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Wyndeham: Iceland's Landsbanki collapse not affecting operations
Wyndeham Press Group has said that the business does have access to funding facilities and "continues to operate normally" following the collapse of its leading lender Landsbanki.
The Icelandic bank was yesterday transferred into government supervision and given creditor protection, leading to a reported freeze on UK deposits in the bank's retail operation Icesave.
However, Wyndeham has said this freeze does not apply to its facilities to which it continues to have access.
Paul Utting, chief executive of Wyndeham, said: "These changes in the Icelandic banking system are intended to have a stabilising effect; however, as we see in the media each day, there appears to be little forward visibility in any part of the global banking community.
"Despite this, we can confirm that the group continues to operate normally and as stated last week, our priority remains meeting the requirements of our customers."
See also:
- Iceland nationalises Wyndeham shareholder Landsbanki
- Wyndeham boss states "business as usual" after investor collapse
- Blog: What a week for Wyndeham, and it's only Tuesday
Utting: our priority is meeting customer requirements
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Comments
Trevor Long - 08 October 2008
Hemm this is all very confusing. Rumors suggest one thing and then Mr Utting suggests the opposite. Then days later the rumors turn out to be true. I do hope this is the truth and the jobs and lively hoods in question or indeed safe.
Brendan Lee - 08 October 2008
Would somebody please explain what on Earth a "LIVELY HOOD" is. A wriggly yobbo perhaps?
Bobo Clawtoe - 08 October 2008
[Edited]
david richardson - 08 October 2008
'Wyndehams main bank Landsbanki is a strongly capitalised institution with considerable liquidity and a strong credit rating' Said Paul Utting last week, this I presume we were all supposed to believe. Now the line trotted out is that is that there is very little forward visibility in the banking community. I think Mr Utting should look a little closer to home and realise that stabilising something built on foundations of sand is extreemly difficult and not accomplished with fine reassuring words.
Still every cloud has a silver lining, at least Polestar will get Wyndeham a lot cheaper than they may have done previously ! Lets hope that they don't get as big a shock as the Icelandics did when they actually discovered what they had bought !
Mr Economics - 08 October 2008
I'm just hoping there will be enough in the pot left over for me to A: Get paid at the end of the month and B: Get some sort of redundancy package out of them for all the hours I've put in over the years. Wyndehams took what was once great \(Argent) and buried it in poor middle management. And now we are learning that this stems from the top with topsy turvy statements from 'The man himself'. [edited]
Daniel Levi - 09 October 2008
[removed on request of author]
Mr Economics - 09 October 2008
Thanking you Mr Levi for your thoughts, im sure i won't be the only one heading down the stairs come the end of days. Although I must say I don't think any of your comments are very positive, do like the Iceberg comment though, glorious description of what's happening. If you must excuse me though I have to head off to work, that's if the gates are still open for business because today is another day - one step at a time people, one step at a time.
Jack Sheperd - 09 October 2008
The biggest problem is not Utting its the whole management team after all who makes the policy.
Lets just explore the acquisition policy and look at Blackitts of North Weald purchased for circa £3.5m relocated to Luton and closed down 2 years later.
What a great use of shareholders money that was.
Sure Paul Utting is not a great leader but the rest of the management team need to look at themselves too.
Mr Economics - 09 October 2008
You are indeed very sharp Mr Shepherd, I can - and i'll probably get hung out to dry for saying so, but I can state that this place has not been the same since Mr Fitzpatrick got his 'Consolidatory hands' on it, an ex mac-op does not management potential make, and it's showing far and wide. We spent thousands refurbishing our old offices just to find out we were to move?! Nothing like throwing good money after bad, and you should see where we're 'holed up' now! It is not a glamourous outfit I can assure you
Ben Dover - 24 October 2008
Once upon a time there was a man, and that man had a dream!
He dreamt of taking over a section of the St Ives company and making it his own.
That man was Tony Austen and he went forth and built upon his dream and thus Argent was formed!
In the beginning there was Tony Austen and he created Argent. Argent grew and grew and grew and Lo! the word doth spread far and wide, Argent was the name of repro, spread the word.
Tony Austen was a hard man, he was loved and hated in equal measure \(actually mostly hated) but years later after his creation was sold to the evil Wyndeham empire the word was heard far and wide again....
"come back Tony, all is forgiven"
How can one failed company \(Graphic Fatalities) keep alive the very management team that hemorrhaged money as if it was going out of fashion and merge them \(under the Wyndeham flag) with the obviously successful team that was Argent only to have the managers that failed with Graphics run the roost and replace all and any staff, management and directors with the same 'old-school' bullyboy, yes-men alcoholics that were instrumental in the under-achievement of their original companies?
Anyone interested in a quick joke?
\(no I wasn't going to say Wyndeham!... but that's a good one)
Q) How do you turn success into failure overnight?
A) take over Argent and run it with the wrong management!
Yes there are outside factors that have influenced things recently but they have occurred long after the damage was done by the new regime!
Still.... anyone for a quick drink or seven \(it's on the company credit-cards after all!)
Bobo Clawtoe - 17 November 2008
Was it something i said????
:)
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