Closure of Eileens Emporium

[Jonboy]

48 minutes ago, Enterprisingwestern said:

 

As the following will prove, I thankfully know nothing about this sort of thing, but I assume it's not feasibly/legally possible to return stock to suppliers to mitigate creditors liabilities? I thought goods remained property of the supplier until paid for in full?

 

Mike.

The reality is that you have to be able to prove that the particular items in stock relate to the unpaid invoices, and the only real way to do it is to print the order number on every item (or outer if the customer don’t unpack them immediately).
 

You also have to be incredibly quick off the mark to collect it at your expense…

[polybear]

5 minutes ago, spamcan61 said:

That is indeed on the T&C's of most suppliers, whether it actually stands up in court is another matter.

 

Also the costs of recovering those items may well exceed their value - there's little point in winning a court case if the loser has no assets to pay the costs....

 

 

[Hal Nail]

4 hours ago, Enterprisingwestern said:

I thankfully know nothing about this sort of thing

I hadn't realised any knowledge was required for posting on social media?

[Enterprisingwestern]

8 hours ago, Hal Nail said:

I hadn't realised any knowledge was required for posting on social media?

 

Well, you need to know where the keys are, although mine move every night and make posting very difficult.

Oh, and the ability to turn on the device comes in handy, although why some people bother I sometimes wonder!

 

Mike.

[Bernard Lamb]

11 hours ago, Jonboy said:

The reality is that you have to be able to prove that the particular items in stock relate to the unpaid invoices, and the only real way to do it is to print the order number on every item (or outer if the customer don’t unpack them immediately).
 

You also have to be incredibly quick off the mark to collect it at your expense…

Or you get a couple of the local neds to break in and recover the items for you.

It is even more difficult if the items are tools and equipment rather than goods for resale.

Don't ask how I know.😃

Benard

[hayfield]

18 hours ago, Michael Hodgson said:

Pretty much, yes, it's not that unusual although 5% is on the low side.  Insolvency's job is to pay the creditors as best they can, so they raise as much as they can as quicky as they can which often means "hold a fire sale" of stock and other tangible assets.  They can't take their time with it and hold out for better prices, their time is too expensive.  

 

 

 

 

There is a very big contradiction here

 

The Insolvency company is charged to raise as much funds as possible for the creditors, not the easiest and quickest way. However no one seemingly brings this method of a fire sale to account. The only people to benefit are the auditors and the business who buys the stock. I cannot see how this actually benefits any or the creditors 

[hayfield]

I remember many years ago the original owners/stand of Eileen's, a stand of cheap tools (many excellent quality) which were either end of lines or bankrupt stock. In those days they went down a storm. I still have this file

 

 

It cost me the same as a few other 6" small files which wore out many years ago

 

8 Years ago I went in to but some new files, the second cut and smooth were easy to buy, but the owner thought this is a jewellers polishing file and new ones were very expensive, now nothing wrong with Derek's stall as most items were normal stock, but the first stall gave me the impression it was buy it now as they were cheap to be sold on quickly

 

Still sad to see the demise of Eileen's as it was a one stop shop for those who like building 

[Michael Hodgson]

6 hours ago, hayfield said:

 

 

There is a very big contradiction here

 

The Insolvency company is charged to raise as much funds as possible for the creditors, not the easiest and quickest way. However no one seemingly brings this method of a fire sale to account. The only people to benefit are the auditors and the business who buys the stock. I cannot see how this actually benefits any or the creditors 

If administrators spend a lot of time on the disposal, the cost of their time is a charge on what they raise, so the creditors could get less.  It's a trade off between effort and proceeds available, and that's a judgement call.  If they can get another company to buy the whole business or significant parts of it minus its debts and keep it as a going concern that's often the best option, but that doesn't happen that often.  Failing that, they've got to sell residual assets individually - the premises is often the biggest realisable asset; other fixed assets such as equipment usually aren't worth much as they are appoprriate to the way the failed company did things, current assets tend not to be worth very much either, but if the stock can be sold en bloc to somebody that's usually better than spending time trying to sell off individual items piecemeal - but it's horses for courses.  If they auction stock, the proceeds they get are by definition at market price on the day - so they can't be held to account for failing to get as much as possible - and if as is often the casae nobody is much interested on the day, then they get very little for it.

[polybear]

4 minutes ago, hayfield said:

I remember many years ago the original owners/stand of Eileen's, a stand of cheap tools (many excellent quality) which were either end of lines or bankrupt stock. In those days they went down a storm. I still have this file

 

 

It cost me the same as a few other 6" small files which wore out many years ago

 

8 Years ago I went in to but some new files, the second cut and smooth were easy to buy, but the owner thought this is a jewellers polishing file and new ones were very expensive, now nothing wrong with Derek's stall as most items were normal stock, but the first stall gave me the impression it was buy it now as they were cheap to be sold on quickly

 

Still sad to see the demise of Eileen's as it was a one stop shop for those who like building 

 

I can only imagine that it's a Cut 6 (dead smooth) file:

 

https://www.cousinsuk.com/product/pillar-3-sides-1163?code=116346

 

https://bettsmetalsales.com/ordinairy-pillar-file-cut4-150mm

 

Not cheap; other shapes are available....

 

[hayfield]

13 hours ago, polybear said:

 

I can only imagine that it's a Cut 6 (dead smooth) file:

 

https://www.cousinsuk.com/product/pillar-3-sides-1163?code=116346

 

https://bettsmetalsales.com/ordinairy-pillar-file-cut4-150mm

 

Not cheap; other shapes are available....

 

 

I use it on finishing off NS rail ends, but no markings on the file to denote make of type. Visually much smother than a Vallorbe smooth file

[polybear]

3 hours ago, hayfield said:

 

I use it on finishing off NS rail ends, but no markings on the file to denote make of type. Visually much smother than a Vallorbe smooth file

 

A Vallorbe Smooth File (from the grades B@stard, 2nd Cut and Smooth) are typically Cut 3 (sometimes 4) - so a Cut 6 is much smoother (the smoothest grade - easy to find in Needle File sizes but less common with the larger files).

This link may help:

 

https://www.vallorbe.com/file.cfm?cmsfile=&contentid=5304

[Buhar]

Just popped onto Hobby Holidays' website and they say they're hopeful of being able to get hold of some of the Eileen's Emporium stock. However, the same page indicates a running down of the business and a determination to sell.

 

Not really good news.

[Compound2632]

4 minutes ago, Buhar said:

Just popped onto Hobby Holidays' website and they say they're hopeful of being able to get hold of some of the Eileen's Emporium stock.

 

As I read that, they're simply saying they carry many of the same items, or can obtain them, not that they have bought Eileen's stock: https://www.hobbyholidays.co.uk/.

[Buhar]

Either is possible, but I suspect you're closer.

[Bucoops]

59 minutes ago, Compound2632 said:

 

As I read that, they're simply saying they carry many of the same items, or can obtain them, not that they have bought Eileen's stock: https://www.hobbyholidays.co.uk/.

 

Ooh, 16BA nuts in stock. Payday too!

[JohnR]

On 25/02/2023 at 15:21, robertcwp said:

The Statement of Affairs has now been published on Companies House website here.

 

Looking at it, the business seemed to be carrying a lot of debt. Theres the £26k to Lloyds bank, but also the £46k of "Bounce Bank Loan".

 

I hope the other trade creditors, can cope with the losses listed there. 

[martin_wynne]

18 minutes ago, Bucoops said:

Ooh, 16BA nuts in stock. Payday too!

 

0.6mm and 0.8mm nuts available here:

 

https://prime-miniatures.co.uk/catalog/full-nuts-open/brass

 

Plus a big range of miniature fixings and parts.

 

Martin. (no connection)

 

[Bucoops]

2 hours ago, martin_wynne said:

 

0.6mm and 0.8mm nuts available here:

 

https://prime-miniatures.co.uk/catalog/full-nuts-open/brass

 

Plus a big range of miniature fixings and parts.

 

Martin. (no connection)

 

 

 

Thanks, I've had quite a few bits from them too. 16BA are perfect for Gresley turnbuckle underframes.

[polybear]

I received my first order today from Metalsmith - nice to deal with, fair prices and very well packed in a strong tube:

http://www.metalsmith.co.uk/metals-materials.htm

[Buhar]

I was looking to invest in a chassis jig and with Eileen's going that seems to be the end of the Avonside one. I then asked Phil at Hobby Holidays about the Master Chassis which isn't on the website at the moment. Phil tells me he's had a couple of enquiries and is considering producing some if there is sufficient interest. He's compiling a waiting list so from enlightened self-interest (I want one) anyone considering a purchase could drop Phil an email to  phil@hobbyholidays.co.uk

[hayfield]

2 hours ago, Buhar said:

I was looking to invest in a chassis jig and with Eileen's going that seems to be the end of the Avonside one. I then asked Phil at Hobby Holidays about the Master Chassis which isn't on the website at the moment. Phil tells me he's had a couple of enquiries and is considering producing some if there is sufficient interest. He's compiling a waiting list so from enlightened self-interest (I want one) anyone considering a purchase could drop Phil an email to  phil@hobbyholidays.co.uk

 

 

I have one and it is a super piece of equipment, I feel very lucky in getting one.

 

Its for the serial kit builder and I now wonder how I ever built a square chassis before. One thing I was able to do was to rebuild a chassis, which had basically been wrecked by a failed attempt to build then adjust it. 

 

Simply if you can afford one buy one if they become available

 

One word to Phil, perhaps offering a version without the roiling road attachments, this may help to keep production costs down

Edited March 4, 2023 by hayfield

[Compound2632]

On 25/02/2023 at 16:37, Compound2632 said:

A knock on effect: ordering some etched components of Bill Bedford design from Wizard Models, I learn from Andrew Hartshorne that his stock was manufactured by (or perhaps for) Eileens...

 

Indeed the etched brake levers I ordered from Wizard came in Eileens packaging.

[Derek Russan]

Some of the stock has now been put up for auction at the end of the month.

See https://ams.uk/catalogue.cgi?preview=y&auction=2303

 

This is all I know so no questions please.

[Human8984]

Does anyone know any where to  get a large quantity of Gibson wagon and coach wheels from without having to go to gibson themselves? 

[Wellyboots]

5 minutes ago, Human8984 said:

Does anyone know any where to  get a large quantity of Gibson wagon and coach wheels from without having to go to gibson themselves? 

 

Wizard Models have their own range of wheels, don't know who makes them but they look like Gibson's

 

Wizard Models Wheel Range.

Edited March 20, 2023 by Wellyboots