kimberley, Todd Cannock, to become Managing Director in his place, and follows Cannock’s recent injection of substantial investment funds into the company.
Loxton assured caravancampingsales that the restructure of Kimberley would have “zero impact” on current and future owners. The company’s existing workforce is now back to 84 following the re-hiring of 16 employees previously stood-down in the wake of the company’s restructuring of its critical New South Wales dealer representation, Loxton said.
“You will see a different company at the same location in Ballina by February next year,” Loxton said, “but there is only good news for our customers.
“We have a dynamic new NSW dealer in Off Grid Outfitters, who have boosted sales substantially in the past three months; we have restored our Ballina workforce to its former peak level; we have just had the strongest three months of sales in Kimberley’s history and we have our longest-ever waiting list for new products, which currently is out until August 2018.
“What is particularly heartening, is the demand for our lightweight E-Class caravan, which is at record level.
“Going into Administration is simply necessary under Family Law to allow internal restructuring to take place – nothing more.”

[Jason B]

I am not saying what they have put out there isn't factual, I'd be pretty sure it isn't the full picture though, I have never heard of (not saying it doesn't happen) of administrators being called in purely for a restructure though, they laid off about 20% of their workforce earlier this year due to cashflow issues that they have since put back on and while that is a good sign for the future, it doesn't really address short term cash flow issues, hence my guess about debt issues and the administrators calling a meeting of the creditors also fits with this. I am not suggesting in any way this is the end of the road for the Kimberly group, but also I don't think it is quite as honky dory as they might be making out. I hope for all involved though that it is all worked out it's business as usual as much is possible for them.

The cash flow and laying off of staff was directly related to their biggest dealer Peter Hands at Express Campers deciding to retire from the KK franchise. This was a decision that was unexpected by KK and there sales plummeted as a result of loosing that portion of the business, now that a new Sydney based dealer has been set up the staff have been re employed and the units are moving again like they did before Peter retired.

[tryagain]

It’s good to stick to the facts.


The reality is he has split from his wife and restructuring the company to deal with that situation.

I wondered as much with the reference to family law and the sale of their Potts Point Penthouse but thought conjecturing about a business is one thing, about someone's marriage when I could find no reference to it was a bit too much though.

That would be the "full picture" that I was referring to though but haven't read about it elsewhere, not that I would expect someone to publish that kind of information in a situation like this.

[Bird]

The reality is he has split from his wife and restructuring the company to deal with that situation.

I thought that was pretty obvious from the Family Law line..

[weeds]

Could still get messy


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[gronk]

Could still get messy


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Always does when you are rich and you don't want to part with 50% of your money....but the lawyers get their cut though !!

[callmejoe]

50% or better put 50/50. Ha ha ha thats funny.

Be more like 75/25.
The company with be over rated an over valved. Which he'll  have to accept or pretty much fold or sell completely ..... Then any "cash" or valve which ia able to be pulled out or mortgaged/ bank loaned etc from the company. .This  goes to the other party  so they can continue "there current way of life".....

This leaves him with a shell, and alot of hard work to progress forward
.

Joe

[tryagain]

I thought that was pretty obvious from the Family Law line..

Was certainly a good hint, but also could be deceased parents who invested and now there is a fight over the estate.

[Jason B]

50% or better put 50/50. Ha ha ha thats funny.

Be more like 75/25.
The company with be over rated an over valved. Which he'll  have to accept or pretty much fold or sell completely ..... Then any "cash" or valve which ia able to be pulled out or mortgaged/ bank loaned etc from the company. .This  goes to the other party  so they can continue "there current way of life".....

This leaves him with a shell, and alot of hard work to progress forward
.

Joe

If you read between the lines he is a creditor ( I would say as owner he would carry the majority of the debt), so if you go into administration to get whats owed to you at say 10c in the dollar your worth and value is a whole lot less. In the process transfer the running of the company to a business partner and then you come back as a contractor. Lots has changed on paper and your personal wealth has been written down but essentially you are no worse off. Clever accounting maybe.   

[gronk]

If you read between the lines he is a creditor ( I would say as owner he would carry the majority of the debt), so if you go into administration to get whats owed to you at say 10c in the dollar your worth and value is a whole lot less. In the process transfer the running of the company to a business partner and then you come back as a contractor. Lots has changed on paper and your personal wealth has been written down but essentially you are no worse off. Clever accounting maybe.   

I don't know any of the bits and pieces, but Bruce was THE owner of KK, and at this stage probably still is, but if he has good lawyers, he will come out of it in not bad shape, while still "looking" after his wife.

[Jason B]

I don't know any of the bits and pieces, but Bruce was THE owner of KK, and at this stage probably still is, but if he has good lawyers, he will come out of it in not bad shape, while still "looking" after his wife.

Lets hope so mate.