Powakaddy in Administration????

[Warbur]

I've heard some strong rumours that powakaddy went into administration last week - allegedly with debts of £10M. Rumour has it that some new investors have come in but this does seem to tie-in with a news item on the GM website yesterday - http://www.golf-monthly.co.uk/tours-and-news/industry/530387/powakaddy-under-new-ownership.html

 

[Alex1975]

I have had a look at the credit reports and if you are not correct you are not far off. The report makes for nasty reading and I would not lend them any money....

 

[DCB]

Need to keep to the facts gents, can't go on rumour and hearsay.

 

[Warbur]

Need to keep to the facts gents, can't go on rumour and hearsay.

I couldn't agree more, which is why I googled and found the GM news report that was posted yesterday before I started the thread.

I've heard this from a Powakaddy distributor that has posted on facebook about the story. The latest post ties-in fully with the GM story that the former owner has bought-back the company.

Like Alex1975 I have run their accounts (they're public records) and they don't make for good reading.

I'm not a Powakaddy owner but here's hoping that he can return the company back to where it was a few years ago.

 

[Alex1975]

Need to keep to the facts gents, can't go on rumour and hearsay.

Posted some facts but they were removed. To be clear I did not post anything that is not in the public domine. Not sure why they would have been removed but I would guess that a witch hunt is maybe not the best thing for a publication owned forum.

 

[HomerJSimpson]

When HID was working in a golf club Powakaddy had a horrendous reputation within the pro shop for reliability and customer service. I have been put off as a result and would look at GK or Motocaddy if I change

 

[Minhoca]

Shocking.. I thought they were rising towards the FTSE 100 with the amount I see on the course

 

[GB72]

Big leap of reasoning here but I have just read the GM article and it may be that powakaddy and go kart are now connected. Bear with me on this . One of the buyers was David catford which is the same surname as sandy who is a director of go kart and posts on here. Now I believe that go kart were set up by people from one of the big manufacturers and that fits the description of the new owners of powakaddy. Could be wrong but sort of adds up

 

[One Planer]

Big leap of reasoning here but I have just read the GM article and it may be that powakaddy and go kart are now connected. Bear with me on this . One of the buyers was David catford which is the same surname as sandy who is a director of go kart and posts on here. Now I believe that go kart were set up by people from one of the big manufacturers and that fits the description of the new owners of powakaddy. Could be wrong but sort of adds up

... There's just one thing that bothers me :rofl:

 

[StrangelyBrown]

Isn't the title a tad misleading?

It seems they're under new ownership, rather than being in administration.

Also, my PK has been a paragon of reliability