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Crawshaw Group plc enters administration

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
Kidman
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Crawshaw Group plc enters administration

#178166

Postby Kidman » November 5th, 2018, 9:58 am

According to City AM, Crawshaw Group plc has closed about two thirds of its operations and entered administration.

The names of the company rang bells for me as a VCT investment and looking at the 2016 list of shareholders I find Hargreave Hale, Unicorn and LivingBridge as potential VCT holders. Other asset manager shareholders include Black Rock, Arrowgrass, Schroder and Hargreaves Lansdown.

I note that the Crawshaw holding has already been written down over recent periods in the Baronsmead VCTs but there will probably be a small further write-off of 0.1% for BVT and 0.3% for BMD. I haven't looked into the others.

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Re: Crawshaw Group plc enters administration

#178181

Postby Dod101 » November 5th, 2018, 10:44 am

It is all on the Crawshaw website. Fireworks are quite appropriate for today but it looks as if they are hopeful of selling the remaining parts still trading.

Dopd

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Re: Crawshaw Group plc enters administration

#178361

Postby Lootman » November 6th, 2018, 2:38 am

I've been buying shares since 1982 and this is the first time I have suffered a near-total or total loss. So I figure I've been luckier than many and my time was due.

The sad part is that it was in my ISA so I can't even use the loss for CGT purposes.

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Re: Crawshaw Group plc enters administration

#181912

Postby PinkDalek » November 21st, 2018, 12:42 pm

Found this 'topic' on the VCT board but whatever.

Lootman wrote:I've been buying shares since 1982 and this is the first time I have suffered a near-total or total loss. So I figure I've been luckier than many and my time was due.

The sad part is that it was in my ISA so I can't even use the loss for CGT purposes.


https://beta.companieshouse.gov.uk/comp ... ng-history
21 Nov 2018
Appointment of an administrator
now filed but effective 2 November 2018. Ernst & Young, Leeds.

When the holding is forceably moved from your ISA to your share dealing account, it will be interesting to see what value is ascribed to the holding. The price at suspension was 2p I recall, as evidenced here:

https://www.londonstockexchange.com/exc ... ml?lang=en

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Re: Crawshaw Group plc enters administration

#181969

Postby Lootman » November 21st, 2018, 4:21 pm

PinkDalek wrote:Found this 'topic' on the VCT board but whatever.

Lootman wrote:I've been buying shares since 1982 and this is the first time I have suffered a near-total or total loss. So I figure I've been luckier than many and my time was due.

The sad part is that it was in my ISA so I can't even use the loss for CGT purposes.

https://beta.companieshouse.gov.uk/comp ... ng-history
21 Nov 2018
Appointment of an administrator
now filed but effective 2 November 2018. Ernst & Young, Leeds.

When the holding is forceably moved from your ISA to your share dealing account, it will be interesting to see what value is ascribed to the holding. The price at suspension was 2p I recall, as evidenced here:

https://www.londonstockexchange.com/exc ... ml?lang=en

Yes, I guess it will be moved. Hasn't happened yet. Luckily I have a taxable account with the same broker as the ISA, so it will be easier. Otherwise I'm not sure what the broker would do - certify it and send it to me? Open a taxable account for me just for this holding?

But the cost basis will presumably be no more than 2p in the destination account, so it won't help me take the loss for CGT purposes anyway.

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Re: Crawshaw Group plc enters administration

#181983

Postby PinkDalek » November 21st, 2018, 5:00 pm

Lootman wrote:Yes, I guess it will be moved. Hasn't happened yet. Luckily I have a taxable account with the same broker as the ISA, so it will be easier. Otherwise I'm not sure what the broker would do - certify it and send it to me? Open a taxable account for me just for this holding?


My broker's corporate action notice included:

As a result, the Cancellation is expected to become effective on or around 5th December 2018. Crawshaw shares remain suspended from trading in the interim.

After the Cancellation, as Crawshaw shares would no longer be listed on a Recognised Exchange, they would no longer qualify to be held within an ISA product. As such, should you hold these shares within an ISA, we will transfer your Crawshaw Group shares to your Share Dealing Account 14 calendar days after the Cancellation. If you do not have a Share Dealing Account, we will arrange to open one for you.


But the cost basis will presumably be no more than 2p in the destination account, so it won't help me take the loss for CGT purposes anyway.


Yes, I do appreciate you'll not get an ISA capital loss, but if the paltry 2p is the relevant amount, there's at least a miniscule base cost for whatever the future holds.

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Re: Crawshaw Group plc enters administration

#181992

Postby UncleEbenezer » November 21st, 2018, 5:39 pm

FWIW, I've had a wipeout within the ISA. It's still there after a long time (measured in years, I think).

That's with H-L, who presumably know the law on the subject.

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Re: Crawshaw Group plc enters administration

#181996

Postby PinkDalek » November 21st, 2018, 6:00 pm

UncleEbenezer wrote:FWIW, I've had a wipeout within the ISA. It's still there after a long time (measured in years, I think).

That's with H-L, who presumably know the law on the subject.


Presumably they do:

The investments that managers may purchase, make or hold in a stocks and shares ISA (‘qualifying investments’) are: ...

Shares, other than shares in an investment trust, are qualifying investments if:
they’re issued by a company (see below) that is incorporated anywhere in the world
they’re:
either officially listed on a recognised stock exchange ...


https://www.gov.uk/guidance/stocks-and- ... s#shareinv

In any event, I'm more than happy for my holding to be moved out of the S&S ISA (not least that I shall no longer be reminded of my foolishness).

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Re: Crawshaw Group plc enters administration

#182024

Postby Lootman » November 21st, 2018, 7:45 pm

PinkDalek wrote:I'm more than happy for my holding to be moved out of the S&S ISA (not least that I shall no longer be reminded of my foolishness).

If like me you hold a number of AIM shares, and other shares as well, and this was your only total failure, then I do not think you were foolish. You probably have some AIM winners, like my Fevertree, that more than made up for the loss. That said I do feel foolish for 2 reasons:

1) I usually avoid retail. I see it as a dead sector, like Banks. I do own Amazon but that is a special case.

2) I bought Crawshaw on the basis of someone on TMF who made an admittedly compelling case for it. It was a good story. But I have a rule never to buy on the basis of "tips", and I broke my rule this one time.

So I believe I may be the greater fool here, but in percentage terms it is a rounding error.

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Re: Crawshaw Group plc enters administration

#185060

Postby PinkDalek » December 6th, 2018, 12:15 pm

Continuing here, albeit on Venture Capital Trusts (VCT's) for the reasons stated in the OP.

Lootman wrote:
PinkDalek wrote:I'm more than happy for my holding to be moved out of the S&S ISA (not least that I shall no longer be reminded of my foolishness).

If like me you hold a number of AIM shares, and other shares as well, and this was your only total failure, then I do not think you were foolish.


My foolishness was more to do with quadrupling my holding back in December 2016. I can't recall the detail but this would have been after a trading update at around that time. Mutters something about catching a falling knife.

Not my only near total failure though; the other has had much written about it, not least by Winnifrith.

… So I believe I may be the greater fool here, but in percentage terms it is a rounding error.


In overall portfolio terms maybe; in absolute money terms I'd rather not say but it is the largest loss I've ever encountered (ignoring market movements on other holdings).

Anyhow, the latest is that trading on AIM was cancelled, as anticipated, this morning at 7:00am:

https://www.londonstockexchange.com/exc ... 93272.html

I'm keeping an eye out on the following:

https://beta.companieshouse.gov.uk/comp ... ng-history
https://www.crawshawbutchers.com/group/ ... ouncements (although that may no longer be updated)

Elsewhere it is suggested there'll be little or nothing left for shareholders, despite the sale of the 19 stores and the production and distribution facility to Loughanure and whatever might be left of the bank balances after the administrators' fees and other liabilities.

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Re: Crawshaw Group plc enters administration

#185098

Postby GoSeigen » December 6th, 2018, 2:03 pm

PinkDalek wrote:Not my only near total failure though; the other has had much written about it, not least by Winnifrith.


Quindell?? Surely not...


GS
[burned by Q on the short side...]


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