Info Aqualung Financial Troubles

[BoltSnap]

I spent the last 20 years doing this type work

What type of work specifically please?

 

[thomschoon]

What type of work specifically please?

Restructuring, rebuilding, improvement in companies owned by PE as well as publicly held. Usually companies bring in a team to do the analysis and build a recovery plan. The implementation is the fun part.

 

[LandonL]

I.e. to allow the lender to take over Apeks? (which was used as a collateral if I understand correctly)

Why would they try to 'take over' a company they already own?

 

[makar0n]

Why would they try to 'take over' a company they already own?

Eeerm I thought loan is backed by Glas SAS? Are they part of Barings as well? Sorry, lost in this corporate world
Just sounds weird, guy signs the loan then bails out.

 

[USdiver1]

Sorry, lost in this corporate world
Just sounds weird, guy signs the loan then bails out.

He needed to fund his golden parachute.

 

[cerich]

He needed to fund his golden parachute.

Much more likely he was told then then let go.

New owners, new management.

Obviously what was happening wasn't working. However, to anyone that thinks Barings will be able to just parachute some new turn around experts in because they are Barings, give head a shake. Montagu is a well funded PE firm that also does it and they have left cupboards bare.

Barings does $$$, and their ability to use Apeks to get a euro 25 million loan when Apeks is only a 15 mil per annum company with sales down 50% and bleeding money is a miracle that shows their chops in that primary function. However, Al groups cash flow isn't enough to service debt, 25 million not enough to even get 6 months of breathing room.

I would be seriously impressed if they can save AL, shocked if Apeks isn't gone , either gone gone or IP bought (nobody in right mind would buy company and assume the debts)

 

[formernuke]

Interesting being that apeks just got a large us military contract.

 

[runsongas]

I don't see Apeks going away. If anything, it will just get moved out of the UK to consolidate with the rest of the AL reg lineup manufacturing somewhere cheaper like a lower cost portion of the EU or Taiwan.

 

[TylerG.]

I don't see Apeks going away. If anything, it will just get moved out of the UK to consolidate with the rest of the AL reg lineup manufacturing somewhere cheaper like a lower cost portion of the EU or Taiwan.

Surely...

 

[iain/hsm]

@iain/hsm I was unaware they still had any patents? thought all had long expired by now.

Which brings up the interesting question, what intellectual property do they still have besides the trademarks?

Hi Landon.

Good point. I keep forgetting we are two nations divided by a common language.
By patent life what we mean is that they are still running using the same old patent design for even the latest models. Further more the self same spares kits are used on pretty much the entire range.

If the high profit margins they offer to the dive shops can remain high then they will continue to sell to the numpty diver is about as far as the thinking goes but one day soon this old design will at some point become a factor with new divers with the ever increasing cost for what is in effect a cosmetic cover on an old dog.

The patent is gone I agree but there is still some life in the patent design for a small time at least.
Besides they have nothing else to offer except a woke recycled plastic option in a vain hope of saving the Ocean and the planet for the scuba tourists and a first and second stage box top with a fish and shells engraved on it for the purpose I have yet to comprehend.

The last investment Apeks made at the factory was an environmentally safe metal plating contraption costing ten times what the last on cost and peels more chrome off than peeling an orange. Iain