What went wrong with Direct Golf

[vkurup]

Looks like a bit of an accounting issue.. small case of a missing £14m... Link to an external site
http://www.golfpunkhq.com/news/article/direct-golf-investigation-launched

 

[Deleted member 15344]

Ashley got involved

 

[HomerJSimpson]

Looks like a bit of an accounting issue.. small case of a missing £14m... Link to an external site
http://www.golfpunkhq.com/news/article/direct-golf-investigation-launched

Will be interesting to see the outcome and the full scale of the cover up. I wonder if Ashley would have been so quick to pounce had he known the full story from the outset. Probably!!!

 

[One Planer]

Ashley got involved

Pretty much sums it up.

 

[Fish]

Ashley got involved

Pretty much sums it up.

If anything it's totally the opposite, as the report states, Ashley has done everything to safeguard jobs, if you understood the business decision taken, he didn't need to do a pre-pack and buy anything, he could have let the whole thing go fully into liquidation and be wiped out and almost start again, but he didn't, OK that's still a very good decision for him but all the accounting irregularities were well in advance of Ashleys involvement and even his capital into the business when he believed it was in better shape that it actually was, that is why when he got wind of worse results he changed the locks on some buildings.

I think to infer he has or had anything to do with the content in the OP's post is bordering on libel and defamation of character..

 

[user2010]

Looks like John Andrew isn`t as squeaky clean as he would like us all to believe he is.:mmm:

 

[351DRIVER]

The impression I get is that people might find there way to jail on the back of this, trading whilst insolvent, not disclosing debts to creditors, accepting investments and squandering millions before revealing that the business was bankrupt.

I am staying tuned for sure

 

[Tashyboy]

The impression I get is that people might find there way to jail on the back of this, trading whilst insolvent, not disclosing debts to creditors, accepting investments and squandering millions before revealing that the business was bankrupt.

I am staying tuned for sure

Sorry I thought we were talking about UK coal not direct golf. They were trading the day before they knew they were going bust. UK Coal ordered about 10 k worth of printing stuff from a local small firm the day before it went bust knowing full well they were not going to pay. The company nearly went bust. They called at the pit to pick up there stuff and was told "another company that has gone bust ordered it and we cannot give it back". The guy was livid and got a bit physical. He was told if he does not leave the police will be called. He said if he does not get his stuff back you will need to call an ambulance as well. He got half his stuff back. Tossers.
Ave a feeling that direct golf are not the only ones who have been naughty.

 

[Alex1975]

saying: “I’m not to blame for any of this and I’ve looked back at what’s happened and I don’t know what else I could have done.”.......

Hmmm....

 

[ChrisB0210]

What went wrong? Good question, but with £14m missing/not able to be accounted for, it appears that either there was a monumental cock up with the accounts or someone has very deep pockets and a mattress that is now sitting higher than it previously did!

In all honesty, I don't think the full story will be known until the investigation is complete. I know a few of the local DG lads and they're all positive about SD's ownership and the changes implemented to date.

 

[Jimaroid]

Time will tell. I'm skeptical that Sports Direct are the white knights in all this.

The Guardian has been tearing them to pieces with various exposés this week. It's been making interesting reading. http://www.theguardian.com/business...irect-stripped-usc-assets-before-it-collapsed

 

[HomerJSimpson]

Time will tell. I'm skeptical that Sports Direct are the white knights in all this.

The Guardian has been tearing them to pieces with various exposés this week. It's been making interesting reading. http://www.theguardian.com/business...irect-stripped-usc-assets-before-it-collapsed

Very interesting reading

 

[beggsy]

Full of sports direct rubbish and soon then

 

[Oddsocks]

I'm interested to know just how many high street brands are under Ashley

 

[Scotty Cameron]

Pleased I got my stock of balls last month when they were on special offer.

I can see the administrators making a huge sum of money from this, they always do. We had a company go bust on us, a year later the administrators sent us a letter saying there were no assets to pay anybody, BUT, there fees came to ...... £45,000. Can you believe that.

 

[power fade]

What went wrong? Good question, but with £14m missing/not able to be accounted for, it appears that either there was a monumental cock up with the accounts or someone has very deep pockets and a mattress that is now sitting higher than it previously did!

In all honesty, I don't think the full story will be known until the investigation is complete. I know a few of the local DG lads and they're all positive about SD's ownership and the changes implemented to date.

Hopefully fat Mike will look after staff. If SD is anything to go by then they should expect zero hours contracts, strip searches and crap options when customers try and return their goods.

 

[HomerJSimpson]

Full of sports direct rubbish and soon then

I went to Lilywhites in London recently. Used to be THE sports shop in London and remember losing hours looking on every floor. Now a glorified jumble sale under the SD banner. Sad to see

 

[Alex1975]

Pleased I got my stock of balls last month when they were on special offer.

I can see the administrators making a huge sum of money from this, they always do. We had a company go bust on us, a year later the administrators sent us a letter saying there were no assets to pay anybody, BUT, there fees came to ...... £45,000. Can you believe that.

Hu? They have to make a living....

 

[Foxholer]

Ashley got involved

Mike Ashley (certainly now) specialises in investing in and acquiring companies/brands that are already in trouble and 'sorting them out' by one method or another. So to blame Ashley for what went wrong is to do him a serious injustice.

Direct Golf was almost certainly in trouble before Ashley got involved!

 

[Fish]

Mike Ashley (certainly now) specialises in investing in and acquiring companies/brands that are already in trouble and 'sorting them out' by one method or another. So to blame Ashley for what went wrong is to do him a serious injustice.

Direct Golf was almost certainly in trouble before Ashley got involved!

And as I stated earlier, all these accounting irregularities look like they've been going on for years well before any MA involvement, but everyone likes to have a pop at MA.

There's only 1 main person responsible both directly & indirectly and that's Andrews, he's signed off all the annual accounts which at face value now all like they were doctored and massaged to carry on trading and lure an investor in looking for captital, but to choose MA thinking he wouldn't find out is neive of the highest order!