b4mbi Posted April 4 Share Posted April 4 the ironically named "fool and his money..." At the time of Treasury's aquisition of IOMSPC it was owned by a Portuguese bank, Novo Banco who had aquired it as the previous owners had defaulted on debt provided by that bank or its predecessor. They had no interest in owning or operating a small ferry company an were looking to divest their international portfolio. At the time of purchase the user agreement only went to 2026, so any purchaser would only have the certainty of the PV of the estimated future cash flows of the company to that date, whereas IOMG who have the power to set the terms of the UA, can benefit from the future cashflows for as long as they wish. That is a summary of the Park Partners report to IOMG relating to the aquisition. To secure the service, the aquisition of IOMSPC at that time for that price was one of the best decisions the IOMG have ever made in my opinion. Let people who know what they are doing run the company without this continual whinging, moaning and noise, especially from politicians. Does anyone seriously think that IOMSPC management are not running the company in the best interests of everyone on the Island? By public service you are advocating full nationalisation, meaning the company would be fully run by the civil service. Which would be a complete, unmitigated disaster. Inefficient, inflexible, bureaucratic, unable to stand up to Unions, unable to make decisions, strikes, reduction in service & higher prices. 1 7 Quote Link to comment Share on other sites More sharing options...
Kopek Posted April 4 Share Posted April 4 The IOM is also the small jurisdiction hat would not necessary attract the attention of the major players in the transport industry? Arriva eg. Some of these out sourced services are now being brought back into Council control in order to provide the service to the wider community rather than the profit? Sounds familiar#??? I would support the Island in any 'local' provision as opposed to the best business model but I think the bus/boat provision requires to consider the Island wide needs??? 1 Quote Link to comment Share on other sites More sharing options...
Kopek Posted April 4 Share Posted April 4 16 minutes ago, b4mbi said: Does anyone seriously think that IOMSPC management are not running the company in the best interests of everyone on the Island? but then, only perhaps because the Treasury are the major shareholder??? As I've said further above the Govt want to be able to hold up their hands and say... ' nothing to do with me guv', it's the SP running the show!!! Prior to the Treas/SP agreement there would have had to be an 'understanding' of what was required of the SP, the treas would take the profits and then what? ring fence it for future boat requiements? Liverpool dock/ Dlas dock requirements? Are we at some point in the future going to be presented with our Govt paying for anew boat, more Dock works, so that the tax payer pays for these while the SP appears to be profitable??? If it were privately owned, the costs would not fall on the tax payer???? But would they provide the service required on a small Island? Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted April 4 Share Posted April 4 59 minutes ago, b4mbi said: Inefficient, inflexible, bureaucratic, unable to stand up to Unions, unable to make decisions, strikes, reduction in service & higher prices. As opposed to the inefficient, inflexible, bureaucratic, tell the unions what to do or we'll sack the workforce a week before Christmas, strikes, reduced service and exorbitant prices that we have at the moment - that our elected representatives are not allowed to ask questions about? 1 Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted April 4 Share Posted April 4 1 hour ago, Banker said: You’ve absolutely no idea, obviously a career public servant 😂 strange how no one ever agrees with you! Well you disagree with me, so my ideas can't be completely stupid. Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted April 4 Share Posted April 4 1 hour ago, woolley said: In theory there's no reason why it can't be, but it never is. The Isle of Man is the perfect place to observe that public service and efficiency do not belong in the same sentence. I fervently wish it were otherwise, but it simply isn't. We shouldn't be accepting of that though, we have an awful lot of highly paid politicians and civil servants from which we should demand much better. I would also suggest that the SP isn't particularly well or efficiently run as it is, in fact there have been some awful decisions in recent years. Quote Link to comment Share on other sites More sharing options...
woolley Posted April 4 Share Posted April 4 37 minutes ago, A fool and his money..... said: We shouldn't be accepting of that though, we have an awful lot of highly paid politicians and civil servants from which we should demand much better. I would also suggest that the SP isn't particularly well or efficiently run as it is, in fact there have been some awful decisions in recent years. Such as? Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted April 4 Share Posted April 4 Just now, woolley said: Such as? The way they handled the industrial dispute (which was entirely caused by their lack of communication in the first place) was extremely unprofessional. Their communication with customers is not much better and never has been, customer service is generally very poor ( I accept that's almost the norm for large businesses these days) Their fare structures are very dubious, they will pull your pants down given the slightest opportunity. I deliberately haven't mentioned the new boat, the scale of disaster which depends on which rumour you listen to - it's an undeniable fact that so far it's resulted in a less reliable service. 1 Quote Link to comment Share on other sites More sharing options...
asitis Posted April 5 Share Posted April 5 (edited) 8 hours ago, b4mbi said: the ironically named "fool and his money..." At the time of Treasury's aquisition of IOMSPC it was owned by a Portuguese bank, Novo Banco who had aquired it as the previous owners had defaulted on debt provided by that bank or its predecessor. They had no interest in owning or operating a small ferry company an were looking to divest their international portfolio. At the time of purchase the user agreement only went to 2026, so any purchaser would only have the certainty of the PV of the estimated future cash flows of the company to that date, whereas IOMG who have the power to set the terms of the UA, can benefit from the future cashflows for as long as they wish. That is a summary of the Park Partners report to IOMG relating to the aquisition. To secure the service, the aquisition of IOMSPC at that time for that price was one of the best decisions the IOMG have ever made in my opinion. Let people who know what they are doing run the company without this continual whinging, moaning and noise, especially from politicians. Does anyone seriously think that IOMSPC management are not running the company in the best interests of everyone on the Island? By public service you are advocating full nationalisation, meaning the company would be fully run by the civil service. Which would be a complete, unmitigated disaster. Inefficient, inflexible, bureaucratic, unable to stand up to Unions, unable to make decisions, strikes, reduction in service & higher prices. Good post but I still think we overpaid for the acquisition , the fact we could benefit from the 'user agreement' for however long we wished is true, but should not have had any bearing on the acquisition price, which imo it probably did having been alliterated to Government. I do wonder if anyone actually considered the implications of new vessels, the tin shed, alterations to port etc etc in projected returns going forward, and indeed their necessary effects on consumer pricing. Edited April 5 by asitis 2 Quote Link to comment Share on other sites More sharing options...
english zloty Posted April 5 Share Posted April 5 https://www.bbc.co.uk/news/uk-england-merseyside-68721476 Somebody is going to make a lot of money at the Island's expense. Quote Link to comment Share on other sites More sharing options...
finlo Posted April 5 Share Posted April 5 2 minutes ago, english zloty said: https://www.bbc.co.uk/news/uk-england-merseyside-68721476 Somebody is going to make a lot of money at the Island's expense. All that for 25 million shows we've been royally shafted! 3 2 1 Quote Link to comment Share on other sites More sharing options...
P.K. Posted April 5 Share Posted April 5 17 hours ago, woolley said: They have stocked it at Lake Road up until now. @woolley When we were last there Laxey Mills gave us the impression that it was only their Soda Bread flour that was stocked at Tesco. Which is good as it makes excellent bonnag. Have to admit we have an aversion to trolley-bashing and much prefer deliveries. We use Tesco points to fund their "Delivery Saver" service so It's sort-of free if you know what I mean. Still, I guess we'll find out when the PE Tesco opens in May. Allegedly... Quote Link to comment Share on other sites More sharing options...
asitis Posted April 5 Share Posted April 5 The investment, which is subject to the granting of appropriate permits and licenses, would include the addition of a new floating pontoon that would increase capacity and allow for the simultaneous berthing of two 300-metre ships and up to 7,000 passengers a day. It would also feature waterfront retail and hospitality spaces. Errrr hang on 25 million ? WTF have we bought ? Quote Link to comment Share on other sites More sharing options...
Banker Posted April 5 Share Posted April 5 9 hours ago, A fool and his money..... said: Well you disagree with me, so my ideas can't be completely stupid. Well everyone else disagree with you as well so perhaps consider that! Quote Link to comment Share on other sites More sharing options...
kevster Posted April 5 Share Posted April 5 34 minutes ago, asitis said: The investment, which is subject to the granting of appropriate permits and licenses, would include the addition of a new floating pontoon that would increase capacity and allow for the simultaneous berthing of two 300-metre ships and up to 7,000 passengers a day. It would also feature waterfront retail and hospitality spaces. Errrr hang on 25 million ? WTF have we bought ? That's a floating potoon for disembarking/embarking foot passengers only. Totally different setup needed for a RO-RO operation 1 Quote Link to comment Share on other sites More sharing options...
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