Budgens

[MartinH]

I think this will cheer a lot of you up. Budgets is going into administration at the beginning of March. I just hope the staff are looked after.

[Nigel]

MartinH
Thanks for the news - Could be reason to be hopeful - agree let's hope the staff are treated well whatever comes ( and let's be honest I bet most of are shooting "Wai-Trose , Wai-Trose "
A very good afternoon
Nigel

[Mayowthorpe]

Maybe we should all get in touch with Mr Keen.

http://waitrose.pressarea.com/board_members/details/33

[biscuitman1978]

I think this will cheer a lot of you up. Budgets is going into administration at the beginning of March. I just hope the staff are looked after.

For those who are interested, the position (as I understand it, and I'd be grateful if others could correct any errors) is that:

- In 2016, the Co-operative Group sold a subsidiary company which had 36 trading stores, including Sydenham, and a number of non-trading properties

- Some of the stores, including Sydenham, have since traded under the Budgens banner

- In January 2017, the Food Retailer Operations Limited, which now owns the subsidiary company, sought a Company Voluntary Arrangement (CVA), under it would dispose of all the non-trading stores and close 12 stores trading as Budgens - see http://www.egi.co.uk/news/landlords-new-cva-shock/ and https://www.usdaw.org.uk/About-Us/News/ ... d-of-uncer This was intended to provide greater security for the remaining stores, including Sydenham

- The CVA was subsequently voted down by creditors and Food Retailer Operations Limited will now be placed in administration. There will be a sale process to find a purchaser for all or some of the stores, including (presumably) Sydenham - see https://www.usdaw.org.uk/About-Us/News/ ... tion-havin

For the avoidance of doubt, Budgens is not going into administration; Food Retailer Operations Limited, which operates a number of stores under the Budgens banner, is.

[stone-penge]

Whatever.
The current Bludgens is shite. I hope it dies.

[stuart]

Whatever.
The current Bludgens is shite. I hope it dies.

Morrison's (if you remember) was even worse. Be careful of what you wish for. Waitrose (according to their current trading policy) isn't going to happen. Hopefully something better than Budgen's just might. But my first thought is to the same staff who have worked and been very kind to me under all the labels ... Safeway, Morrisons, Summerfields & Co-op. What a hell of a roller coaster. They are the true victims of big retailing gamesmanship.

For them life without hope may be only marginally better than death of a brand.

Stuart

[parker]

Doubt Waitrose would touch Sydenham with a barge pole. Poundland however, if they're opening more stores they may just be the tenant that snaps that unit up.

[Mayowthorpe]

Not sure why Waitrose wouldn't touch Sydenham; the rent is cheaper and they would get good custom in the area. There is a Little Waitrose in Sidcup, and that's not exactly a "Waitrose" typical area.

Besides, it's a 10min drive to Waitrose as it stands, or they deliver. No loss if they are against the idea of setting up in Sydenham.

Maybe an M&S Foodhall could work?

[angela53]

Oh no, definitely not Poundland !

[Sydenham Syd]

It's a weird size Bludgeons.

It seems bigger than the average mini-supermarche and smaller than a big one - slightly between two stools and so any mainstream retailer might find it tough to fit in with their current model?

Sainsbury's in FH or Penge high st are a bit bigger, but they don't need another in the area, but I can't think of a supermarket of that sort of size in the modern supermarket age. It would be good to see the Lidl close and reopen there as they are similar size - not everyone's cup of tea of course.

I'm sure that is part of the problem with it and why it seems to change hands rather frequently.

[Kingfisher78]

I think this will cheer a lot of you up. Budgets is going into administration at the beginning of March. I just hope the staff are looked after.

For those who are interested, the position (as I understand it, and I'd be grateful if others could correct any errors) is that:

- In 2016, the Co-operative Group sold a subsidiary company which had 36 trading stores, including Sydenham, and a number of non-trading properties

- Some of the stores, including Sydenham, have since traded under the Budgens banner

- In January 2017, the Food Retailer Operations Limited, which now owns the subsidiary company, sought a Company Voluntary Arrangement (CVA), under it would dispose of all the non-trading stores and close 12 stores trading as Budgens - see http://www.egi.co.uk/news/landlords-new-cva-shock/ and https://www.usdaw.org.uk/About-Us/News/ ... d-of-uncer This was intended to provide greater security for the remaining stores, including Sydenham

- The CVA was subsequently voted down by creditors and Food Retailer Operations Limited will now be placed in administration. There will be a sale process to find a purchaser for all or some of the stores, including (presumably) Sydenham - see https://www.usdaw.org.uk/About-Us/News/ ... tion-havin

For the avoidance of doubt, Budgens is not going into administration; Food Retailer Operations Limited, which operates a number of stores under the Budgens banner, is.

Hi Biscuitman, do you mean then that Budgens foodstore is not going into administration, however Sydenham Budgens will close?

If this does happen, I really hope that this does not become some sort of budget store as we already have Bargain World, Pound Plus Store, and Alvina Discount Store in Sydenham, and it would result in Sydenham slowly heading in the wrong direction. I hope that we get Co-op back, or that it becomes an M&S Simply Food Store, or a larger Tesco than the one we currently have (and one that hopefully operates better too and looks less shabby).

[parker]

Not sure why Waitrose wouldn't touch Sydenham; the rent is cheaper and they would get good custom in the area. There is a Little Waitrose in Sidcup, and that's not exactly a "Waitrose" typical area.

Besides, it's a 10min drive to Waitrose as it stands, or they deliver. No loss if they are against the idea of setting up in Sydenham.

Maybe an M&S Foodhall could work?

I don't think Waitrose and M&S will look at Sydenham at all. Aldi or Poundland are the most likely tenants for that unit. You mention Sidcup, which does in fact have a much larger middle class catchment area than Sydenham. M&S didn't even survive in Balham many moons ago and we all know how very different Sydenham and Balham are. Look how many years it took M&S to open in East Dulwich, Sydenham has very little chance IMO.

[syd-gal]

Aldi is supposed to be opening up at the Sydenham gas holders site after the gasometers are demolished.

[Likelife]

It is true Waitrose do or did expansion plans on hold, one in a commuter town of Nottingham, I was told in December is on hold. That being said, according to their website, they've just opened two new branches (in Oxfordshire and Leatherhead). There is no harm in suggesting Sydenham, we are an area which is being promoted for commuters and is slowly changing as a result. Just last week we were mentioned in Homes & Property as being a place in the top 20 for first time buyers with an average house value of 660k (second most expensive on the list) and "great transport links". Walking on Wiverton or Earlsthorpe you'd be forgiven for thinking you where in SW London. We shouldn't be defeatist, my problem is Lewisham's lack of respect for street presentation. Waitrose delivers in Sydenham daily, I see their delivery vans daily. With the right selection of produce, it can work, M&S Foodhall however, is too expensive.

I very much doubt Aldi will take it because of their plans at Bell Green and with the pound shops we already have Poundland seems unlikely/

[biscuitman1978]

I think this will cheer a lot of you up. Budgets is going into administration at the beginning of March. I just hope the staff are looked after.

For those who are interested, the position (as I understand it, and I'd be grateful if others could correct any errors) is that:

- In 2016, the Co-operative Group sold a subsidiary company which had 36 trading stores, including Sydenham, and a number of non-trading properties

- Some of the stores, including Sydenham, have since traded under the Budgens banner

- In January 2017, the Food Retailer Operations Limited, which now owns the subsidiary company, sought a Company Voluntary Arrangement (CVA), under it would dispose of all the non-trading stores and close 12 stores trading as Budgens - see http://www.egi.co.uk/news/landlords-new-cva-shock/ and https://www.usdaw.org.uk/About-Us/News/ ... d-of-uncer This was intended to provide greater security for the remaining stores, including Sydenham

- The CVA was subsequently voted down by creditors and Food Retailer Operations Limited will now be placed in administration. There will be a sale process to find a purchaser for all or some of the stores, including (presumably) Sydenham - see https://www.usdaw.org.uk/About-Us/News/ ... tion-havin

For the avoidance of doubt, Budgens is not going into administration; Food Retailer Operations Limited, which operates a number of stores under the Budgens banner, is.

Hi Biscuitman, do you mean then that Budgens foodstore is not going into administration, however Sydenham Budgens will close?

If this does happen, I really hope that this does not become some sort of budget store as we already have Bargain World, Pound Plus Store, and Alvina Discount Store in Sydenham, and it would result in Sydenham slowly heading in the wrong direction. I hope that we get Co-op back, or that it becomes an M&S Simply Food Store, or a larger Tesco than the one we currently have (and one that hopefully operates better too and looks less shabby).

As I understand it:

- The firm which leases the shop, Food Retailer Operations Limited, has a licence agreement with Budgens. That gives Food Retailer Operations Limited a brand to put above the door and a supplier of goods that it can sell

- Budgens (as a company) is doing perfectly well; it’s Food Retailer Operations Limited which is struggling and is going into administration

- Food Retailer Operations Limited is looking for someone to take on the lease. That could be someone who wants to continue the licence agreement with Budgens, or it could be someone who wants to run a different shop

- For now, the store will continue to trade as it is now, under the Budgens fascia – see
(a) http://www.talkingretail.com/category-n ... s-balance/
(b) https://www.insidermedia.com/insider/na ... bs-at-risk

[Kingfisher78]

Thank you for your reply Biscuitman

[stuart]

The Co-op is buying Budgen stores direct from Booker which obviously doesn't include Sydenham. But they know they can trade our store better than FROL so might they be tempted to pick up the pieces from the Administrators if the price is right?
https://www.insidermedia.com/insider/na ... ens-stores

Stuart

[Sydenham Syd]

The Co-op is buying Budgen stores direct from Booker which obviously doesn't include Sydenham. But they know they can trade our store better than FROL so might they be tempted to pick up the pieces from the Administrators if the price is right?
https://www.insidermedia.com/insider/na ... ens-stores

Stuart

A rather out of date article....6th Feb last year - about the time Bludgeons was bought from them innit?

[Pat Trembath]

Closing Down according to the notices outside the store this afternoon - all stock must go....

[Sydenham Syd]

#shambles