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it's been carrying a lot of debt for a long time; a good decade or so.

However, after a major loss in 2011 led to a change of board, the company was back in profit by 2016/17, but instead of paying off its debt it chose to pay a large dividend to shareholders.

however, a long series of "one off disasters", volcanic eruption, hot weather, oil price rises, currency fluctuations, on-going tory government meant that eventaully they weren't able to service their debt. So the board gives themselves a big payoff and then declare bankruptcy.

Capitalism working as designed

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Sun Sep 29th, 2019 at 05:09:47 PM EST
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