Have I been f#@ked over by BSC bike store melbourne going bust ?

M

Mountainlessman

Squid
I wish I had a pitch fork!

Stole my thunder but If you have been caught in the BSC closure rockshow here is the latest info. Basically all the suppliers and distributors reclaimed the stock the day after the close. A liquidator has been appointed G.S. Andrews and Associates in Melbourne Ph:03 9662 2666. Ring them tell them your story and get added to the list of creditors that will likely get Sweet FA.

The owner of BSC Peter Hess is saying that St Kilda Cycles (the next tenant of the Brunswick St store) will look after you re lay-by etc. Having spoken to St Kilda Cycles I have been informed by their management that this is false and what Mr Hess is saying could be spread on your vegetables as fertilizer (my opinion not theirs). PM me if you more specifics.

Sorry to be the bearer of bad news. Being a large believer in kharma I hope that Mr Hess gets done to him what he has done to the customers that supported his store and he happily took their hard earned while the titanic continued to sink. Thanks Pete!

Cheers
 
mtb101

mtb101

Likes Bikes and Dirt
Mountainlessman said:
Stole my thunder but If you have been caught in the BSC closure rockshow here is the latest info. Basically all the suppliers and distributors reclaimed the stock the day after the close. A liquidator has been appointed G.S. Andrews and Associates in Melbourne Ph:03 9662 2666. Ring them tell them your story and get added to the list of creditors that will likely get Sweet FA.

The owner of BSC Peter Hess is saying that St Kilda Cycles (the next tenant of the Brunswick St store) will look after you re lay-by etc. Having spoken to St Kilda Cycles I have been informed by their management that this is false and what Mr Hess is saying could be spread on your vegetables as fertilizer (my opinion not theirs). PM me if you more specifics.

Sorry to be the bearer of bad news. Being a large believer in kharma I hope that Mr Hess gets done to him what he has done to the customers that supported his store and he happily took their hard earned while the titanic continued to sink. Thanks Pete!

Cheers
Click to expand...
interesting the story keeps developing ... I would now be finding out where Mr Mess lives and visiting him regularly until he coughs up my money. Can't see any other way of getting back the $1200 otherwise.
 
jbg

jbg

Likes Dirt
I think it's highly unlikely that we will see any return of bikes or money from Peter Hess or Bsc, pretty much down to the pulling power of the Commonwealth bank now.
I have been told by a very very reliable source that Bsc was in major trouble for months well before any of us purchased our products. The general manager and store managers were fully aware of the financial situation of the group and should have been in a "wind down phase" which basically means selling all the existing stock, continuing with bike repairs to pay out the suppliers and then close the doors. They shouldn't have taken orders or lay buys.

I guess that it's human nature to hang on and survive thinking that buy taking peoples money they might claw back, but these guys were dead in the water last year.

The guys from St Kilda cycles have taken over the bruswick store and they seem like good guys so best of luck too them and will be sure to check out their new store.

Had a look at Yucca cycles store (still under construction) and it is a pretty darn big store! looks to be bigger than QV in fact.
Got a peak through the gaps in the window and it looks like they have some of the BSc shop fittings too including signage from the Elizabeth st store.

Anyway, going to the creditors meeting next friday.............see what happens!
 
L

Loneryda

Likes Bikes
Even heard about it all the way up here, can't give names or anything but I know of a someone who is out of pocket BIG.
 
ADD

ADD

Likes Dirt
Just heard a bit of info from someone in the industry and I won't say much but maaaaan! How did he end up owing so many companies so much money? Massive amounts! insane! What a knob!
 
John U

John U

MTB Precision
The blokes from St Kilda Cycles are top notch. Good luck to them. Hope it goes well for them.
 
L

Loneryda

Likes Bikes
Yeah there's a bloke up here, different industry, he was running 4 businesses, he'd take the money from 1 put it into another when he had to pay his bills, drove around in a mercdeces, didn't pay his workers, sucked in heaps of ma & pa investors in property, went belly up owed nearly 30 million dollars, payed no-one back and guess what - still in business, still got HIS house, while people lost everything. I still do not believe the staff din't know, How can you work in a business/store and not know whats going on ? I've been a customer at places where I've picked up they were going belly up just from being a customer let alone an employee. Some one here is lying......I'm not saying every staff member knew but I would be shocked if most didn't.
 
A

A.G.Thomas

Banned
Liquidators BSC

From the liquidators.
Assets $388,869
Creditors (unsecured) $2,675,615
Preferred creditors $31,775
Partly secured nett after security taken $$22,009

DEFICIENCY IS -$2,715,4612. Lotsa lotsa group sets and companies and people who lose. Think of the people employed by the companies owed money who have lost money - will they lose their jobs?

Employees are owed $31,776 plus super $8,070. Heck names and addresses available and a Peter Hess listed as owed $1,366.- secured
Lessee's owed $123,052.

UNSECURED CREDITORS' claims:-
A selection I found interesting.
HESS FAMILY TRUST $333,331 - owners do put their money in also I guess.
ANZ Bank $75,000 Citibank $55,500 Commonwealth Bank $93,800 NAB $165,000 Westpac $66,000 Virgin Money $16,000.
My experience tells me that so many banks is indicative of not one being able to give enough funds and I wonder how you convince all of them that the business is fantastic?

Apollo Bikes $56,959
Avanti $205,417
Csg Cycling Sports Group (Cannondale I believe) $693,166 OUCH!
Derby Cycles Australia (Focus Bikes?) $179,169
Dirtworks $5,910 Small change well done.
Diggari $76,537 (Allegro bikes)
Garmin $20,000
Jet Black $ 71,158
ATO $68,435
BBB Australia $87 - smart operators eh!
Bike Box $88,975
Monza $9,122
Shimano $59,427
Southcott (Felt) $14,920
Sola Sport (Netti) $50,696
Yeti $17,901.
Many well known names and BIG amounts - lets not forget all the little guys also - there are lot of them. The flow though to MTB sponsorships, clubs, employees ........ huge.
Creditors meeting details are Institute of Chartered Accountants Level 3, 600 Bourke Street Melbourne, 13th July 2012 at 11:00am. Friday the 13th - don't expect to see an owner present.
 
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DW-1

DW-1

Dirt Works
A.G.Thomas said:
From the liquidators.

Dirtworks $5,910 Small change well done.
Click to expand...
I'm utterly amazed at the depth of the losses that most of the other suppliers and banks have taken. Quite scary really... more so in that the staff are owed money.

Elvis.
very relieved...
 
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C

Cycle Technic

Likes Bikes
DW-1 said:
actually our Vic guy reclaimed a whole bunch of Surly chainrings and assorted small stuff. So the end result for DW is that we're still owed... $25.43

I'm utterly amazed at the depth of the losses that most of the other suppliers and banks have taken. Quite scary really... more so in that the staff are owed money.

Elvis.
very relieved...
Click to expand...
This is huge money. The number of different suppliers makes it look like when one supplier stopped supplying due to credit issues, they approached another supplier for a dealership of a different brand of product. I guess when you're talking about a business, the individual at the top always wants to believe that their baby will be able to survive through the rough patch and can selectively ignore the warning signs until it all goes...pop.

Remember when Borders shut down all its shops a couple of years ago? A much much bigger operator, none of the staff knew then, same with WOW sight and sound.

CT
 
DeBloot

DeBloot

Feeling old
bloody Norah - 693 g's to CSG
It's gotta hurt no matter how big - staggering it was allowed to run so high

Oh well, Hess shouldn't be allowed to run a company for 7 years once declared bankrupt
good thing too
never a nice thing to lose one's company and livelihood, but some serious incompetence must have gone on there

Bit rich to blame online shopping etc for his woes
 
S

Stew41

Likes Bikes
A.G.Thomas said:
From the liquidators.
Assets $388,869
Creditors (unsecured) $2,675,615
Preferred creditors $31,775
Partly secured nett after security taken $$22,009

DEFICIENCY IS -$2,715,4612. Lotsa lotsa group sets and companies and people who lose. Think of the people employed by the companies owed money who have lost money - will they lose their jobs?

Employees are owed $31,776 plus super $8,070. Heck names and addresses available and a Peter Hess listed as owed $1,366.- secured
Lessee's owed $123,052.

UNSECURED CREDITORS' claims:-
A selection I found interesting.
HESS FAMILY TRUST $333,331 - owners do put their money in also I guess.
ANZ Bank $75,000 Citibank $55,500 Commonwealth Bank $93,800 NAB $165,000 Westpac $66,000 Virgin Money $16,000.
My experience tells me that so many banks is indicative of not one being able to give enough funds and I wonder how you convince all of them that the business is fantastic?

Apollo Bikes $56,959
Avanti $205,417
Csg Cycling Sports Group (Cannondale I believe) $693,166 OUCH!
Derby Cycles Australia (Focus Bikes?) $179,169
Dirtworks $5,910 Small change well done.
Diggari $76,537 (Allegro bikes)
Garmin $20,000
Jet Black $ 71,158
ATO $68,435
BBB Australia $87 - smart operators eh!
Bike Box $88,975
Monza $9,122
Shimano $59,427
Southcott (Felt) $14,920
Sola Sport (Netti) $50,696
Yeti $17,901.
Many well known names and BIG amounts - lets not forget all the little guys also - there are lot of them. The flow though to MTB sponsorships, clubs, employees ........ huge.
Creditors meeting details are Institute of Chartered Accountants Level 3, 600 Bourke Street Melbourne, 13th July 2012 at 11:00am. Friday the 13th - don't expect to see an owner present.
Click to expand...
Good pick-up on the number of banks. I'm a corporate banker by trade and I would have thought a business of this size would be sole banked, not by every single major. Looks they had to start hopping around to other financiers once the original bank got wind of the poor performance. Virgin Money may well have been a credit card exposure and if so maybe an indication of how bu$#@$ liquidity was near the end.
 
L

Loneryda

Likes Bikes
Staggering......I was told an amount and it was right on the money (guess which amount.) There are some really good people wrapped up in this NO DOUBT ! where did all the money go????? Look at like Focus bikes, they just started out last year didnt they? and CSG, I have had dealings (work) withem they're pretty good to deal with. Dirt Works $5910 ?? I reckon he probably bought himself a new bike ! I dislike very much working and getting ripped by an employer. It happens a lot, it's a real sh@t
 
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jbg

jbg

Likes Dirt
Stew41 said:
Good pick-up on the number of banks. I'm a corporate banker by trade and I would have thought a business of this size would be sole banked, not by every single major. Looks they had to start hopping around to other financiers once the original bank got wind of the poor performance. Virgin Money may well have been a credit card exposure and if so maybe an indication of how bu$#@$ liquidity was near the end.
Click to expand...
I thought that was just from people like my self who bank through commonwealth anz etc that have lodged disputes with credit cards??
 
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