Official Response From Former Owner and Inventor of Gizmo Angling ZT-PRO

Dave

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Is he saying that he will pay costs for fixing existing machines?
Has he done so to date?

I would think that any warranty claims would hand over to the new business owner(s) as the warranties (if any) would be with the business not Dennis personally, however just checking Companies House, Resurrection Angling isn't registered as a Limited company so whoever buys it would be buying the stock and assets, the designs (worthless without patents), customer base (not much in the way of repeat custom) and goodwill.

On that basis - I'm out :D
 

Neil ofthe nene

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You would need an independent valuation of stock, machinery, plant and computer etc. I doubt the true value to a purchaser of the business is as stated. You would then need to agree a price for Goodwill (reputation/prospect of repeat orders) and again that will be lower than expected by the seller.

When studying accountancy as part of my professional qualifications I realised that merely by valuing stock differently creates a (bigger/smaller) profit or loss. Basically, as the best manager I ever worked for said, accounts are not worth the paper they are written on.

Its like buying a fishery or trying to raise finance on one. The fish have no value.

With no price stated for the business it is difficult to understand what kind of purchaser is being looked for and thus will affect enquiries. Is it a full time business providing a living income or is it a back bedroom hobby business.

Buying a business that guarantees future replavcement/repairs is fraught with pitfalls for even the biggest companies. I once had shares in a comapny that was expanding in the home improvement market. It bought a window installation company called Cold Shield Windows. A few months after buying the business the holding company wrote to me and its other shareholders to apologise and explain that Cold Shield turned out to have such a huge amount of repairs and remedial work under their guarantee scheme that they would not make a profit for some years. The holding company wound up Cold Shield and thus avoided any exposure under the guarantees it had unwittingly taken over.
 

Total

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Has he done so to date?

I would think that any warranty claims would hand over to the new business owner(s) as the warranties (if any) would be with the business not Dennis personally, however just checking Companies House, Resurrection Angling isn't registered as a Limited company so whoever buys it would be buying the stock and assets, the designs (worthless without patents), customer base (not much in the way of repeat custom) and goodwill.

On that basis - I'm out :D

Shrewd judge.... (y) .....Save your money for the nuggets.....;)
 

pies

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Has he done so to date?

I would think that any warranty claims would hand over to the new business owner(s) as the warranties (if any) would be with the business not Dennis personally, however just checking Companies House, Resurrection Angling isn't registered as a Limited company so whoever buys it would be buying the stock and assets, the designs (worthless without patents), customer base (not much in the way of repeat custom) and goodwill.

On that basis - I'm out :D

as he don’t answer emails or phone calls he hasn’t done warrenty work
 

Barbelcatcher

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Perhaps I am thick - but really have difficulty in understanding from his posts and some of the other posts here, and previous posts, if this is "Mr Good Guy"; "Mr Hard-done-to Mr Good Guy" or "Mr Avoid at all costs"
 

pies

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Perhaps I am thick - but really have difficulty in understanding from his posts and some of the other posts here, and previous posts, if this is "Mr Good Guy"; "Mr Hard-done-to Mr Good Guy" or "Mr Avoid at all costs"
Poor Business man is my way of summing up. £20k of stock, but his dearest product retail price is £150 but none in stock for months. So what items make £20k of stock items thats alot of dead money
 

Chris Calder

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Perhaps I am thick - but really have difficulty in understanding from his posts and some of the other posts here, and previous posts, if this is "Mr Good Guy"; "Mr Hard-done-to Mr Good Guy" or "Mr Avoid at all costs"
Mr avoid at all costs if he does now answer emails or answer the phone
 

Dave

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It's stated as: "...Supplier network in Asia and UK and £20,000.00 worth of stock..."


So is that 'stock in hand' or 'stock with suppliers' ?

If it's stock in hand I'd be highly surprised as £20k is a lot of parts and if complete units why is he not selling them.
If it's stock at suppliers then it's products or parts he's had made but not paid for or not paid for shipping I suspect, and if that is the case then in order to guarantee future supplies from the supplier network these will need paying for and chances are any future purchases would be pro-forma.
 

chris1967

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He'll never sell it ,he could have 5 offers right now but as we all know he doesn't answer emails or answer the phone. so it will be up for sale forever lol

oh Dennis the irony what if someone's offered you £30,000 for it and then ignores your calls lmfao
 

Steve3948

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It's stated as: "...Supplier network in Asia and UK and £20,000.00 worth of stock..."


So is that 'stock in hand' or 'stock with suppliers' ?

If it's stock in hand I'd be highly surprised as £20k is a lot of parts and if complete units why is he not selling them.
If it's stock at suppliers then it's products or parts he's had made but not paid for or not paid for shipping I suspect, and if that is the case then in order to guarantee future supplies from the supplier network these will need paying for and chances are any future purchases would be pro-forma.
I think you hit the nail on the head there, the stock is most likely in Asia and not paid for, hence why it all went downhill after starting so well.
 

mickthechippy

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I missed out on one of em on facebook yesterday, early one with all the bits but no instructions

by the time I finished toying with the idea of wether I wanted to buy it, did I need it, would I use it

some other bugger nipped in and bought it

and Im still faffing wether I want one or not
 

Total

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I missed out on one of em on facebook yesterday, early one with all the bits but no instructions

by the time I finished toying with the idea of wether I wanted to buy it, did I need it, would I use it

some other bugger nipped in and bought it

and Im still faffing wether I want one or not

Plenty of time to continue 'faffing' as to whether you need one or not Mick....But reading the above I reckon you've made up your mind....You could always sell it on...;)
 

mickthechippy

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Plenty of time to continue 'faffing' as to whether you need one or not Mick....But reading the above I reckon you've made up your mind....You could always sell it on...;)

there is that my friend

and the money would buy shedloads of mr drennans ready tied
 

Neil ofthe nene

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I missed out on one of em on facebook yesterday, early one with all the bits but no instructions

by the time I finished toying with the idea of wether I wanted to buy it, did I need it, would I use it

some other bugger nipped in and bought it

and Im still faffing wether I want one or not

As my mother would say - do you want it or need it?
 

Anglingman

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I dont profess to know this piece of equipment but does it really justify the amount of money ?

I can tie by hand, i can use a matchman hook tyer...
I can understand some may not be able to due to medical reasons but there's an awful lot of pre tied hooks worth here or indeed value for any of the boys producing hand tied to order.

Seems a lot of faff and argument so I simply ask does it really warrant it ?
 

Dave

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If there's £20k of stock waiting to be paid for, assuming they are all the table top type, allowing for selling costs, if you were to put them out around £120-130'ish you would need to sell 200 to break even with no profit, assuming there are 200 to sell and 200 actual buyers out there.

Factor in the cost of the business, etc, and prepayment on replacement stock, assuming you've still got a market for them, is it worth the gamble?
 
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