Radius Shopfitters & Next retail

Next retail bail out directors of a company http://www.radiusinteriors.co.uk/cgi-sys/suspendedpage.cgi went in to liquidation,

After Next knowingly knew that many companies went under due to Radius going bankrupt they ask other trades to turn a blind eye to the loses they have encountered and support Next with helping Radius relaunch, Next planning to keep this under the radar, had caused trades to ask if you bail Radius out then bail the trades and the jobs radius caused due to poor management

Radius Interiors/shop fitters left Debts of over 2 million to trades if Next Retail bail them out shouldn't they bail out other trades ??

The share holders and more don't know of this underhanded conduct

Now rebranded as Radius Shopfitters Don't supply to them unless its on a pro forma grounds of trade

Gobsmacked, it seems that you do not have the full facts of this situation.
Radius were bought out by a group called ESTRELLA approx 1.5 years ago. It is Estrella that was in debt, NOT Radius.

Out of the group of 6 companies that Estrella owned, only Radius was profitable. It is because the other 5 companies were trading at a loss, that the Group as a whole went under.

Radius was actually £2m in credit at the time. HSBC bank used the funds in Radius bank account to wipe out the MASSIVE debts of Estrella Group.

Radius was a solvent company and has never had a business loan or overdraft in all its 25 years of trading. They have built up a relationship of trust and excellent service levels with Next. THIS IS WHY Next want to continue working with them.


Get your facts right.

Gobsmacked said:

Next retail bail out directors of a company http://www.radiusinteriors.co.uk/cgi-sys/suspendedpage.cgi went in to liquidation,

After Next knowingly knew that many companies went under due to Radius going bankrupt they ask other trades to turn a blind eye to the loses they have encountered and support Next with helping Radius relaunch, Next planning to keep this under the radar, had caused trades to ask if you bail Radius out then bail the trades and the jobs radius caused due to poor management

Radius Interiors/shop fitters left Debts of over 2 million to trades if Next Retail bail them out shouldn't they bail out other trades ??

The share holders and more don't know of this underhanded conduct

Now rebranded as Radius Shopfitters Don't supply to them unless its on a pro forma grounds of trade

Click to expand...

gobsmacked

i assume you were one of many contractors like me who worked for radius owned by astrella?

i understand your anger and frustration on this matter, as i am in the same boat as you mate, maybe you lost money like me and maybe your business, but i would suggest that you have a look a little deeper into what actually happened to radius!

radius as pointed out by others commenting were owned by the astrella group based in dudley.

estrella consisted of 8 companies, these companies were basically trading on a loss or very little profit, with radius being a profitalbe business.

the group had massive debts including the bank, from what i hear from a good source,the bank basically stopped the funding and the 2million plus radius had in the bank was taken by the bank leaving them with £0.00p, all the direct employees, contractors, including myself were as normal due to be paid out of this 2million.
before the administrator was appointed, the owner decided to strip radius of all there assets to pay massive group debts without the sharholders even knowing, i.e selling off the building radius traded from and the land it stood on. (not illegal just very emorral)

radius employees were not aware of this situation, as site workers were all over the contry working nights and days, radius had many jobs in the pipeline and i had orders, i never had any sign of this happening, if i did there is no way i would of accepted the value of the orders placed, and i have worked for them and been paid ontime from day 1 regardless of value.


From what i have heard, but dont really know how true this is, next had held back monies owed to radius for around 500k for final accounts, and there is a rumour that they are going to try and pay worst hit contractors out of this dependent on the administrator!

regard to next backing radius, surely this is a good thing, at least it generates work for people like me and you that need it to overcome the money lost.....

regards the proforma basis...

i would assume that the owners of the new radius would appreciate the situation that it left contractors in, and that to a point would carry the dark cloud of being assosiated with radius interiors due to there newly formed name.

maybe next/radius will be willing to provide an early interim to contractors willing to work for radius, i personally would, as i dont hold any of the radius shareholders responsible for what happened apart from that **** mr hayes and co.

so i suppose its upto you on how you see things,but this is how i see it.

best of luck going forward!!

Informed Writer said:

Gobsmacked, it seems that you do not have the full facts of this situation.
Radius were bought out by a group called ESTRELLA approx 1.5 years ago. It is Estrella that was in debt, NOT Radius.

Out of the group of 6 companies that Estrella owned, only Radius was profitable. It is because the other 5 companies were trading at a loss, that the Group as a whole went under.

Radius was actually £2m in credit at the time. HSBC bank used the funds in Radius bank account to wipe out the MASSIVE debts of Estrella Group.

Radius was a solvent company and has never had a business loan or overdraft in all its 25 years of trading. They have built up a relationship of trust and excellent service levels with Next. THIS IS WHY Next want to continue working with them.


Get your facts right.

Click to expand...

Hi I saw the article relating to Radius and Next Retail. I was wondering how much a shop fit costs to do for a Next shop. Do you know or does anyone else have any idea? Thanks